Co-operators General Insurance Company has published its financial results for the third quarter of 2024, during which its consolidated net loss widened.
Here’s how Co-operators General performed in Q3:
|
Metric |
Q3 2024 |
Q3 2023 |
|---|---|---|
|
Direct written premium |
$1.5 billion |
$1.3 billion |
|
Net insurance revenue |
$1.2 billion |
$1.1 billion |
|
Underwriting result – excluding discounting and risk adjustment |
$(180.9 million) |
$(44.5 million) |
|
Net investment income and gains |
$174.7 million |
$5.8 million |
|
Net income (loss) |
$(45.2 million) |
$(0.2 million) |
Commenting on the numbers, Co-operators president and chief executive Rob Wesseling (pictured) said: “The third quarter of 2024 was challenging for many Canadians and our clients with four major weather events resulting in devastating impacts, with more than $7 billion in insured losses across the industry.
“This illustrates, once again, the critical need to broaden the traditional approach of risk protection to also prioritize risk reduction and loss prevention. These events impacted our underwriting loss in the quarter which was offset by policy growth across all lines of business and positive investment results, ensuring our overall capital position remains strong.”
According to the insurer, the quarter-to-date losses from the weather events – net of reinsurance and inclusive of costs relating to reinsurance reinstatement premiums – amounted to $180.6 million.
Year-to-date figures, meanwhile, paint a less dim picture for Co-operators General. Its interim net income for the first nine months stood at $144.3 million, which is higher than last year’s corresponding net income of $52.9 million for the same period.
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