The board of directors of Co-operators General Insurance Company has declared a quarterly dividend of $0.3125 per non-cumulative redeemable class E preference shares, series C.
The dividend will be payable June 30, 2025, to shareholders of record at the end of business on June 1. The company has designated the dividend as an eligible dividend under the Income Tax Act (Canada).
Co-operators General has posted solid financial results for the fourth quarter and full year of 2024, driven by strong underwriting performance and growth in direct written premiums.
For the fourth quarter, the company reported a net income of $100.8 million, a slight increase from $98.5 million in the same period in 2023. Earnings per common share for the quarter were $3.55, compared to $3.48 in the previous year.
For the full year, net income surged to $245.1 million, up from $151.4 million in 2023, resulting in earnings per common share of $8.60, compared to $5.17 in the previous year.
The company’s direct written premiums for the fourth quarter totaled $1.447 billion, a 15% increase from $1.261 billion in the same period in 2023. Net insurance revenue also rose to $1.278 billion from $1.126 billion year-over-year.
Despite these gains, Co-operators General’s combined ratio for the quarter improved to 99.6%, down from 104% in the previous year, indicating better underwriting performance.
However, the company reported a decrease in net investment income and gains for the quarter, which totaled $126.3 million, down from $196.1 million in the same period in 2023. This decline was primarily attributed to lower unrealized gains in its common share and bond portfolios.
Co-operators is a Canadian financial services co-operative, offering home, auto, life, and commercial insurance, as well as wealth management and group benefits solutions. The company operates through a network of financial advisors, insurance brokers, and partner organizations across Canada.
