Co-operators General earns $228-million in Q3

Executive Summary

• Co‑operators General Insurance Company reported a strong Q3 2025 with consolidated net income of $228.0 million, reversing a $45.2 million loss year‑over‑year.
• Earnings per common share were $8.35, up from a loss of $1.71 per share in the comparable 2024 quarter.
• Direct written premium (DWP) grew 5.7 % to $1,601.4 million and net insurance revenue (NIR) rose 15.5 % to $1,411.9 million, driven by higher premiums and policy growth across all core lines.

Key Details

• Net Income: $228.0 million (2024 Q3: loss of $45.2 million).
• EPS: $8.35 per share (2024 Q3: –$1.71 per share).
• Direct Written Premium (DWP): $1,601.4 million, +5.7 % YoY.
• Net Insurance Revenue (NIR): $1,411.9 million, +15.5 % YoY.
• Underwriting Income (ex‑discounting & risk adjustment): $141.4 million, a favorable swing of $322.3 million from the prior‑year underwriting loss of $180.9 million.
• Driven by $189.5 million increase in NIR and $162.6 million reduction in net undiscounted claims & adjustment expenses.
• Acquisition & other expenses rose $29.8 million due to premium growth (higher taxes, commissions, operating costs).
• Combined Ratio (ex‑discounting & risk adjustment): Improved by 24.7 percentage points versus Q3 2024.
• Net Investment & Insurance Finance Results: +$46.3 million, yielding $127.9 million total income vs. $81.6 million in Q3 2024.
• Investment income up $7.0 million (higher interest and equity gains).
• Net finance expense down $39.3 million due to a smaller yield‑curve increase, lowering discounted liabilities.
• Capital Position: Minimum Capital Test at 242 % as of Sept 30 2025, well above regulatory requirements.
• Liquidity & Balance Sheet: Strong; bond portfolio 96.8 % investment grade, 77.1 % rated A or higher; equity portfolio 81.8 % Canadian stocks.

Notable Quotes

“While the industry remains challenged by expected severe weather events, economic pressures and competitive markets, our positive third quarter results demonstrate the strength of our strategy and our disciplined execution,” – Rob Wesseling, President & CEO.
“Improved underwriting performance and strong investment returns reflect our focus on building long‑term resilience.”

Materiality Assessment: Material – Positive (significant earnings turnaround, strong capital metrics, and operational growth).