REGINA, SK, April 13, 2005 – At its annual general meeting in Regina today, The Co-operators marked its 60th anniversary with a report of solid growth and earnings in 2004 and the addition of three new co-operative member-owners.
The Co-operators group of companies reported consolidated net income of $142 million for 2004, up from $61 million in 2003. Consolidated revenues increased 8.9% in 2004 to $2.6 billion, while the group’s assets grew 6.3% to over $6 billion.
In her remarks to co-operative members from across the country, the President and CEO of The Co-operators, Kathy Bardswick, described the year as one of great strength and success. At the same time, she highlighted the need for continued strength and sustainability in order for The Co-operators to continue to provide financial security to Canadians and their communities. She also stressed the need for continued efforts to better communicate to clients and stakeholders the challenges facing the organization.
The Co-operators also announced the addition of three new co-operative institutions to its ownership base: Mountain Equipment Co-op of Vancouver, B.C.; Access Communications Co-operative of Regina, Sask.; and La Coop f�d�r�e of Montr�al, Quebec. The additions bring to 31 the total number of co-operative organizations across Canada comprising ownership of The Co-operators. (See attached Backgrounder for further details)
“Strengthening our membership and providing value are more critical now than ever,” said Peter Podovinikoff, Chairperson of the Board of Directors of The Co-operators. “The forces of globalization are pressuring many co-operatives to merge, recapitalize or explore different business structures. We are not impervious to these forces that threaten the very nature of our organizations. In the face of them, we must reaffirm the strength, viability and value of the co-operative model”, Mr. Podovinikoff stated.
Mr. Podovinikoff added that The Co-operators not only delivers value to its clients and co-operative members, but to the communities where it does business across Canada. Disbursements to member-owners through the Membership Loyalty program of The Co-operators totaled $10.6 million in 2004, while $3.8 million was contributed to Canadian communities. Details of The Co-operators extensive community commitments were outlined in 2004 in the company’s inaugural Corporate Responsibility Report, available with other highlights from the annual general meeting online at www.cooperators.ca.
Kathy Bardswick said “I believe The Co-operators has a responsibility to lead – as a co-operative, as an insurer, as an employer, and as a corporate citizen. In every facet of who we are and what we do, we are called to lead by having vision, by building trust. But most of all, we lead by serving others.”
The Co-operators group of companies includes five property and casualty insurers (Co-operators General Insurance Company, The Sovereign General, l’Union Canadienne, COSECO Insurance Company, The Equitable General Insurance Company); Co-operators Life Insurance Company (and its subsidiary, T.I.C. Travel Insurance Co-ordinators); Co-operators Development Corporation Limited and Co-operators Investment Counselling. Collectively, the group of companies insures: over 840,000 homes; over 1 million vehicles and over 500,000 lives; 45,000 farms and over 120,000 businesses. It provides travel insurance to 1 million Canadians and visitors to Canada, and group insurance benefits to 274,000 employees.
Three subsidiaries of The Co-operators – Co-operators General Insurance Company, l’Union Canadienne and Co-operators Life Insurance Company – were included this year amongst Canada’s 50 Best Employers by Report on Business Magazine.
Access Communications Co-operative Becomes Member-Owner of The Co-operators
April 13, 2005
Regina, Sask. – At its annual general meeting here today, The Co-operators welcomed Regina’s Access Communications Co-operative as one of three new member-owners. The additions bring to 31 the total number of co-operative institutions comprising ownership of The Co-operators group of companies, Canada’s largest Canadian-owned, private, property and casualty insurer.
“Strengthening our membership and providing value are more critical now than ever,” said Peter Podovinikoff, Chairperson of the Board of Directors of The Co-operators. “The forces of globalization are pressuring many co-operatives to merge, recapitalize or explore different business structures. We are not impervious to these forces that threaten the very nature of our organizations. In the face of them, we must reaffirm the strength, viability and value of the co-operative model”, Mr. Podovinikoff stated.
Access Communications has operated as a non-profit service co-operative since 1974. Since it first broadcast the Queen’s 1978 visit to Regina, it has grown to become the 7th largest cable company in Canada. The co-operative strives to improve subscriber service and to increase and broaden community channel programming. As such, Access Communications Co-operative leads the cable television industry by investing 5% of all broadcast revenues to local community television programming. Local, dedicated community channels in 31 Saskatchewan communities serve 75,000 television customers and 30,000 internet customers with a steadily growing list of products and services. Staff and over 200 volunteers broadcast over 16,000 hours of community programming in 2004 alone – local, relevant programming that is meaningful in these communities.
An important mandate for Access Communications is to improve the quality of life in every community they serve. To this end, Access supports and promotes thousands of community events and activities. They are a founding member and active participant with the Saskatchewan Co-operative Association. They also have a thirty year business relationship with Co-operators Life Insurance Company and count many of The Co-operators Saskatchewan members among their own members, namely Saskatchewan credit union members and Federated Co-operatives Limited.
Based in Guelph, Ontario, The Co-operators is a group of national financial services companies focusing home, auto, life, commercial and farm insurance, as well as investment products and property development. The Co-operators group provides insurance protection to over two million Canadians and has assets of $ 6 billion. Three subsidiaries of The Co-operators – Co-operators General Insurance Company, L’Union Canadienne and Co-operators Life Insurance Company – were named amongst this year’s list of 50 Best Employers in Canada by Report on Business Magazine.
The Co-operators Welcomes La Coop f�d�r�e as New Member-Owner
April 13, 2005
Regina, Sask. – At its annual general meeting today in Regina, The Co-operators welcomed La Coop f�d�r�e as one of three new member-owners. The additions bring to 31 the total number of co-operative institutions comprising ownership of The Co-operators group of companies, Canada’s largest Canadian-owned, private, property and casualty insurer.
“Strengthening our membership and providing value are more critical now than ever,” said Peter Podovinikoff, Chairperson of the Board of Directors of The Co-operators. “The forces of globalization are pressuring many co-operatives to merge, recapitalize or explore different business structures. We are not impervious to these forces that threaten the very nature of our organizations. In the face of them, we must reaffirm the strength, viability and value of the co-operative model”, Mr. Podovinikoff stated.
One of the largest agri-food businesses in Canada, La Coop f�d�r�e represents over 50,000 members in 97 co-operatives ranging from agricultural co-operatives to consumer co-ops and processing co-ops. As a wholesaler, La Coop f�d�r�e provides farm producers in Quebec, Ontario and New Brunswick with goods and services required to run their business, including petroleum products. It also processes and markets various farm products such as pork and poultry on domestic and international markets. For over five years, La Coop f�d�r�e has enjoyed a strong business relationship with The Co-operators, which is currently their primary property and casualty insurer and insurer of over 60% of their member co-ops.
For The Co-operators, the addition of this new member means additional access to the Quebec market, and to La Coop f�d�r�e it means membership in a dynamic, innovative co-operative in the company of major leading Canadian co-operatives, credit unions and like-minded organizations.
Based in Guelph, Ontario, The Co-operators is a group of national financial services companies focusing home, auto, life, commercial and farm insurance, as well as investment products and property development. The Co-operators group provides insurance protection to over two million Canadians and has assets of $ 6 billion. Three subsidiaries of The Co-operators – Co-operators General Insurance Company, L’Union Canadienne and Co-operators Life Insurance Company – were named amongst this year’s list of 50 Best Employers in Canada by Report on Business Magazine.
Mountain Equipment Co-op Becomes Member-Owner of The Co-operators
April 13, 2005
Regina, Sask. – At its annual general meeting today in Regina, The Co-operators welcomed Mountain Equipment Co-op (MEC) as one of three new member-owners. The additions bring to 31 the total number of co-operative institutions comprising ownership of The Co-operators group of companies, Canada’s largest Canadian-owned, private, property and casualty insurer.
“Strengthening our membership and providing value are more critical now than ever,” said Peter Podovinikoff, Chairperson of the Board of Directors of The Co-operators. “The forces of globalization are pressuring many co-operatives to merge, recapitalize or explore different business structures. We are not impervious to these forces that threaten the very nature of our organizations. In the face of them, we must reaffirm the strength, viability and value of the co-operative model”, Mr. Podovinikoff stated.
“Joining The Co-operators is a natural evolution in the relationship between our two organizations,” added Peter Robinson, CEO of Mountain Equipment Co-op. “It underscores our commitment to supporting the co-operative community in Canada and will deliver tangible benefits to our organizations.”
Founded in 1971 by a small group of students from the University of British Columbia, Mountain Equipment Co-op, or MEC, has grown to become Canada’s largest supplier of quality outdoor equipment. With ten retail stores from Vancouver to Halifax, and a thriving catalogue and e-commerce business, MEC has more than two million members in 192 countries. At the heart of this business beats the desire to support people in achieving the benefit of wilderness-oriented recreation and strive for social and environmental leadership. MEC has had a business relationship with The Co-operators for several years.
Based in Guelph, Ontario, The Co-operators is a group of national financial services companies focusing home, auto, life, commercial and farm insurance, as well as investment products and property development. The Co-operators group provides insurance protection to over two million Canadians and has assets of $ 6 billion. Three subsidiaries of The Co-operators – Co-operators General Insurance Company, L’Union Canadienne and Co-operators Life Insurance Company – were named amongst this year’s list of 50 Best Employers in Canada by Report on Business Magazine.
