Achieving net carbon neutral equivalency, investing over CAD 2 billion in impact investments, CAD 22.3 million in community support, amidst a strong financial performance top the 2020 highlights shared with member organisations of Canadian cooperative financial and insurance leader.
This week, all 45 member organisations of The Co-operators Group Ltd., representing seven regions across Canada and sectors including healthcare, retail, agriculture, housing, financial services, and more, gathered virtually for their Annual General Meeting. During the meeting, highlights of The Co-operators strong 2020 financial performance and capital position were shared, in addition to demonstrating how the organisation is creating financial and non-financial value for its members, clients, and communities, along with the launch of its 2020 Integrated Annual Report.
Highlights from The Co-operators 2020 Integrated Annual Report
The organisation’s Integrated Annual Report demonstrates how The Co-operators group of companies’ long-term financial strength and stability is interdependent on the well-being of the planet and society. Serving as its Public Accountability Statement, The Co-operators Integrated Annual Report is now available through an interactive microsite to easily navigate, read and share highlights of how the insurance and financial services organisation creates value for its members, clients and communities. Highlights include:
- CAD 2.04 billion in claims and benefits paid to clients.
- CAD 22.3 million in community investments, including CAD 17.4 million for COVID-19 community relief and support. Total giving represents 5.3% of its pre-tax profit contributed to cooperatives, non-profits and charities, surpassing Imagine Canada’s 1% benchmark.
- 100% carbon footprint reduction achieved, achieving its 2022 target of becoming carbon neutral equivalent.
- CAD 2.45 billion (or 20.8% of total invested assets) in impact investments, funding projects and initiatives that provide solutions to pressing environmental and social challenges, including climate change, housing, food security and education.
- Continued strong financial performance and capital position, with CAD 283.8 million earned in net income in 2020, largely driven by a positive core operational performance, increased operational efficiency and strong investment performance.
- COVID-19 Spotlights, which demonstrate the cooperative’s strategic response to the global pandemic, including over CAD 20.3 million in direct premium relief issued to clients in 2020.
- Additional key challenges and successes of 2020.
During their AGM remarks, both John Harvie, Chairperson of the Board and the President and CEO Rob Wesseling addressed delegates to highlight strategic progress and challenges from 2020, underscoring the need to embrace values of cooperation and prioritise community resilience amidst uncertainty and increased risk.
“Our enduring strength is the result of a momentum built up over our 75-year history, and the legacy of those who have come before us,” said John Harvie, during his remarks. “If we continue to make decisions through the lens of our cooperative values while strengthening our business, I’m confident we can be part of the solutions and efforts that will help re-build the economy and re-shape our ways of life for the next 75 years and beyond.”
“As a society, to ensure our long-term financial security, we must take adequate steps to better prepare for the risks we face, whether it’s the pandemic, climate change, or social inequality,” said President and CEO Rob Wesseling during his remarks. “Cooperation is our competitive advantage. We’re poised to develop cooperative solutions, built for partnership, and driven to meet unmet needs. Embracing our cooperative values is as important now as it has ever been. By cooperating with our clients, members and communities, we can build a more resilient world, and stand stronger together in the face of future risks.”
