Co-operators General makes dividend announcement

Co-operators General makes dividend announcement | Insurance Business Canada

Insurance News

Co-operators General makes dividend announcement

Move hot on the heels of results release

Insurance News

By
Terry Gangcuangco

After the release of its financial results, Co-operators General Insurance Company has announced a dividend.

In a release, the insurer said: “The board of directors of Co-operators General announced a quarterly dividend of $0.3125 per non-cumulative redeemable Class E preference shares, Series C, payable March 31, 2024, to shareholders of record at the close of business on March 6, 2024.

“Co-operators General has designated the dividends referred to above as eligible dividends for the purposes of the Income Tax Act (Canada).”

The multi-product insurance company’s Class E, Series C preference shares trade under the ticker symbol CCS.PR.C on the Toronto Stock Exchange.

The dividend announcement comes hot on the heels of Co-operators General’s 2023 results unveiling, which showed a decrease in net income both in the fourth quarter and the full year.

Co-operators General also reported an underwriting loss, excluding discounting and risk adjustment, of $46.3 million for the fourth quarter of 2023; for the full year, the underwriting loss amounted to $184.9 million.

At the time, Co-operators president and chief executive Rob Wesseling said: “This has been a challenging year for the insurance industry, but I’m proud of the work our team has done to stay focused on bringing our vision and strategic plan to life as an insurer, investor, and co-operative partner.

“Continued negative trends in increased claims and inflation have led to an underwriting loss in the year, which has been mitigated by strong premium growth. Positive investment results have supported us in keeping our strong capital position, and from this position of capital strength, we will continue to invest in long-term solutions that provide financial security for Canadians.”

The Co‑operators Group Limited, parent of Co‑operators General, has more than $62 billion in assets under administration.

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