CO‑OPERATORS GENERAL INSURANCE COMPANY REPORTS THIRD QUARTER 2024 RESULTS

This quarterly earnings news release should be read in conjunction with our third quarter 2024 unaudited condensed consolidated interim financial statements and management's discussion and analysis (MD&A) as well as our 2023 Annual Report which are all available on SEDAR+ at www.sedarplus.com. Unless otherwise noted, all amounts are expressed in Canadian dollars.

GUELPH, ON, Oct. 31, 2024 /CNW/ - Co‑operators General Insurance Company (Co‑operators General) today released consolidated financial results for the three months ended September 30, 2024. The consolidated net loss was $45.2 million compared to net loss of $0.2 million for the same quarter in 2023. This resulted in losses per common share of $1.71 for the quarter, compared to $0.05 in the same period last year.

"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," said Rob Wesseling, President and CEO of Co‑operators. "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."

CO‑OPERATORS GENERAL'S THIRD QUARTER FINANCIAL HIGHLIGHTS

($ in millions except for earnings per common share and ratios)

3rd quarter

3rd quarter

YTD

YTD

2024

2023

2024

2023

Key financial data

Direct written premium (DWP)

1,514.6

1,314.7

4,150.4

3,630.2

Net insurance revenue (NIR)

1,222.4

1,090.0

3,531.8

3,153.0

Net income (loss)

(45.2)

(0.2)

144.3

52.9

Net investment income and gains

174.7

5.8

344.3

149.1

Total assets1

8,379.4

7,695.7

8,379.4

7,695.7