The Co-operators General Insurance Company reported consolidated net income of $671.2 million in 2025, compared with $245.1 million in 2024. This represents an increase of 174 per cent over a 12-month period.
“We successfully navigated a year marked by economic uncertainty and market volatility while remaining firmly focused on building long-term resilience through disciplined operational execution,” stated Co-operators President and Chief Executive Officer Rob Wesseling.
“Our strong underwriting performance and steady investment returns generated solid results, enabling us to continue advancing the financial security of all Canadians,” he added.
During the 2025 fiscal year, the company recorded a positive insurance result, or underwriting result excluding discounting and risk adjustment. The underwriting result amounted to a surplus of $326.5 million in 2025, compared with a loss of $106.9 million in 2024.
Only Co-operators' property and casualty insurance results are available in full, since this business segment is part of their publicly traded company: Co-operators General Insurance Company. Certain financial results related to their life and health insurance activities will be released at a later date.
Combined ratio
For the full 2025 fiscal year, Co-operators’ combined ratio stood at 94.1 per cent in 2025, compared with 102.2 per cent in 2024. This represents a difference of 8.2 percentage points. This result excludes discounting and risk adjustment.
The loss ratio, excluding discounting and risk adjustment, improved by 6.9 points over the 12-month period. It stood at 64.7 per cent for the full 2025 fiscal year, compared with 71.6 per cent in 2024.
The company attributes this result to 14 per cent growth in net insurance revenue and to a lower level of major events compared with those experienced in 2024. The company underlined several significant events in 2025, including major storms in Quebec and Alberta, the Kingston fire in Newfoundland and Labrador, as well as flooding and hail events in the Prairies.
The loss ratio decreased by 6 percentage points in personal auto, by 14.4 points in home insurance and by 3.1 points in commercial insurance. In the farm, travel and other segment, the loss ratio increased by 2.6 points.
The claims expense ratio stood at 29.4 per cent, down 1.2 points from 2024.
Direct premiums
Direct written premiums for the full 2025 fiscal year totalled $6 billion, compared with $5.6 billion in 2024. This represents an increase of $393 million or 7 per cent year over year.
The company indicates that growth was recorded across its main lines of business and regions. Growth was slightly stronger in auto and home insurance in the Western provinces and in Ontario.
As in 2024, Ontario remains the insurer’s largest market, accounting for 50 per cent of direct written premiums for the full 2025 fiscal year, compared with 35 per cent for the four Western provinces, 9 per cent for the Atlantic provinces and 6 per cent for Quebec. The company’s management discussion and analysis notes that the market share distribution was exactly the same in 2024.
Net insurance revenue totalled $5.5 billion in 2025, compared with $4.8 billion reported in 2024. This represents an increase of 14 per cent. Growth in policy count and pricing explains the increase.
Auto insurance continues to account for 47 per cent of the mutual insurer’s written premium volume in 2025, the same proportion as in 2024. In order of importance, the other segments are home insurance (27 per cent), commercial insurance (17 per cent) and farm, travel and other insurance (9 per cent).
Investment income
Co-operators reported net investment income and gains of $495.3 million for the full 2025 fiscal year, compared with $470.5 million in 2024.
The company reported a Minimum Capital Test ratio of 224 per cent as at December 31, 2025, compared with 216 per cent one year earlier. The difference “stems from changes in net income, other comprehensive income and dividends declared in the period, which resulted in a change in capital available relative to capital required ,” the company indicates. The company’s target for the Minimum Capital Test ratio is 185 per cent.
