A strong financial performance and clear societal purpose position Co-operators to build a resilient, sustainable future for its members, clients and Canadian communities
GUELPH, ON, May 10, 2022 /CNW/ - Described as an "integrated report for an interconnected world", The Co-operators Group Limited has released its 2021 Integrated Annual Report, titled "Moving forward. Together." The report provides a comprehensive picture of the financial, sustainability and governance performance of the group of companies in relation to key trends and issues, including climate change, inclusion, diversity, equity and accessibility, evolving consumer preferences, the ongoing pandemic, and the future of work.
Throughout the report, the co-operative financial services organization and insurer's mission – to provide financial security for Canadians and Canadian communities – is underscored as the driving force behind its strategic performance.
"In the face of rapidly changing risks, we're focused on improving our clients' holistic financial well-being and strengthening the resilience of Canadian communities," says Rob Wesseling, Co-operators president and chief executive officer. "Our fundamental commitment to our mission compels us to deliver solutions that meet the evolving needs of our members and clients, while also helping to build a better, more sustainable future for all Canadians."
With a reported net income after taxes of $475 million in 2021, The Co-operators Group Limited made great strides in reinforcing the financial strength that will enable it to deliver on its mission while creating financial, environmental and social value for stakeholders long into the future.
"Our capital position remains vital as we head into another year of economic uncertainty," says Karen Higgins, Co-operators chief financial officer. "Looking ahead, we expect to navigate continued challenges, including market volatility and the threat of more climate-related events. We remain steadfast in our mission to provide financial security for Canadians and are committed to optimizing our financial performance to ensure we can do so for years to come."
Discover more online
Explore highlights and key performance indicators of the 2021 Integrated Annual Report by visiting the new online report, at integratedreport.cooperators.ca.
Highlights from the 2021 Integrated Annual Report
A strong, stable financial performance
- $475 million net income after taxes
- 14.2% return on members' equity
- 22.6% revenue generated from sustainable products and services
Protecting the financial security of Canadians and their communities
- $1.89 billion in claims and benefits paid to clients
- Nearly 670,000 households covered by Comprehensive Water, Canada's only flood insurance product to cover those at the highest flood risk, including storm surge
- $2.31 billion in retail wealth client assets under management
- $2.64 billion invested into impact investments that provide positive environmental and social impact, equivalent to 21.2% of its total invested assets
Building resilient communities
- 4.1% of pre-tax profit contributed to charities or non-profits, equivalent to $8.3 million
- $757,000 disbursed to support young, marginalized Canadians and people with mental health challenges through Co-operators Community Funds
- $1.6 million invested in Canadian co-operatives
Supporting our people
- Named a Kincentric Best Employer in Canada for the 18th year, ranking in the top quartile at 80%
- 80% employee mental health index
- 83% Inclusion, Diversity, Equity and Accessibility overall score
Committed to climate solutions
- 100% carbon neutral equivalent
- Net-zero targets set for operations and investments, by 2040 and 2050, respectively
- $1.96 billion invested in projects or initiatives in support of climate solutions
- Impact investments supported projects and initiatives that generated 237 million MWh of renewable energy, enough to power over 9 million homes for one year*
*The impact does not result solely from our investments, but depicts the total impact achieved by the projects and initiatives in which we invest. Because of reporting periods, this value is for fiscal 2020.
- 36% representation of women on the 22-member board of directors, increasing toward target of 50% by the end of 2025
- Board-supported action for a climate-resilient future through updated Sustainability Policy, consulting on net-zero and climate investing targets, and guiding efforts to deepen client and member engagement in sustainability, impact investing and climate action
Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. The company has more than $61.5 billion in assets under administration. Co-operators has been providing trusted guidance to Canadians for the past 76 years. The organization is well known for its community involvement and its commitment to sustainability. Achieving carbon neutral equivalency in 2020, the organization is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is also ranked as a Corporate Knights' Best 50 Corporate Citizen in Canada and is listed among the Best Employers in Canada by Kincentric. For more information, please visit: www.cooperators.ca.
SOURCE The Co-operators Group Limited
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