The Co-operators reports its 2007 profits are up

The Co-operators Group Ltd. announced a net income of Cdn$154.8 million in 2007, up from Cdn$133.4 million the previous year.

“The strong financial performance allowed the organization to make an unprecedented contribution of more than [Cdn]$1 million to The Co-operators Foundation, through which it reinvests in Canadian communities,” the company announced in a press release.

“This is the largest single commitment of funding the organization has ever put into The Co-operators Foundation [which now sits at Cdn$6 million], through which financial assistance is provided to social economy enterprises and other worthy causes in Canada.”

Looking at the 2007 balance sheet, The Co-operators’ property and casualty segment wrote Cdn$2.11 billion in premium last year, up from Cdn$2.099 billion in 2006.

The company’s combined ratio on the property and casualty side dropped from 99.8% in 2006 to 98.3% in 2007. •