Co-operators General reveals Q1 performance

Co-operators General reveals Q1 performance | Insurance Business Canada

Insurance News

Co-operators General reveals Q1 performance

Culprit cited for underwriting loss

Insurance News

By
Terry Gangcuangco

Co-operators General Insurance Company has outlined its performance in the first quarter of 2024.

It reported an increase in DWP across all its core lines of business. It cited the auto segment as the largest contributor, having increased DWP by 20.6%. The same metric also climbed across all regions, led by Ontario with its 16.3% DWP growth.

For its underwriting loss in the period, Co-operators General blamed the increase in net undiscounted claims and adjustment expenses, which outweighed the growth in NIR.

Here are Co-operators General’s financial results for the three months ended March 31:

Metric

Q1 2024

Q1 2023

Direct written premium (DWP)

$1.1 billion

$994.1 million

Net insurance revenue (NIR)

$1.1 billion

$1 billion

Net income

$47.2 million

$23.2 million

Underwriting result – excluding discounting and risk adjustment

$(69.2 million)

$(34 million)

Combined ratio – excluding discounting and risk adjustment

106.2%

103.3%

Commenting on the numbers, Co-operators president and chief executive Rob Wesseling (pictured) said: “Our first quarter results continue to reflect the trends we saw last year, as strong premium growth is being offset by increasing claims resulting in an underwriting loss.

“Positive investment results continue to bolster our financial performance and our balance sheet remains strong, allowing us to provide the advice and solutions needed to help our clients continue to build financial security and resilience.”

The insurance company’s net investment income and gains for Q1 amounted to $105.6 million, which is $2.3 million higher compared to the corresponding sum in 2023.

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