Resilient.
Sustainable.
Secure.
Integrated Annual
Report 2023
Co-operators Group Limited
About this report
Our story in an
interconnected
world.
Our co-operative is linked to the complex and dynamic world
around us. We report on our engagement with the world
through our various roles – as an insurer, a financial planner,
an investor, a business and a co-operative.
Our Integrated Annual Report highlights the environmental, social and financial impacts we’ve
made on the issues and trends that matter to the people we serve. From our greatest challenges
to our proudest achievements, this report provides a transparent and comprehensive look at
our co operative’s performance in a world of rapid change. Serving as our Public Accountability
Statement, it weaves together the sustainability, governance, and financial reporting for our
group of companies.
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Discover our full suite
of reports online
In addition to the Integrated Annual
Report Supplementary Disclosures,
our Global Reporting Initiative (GRI)
Content Index, and archived reports,
you can explore other annual disclosures
about key areas of our business.
Climate Report
Resilient.
Sustainable.
Secure.
2023 Climate Report
limat
e ort
Co-operators Group Limited
Co-operators Group Limited
Co--operators
General Insurance
Company Annual
Report
Resilient.
Sustainable.
Secure.
2023 Annual Report
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al
Co-operators General
o-opera
C
ompany
ance C
Insurance Company
Insur
tors Gener
Land
acknowledgement
Our organization was founded in 1945 in Regina,
Saskatchewan, Treaty 4 territory, the traditional land
of the of the Cree, Saulteaux, Dakota, Lakota,
Nakoda and the homeland of the Métis.
Today, our co-operative exists in communities
from coast to coast to coast. We recognize that
the many places where we live and work are
home to past, present and future First Nations,
Inuit and Métis Peoples.
The Co-operators Group Limited acknowledges
that our corporate headquarters in Guelph,
Ontario, sits on the Between the Lakes Treaty
(No. 3) territory, the traditional land of the
Mississaugas of the Credit First Nations and
the ancestral homelands of the Anishinaabe,
Haudenosaunee and Attawandaron Peoples.
We acknowledge that Indigenous Peoples are
stewards of this land and that our work is carried
out across the traditional territories of the First
Nations, Inuit and Métis Peoples. This grounds our
journey toward a path of truth and reconciliation
with our Indigenous neighbours, clients,
members, employees and partners.
More information on our Reconciliation Strategy
and the progress we made in 2023 can be found
on page 98 of this report.
Table of contents
02 Executive Interviews
03 Leading with purpose
05 Co-operative strength in challenging financial times
Special features
08 Our story
08 Our purpose
12 Our long-term goals
18 Our 2023 to 2026 corporate strategy
26 How we create value
29 As an insurer
30
Insurance solutions for a changing world
43 As a financial services provider
44 Building wealth for future prosperity
55 As an investor
58 We invest today for a sustainable future
64 We advocate for sustainable finance
73 As a business
74 2023 financial performance overview
80 Forays into the future
86 Our people
105 As a co-operative
106 Serving our members and co-operative clients
109 Showing up in our communities
123 Governance performance
127 Our board and committees
139 Our members
141 Additional Report Information
142 Sustainable development goals
146 Strategic performance
150 Financial performance
154 Risk management
157 Report Materiality
163 Supplementary disclosures
36 Climate change and increasing physical risk
48 Real advice in the digital space
66
Investing for a climate-resilient Canada
92
Inclusion, diversity,
equity and accessibility
and Reconciliation
112 Ecosystems of social impact
111100110001100
2 Co-operators
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Rob Wesseling (pictured left),
President and Chief Executive Officer
John Harvie (pictured right),
Chairperson, Board of Directors
Executive interview
Leading with
purpose
Our President and CEO
Rob Wesseling, and our
Chairperson of the Board
John Harvie, discuss issues and
trends in the world around us,
the headwinds and tailwinds
we faced in 2023, and why our
vision is critical in a world of
rapid transformation.
Financial resilience
is cultivated, grown,
and sustained in our
communities.
2023 Integrated Annual Report 3
What issues or trends are top of mind as you
consider the year in review?
Rob Wesseling: Three are most profound for me.
The first is climate resilience. As climate change
becomes more pervasive, our business models need
to evolve in kind. In addition to protecting against
risk, we need to get into the resilience business.
That means helping our clients and communities plan
for the future and ensure our homes, businesses and
communities are set up to mitigate and absorb the
impacts of climate change.
Second is the rapid advancement of data collection
and generative artificial intelligence (AI), which took
a monumental leap forward in 2023. As a purpose-
based business that thinks decades and even further
ahead, we need to understand how to use these tools
in ways that align with our principles, are transparent,
and benefit our members, clients and communities.
Finally, I’m increasingly conscious of rising divisions
in our society. I believe the co-operative system
and Co-operators can play a significant role in
demonstrating that working toward a common
purpose, while embracing difference, is possible
and necessary. As a co-operative, we are built to
collaborate. This aspect of our identity is far more
valuable now than ever.
How does our co-operative governance enable
us to navigate the issues we face?
John Harvie: We’re governed by 46 member
organizations. Few companies enjoy such a wide
regional and sectoral diversity that includes so
many elements of the social, cultural and political
spectrums. With this wide range of philosophies
and perspectives at our governance tables, we can
represent the interests of millions of Canadians.
These diverse perspectives enable us to explore
how potential solutions might impact the well-being
and resilience of the communities we serve.
Importantly, we never made — and with good
governance, never will make — decisions to
maximize profit for a small group of shareholders.
We’re oriented to the needs of present and future
generations of Canadians. I think this makes all the
difference in how and why we show up to do the work.
How would you describe our 2023 performance?
RW: In 2023, we experienced financial
challenges and volatility, with higher claims
volume and inflation negatively impacting
our P&C underwriting performance. Importantly,
our capital position remains strong, and we
ended the year with net income before tax of
$310.6 million. In year one of our four-year
strategic plan, we’re building good momentum
on a number of fronts.
We made significant progress in how we serve
clients through our Guided Omni Strategy — where
we provide clients with an experience that best
suits their needs based on their profile and
preferences. We served more Canadians than
ever with our wealth management and investment
solutions and are now managing over $2.7 billion
in retail wealth assets through our range of mutual
funds and other investment products. In addition,
we successfully grew our commercial insurance
business with tailored offerings to meet the needs
of small, medium and large businesses across
the country.
4 Co-operators
We continue to catalyze sustainability through our
investing efforts, with 48.4% of our total portfolio now
invested in climate transition or impact investments.
And, with community resilience in mind, we’re working
to seed the world’s first private capital investment
solution for climate adapted infrastructure through
our resilience investing initiative, which aims to fund
innovative climate resilience projects across Canada.
JH: The board has been closely engaged in overseeing
the business plan and in creating our 2023 to 2026
corporate plan. Through our efforts, we’ve kept a
keen eye to our financial performance in times of
volatility and uncertainty, to ensure we can live up to
our purpose long into the future. We have further
embedded sustainability and climate resilience into our
governance tables and committees and have continued
to advance board education through topics such as
inclusion, diversity, equity and accessibility (IDEA),
climate change, biodiversity and nature, social impact,
financial resilience for all Canadians, and much more.
What were our greatest challenges in 2023?
JH: Our challenges are opportunities to grow.
We continue to develop and strengthen the
relationships with our member organizations and
delegates, which is critical to the success of our
co-operative. Now post-pandemic, we’re cultivating a
strong governance culture with in-person meetings,
while continuing to hold many meetings virtually,
enabling greater frequency and flexibility.
We have further to go to embed IDEA into our
governance and are focused on maintaining a
strong board with well-rounded perspectives,
expertise, skills and values. Democratic succession
planning is crucial to this work. To this end,
we introduced a Democratic Succession
sub-committee, which will become effective in 2024.
It’s important to also address emerging and increasing
climate, technological and financial risks, and shifting
regulations, and competitive pressures. These things
have redefined the world around us. Our governance
must evolve in kind.
RW: From a business perspective, I’d highlight the
alarming rise of auto theft in Canada, and the rise
of climate-related impacts for our communities,
clients and our business. It’s imperative that we
take steps to ensure our products, investments and
partnerships are positioned to mitigate increasing
and evolving risks and to build long-term resilience.
We also have significant room to progress toward
diversity and inclusion, and to continue moving forward
on our journey toward reconciliation. We are not where
we need to be yet. We have done very well in terms of
increasing the representation of women in leadership
positions, but we aren’t yet reflecting cultural diversity
in leadership.
What inspires you as you look to the future?
RW: I go back to our vision, to be a catalyst for a
resilient and sustainable society. I can point to so
many ways that we are bringing this vision to life and
operating on the leading edge of the sustainable,
resilient and net-zero emissions future. As an insurer,
an investor, an employer and a co-operative partner,
we stay oriented to this vision. It enables us to hold
tension between different points of view and work
toward creative solutions. I do think our co-operative
is a microcosm for what is possible to achieve
societally — asking ourselves both how this solution
will benefit us today, and how it will improve the
resilience of generations long into the future.
JH: I am so heartened by the progress we continue to
make in pursuit of our purpose, vision and values as
a co-operative, and in our ability to adapt and evolve
to ensure we’re meeting the needs of our members,
our clients and our communities. Because of the
strong relationships we’ve built with the people we
serve, we’re able to develop the kind of creative and
collaborative solutions that are needed to tackle
urgent and complex challenges. The co-operative
spirit behind our work, I believe, is our greatest
strength, and demonstrates that financial resilience is
cultivated, grown, and sustained in our communities.
2023 Integrated Annual Report 5
Executive interview
Co-operative strength in challenging financial times
In 2023, inflation, rising interest rates, the risk of recession and economic uncertainty alongside the economic impacts of
catastrophic climate change have put increasing financial pressure on our members, clients and our communities. In addition,
they have brought greater volatility to financial markets in Canada and internationally. Our long-term stability and focus
on sustainability will be key to navigating financial uncertainty, and through our own financial strength, we can support
our members, clients and communities through challenging times.
Karen Higgins
Executive Vice President,
Finance and Chief
Financial Officer
What issues and trends are top of mind as we
consider our financial performance?
Karen Higgins: After decades of a low inflationary
environment, we and the industry are grappling with
high inflation. This impacts our claims costs along with
other operating expenses which, in turn, puts pressure
on our rates, negatively impacting Canadians who
are more price sensitive. In addition, 2023 was the
fourth-most expensive year for catastrophic claims in
the P&C industry, due overwhelmingly to extreme
weather events. There’s no denying climate change
and its impact on society. While major event claims
were down slightly from 2022, we still expect this
issue to persist well into the future.
Overall how did we perform financially in 2023?
KH: Our financial performance was challenged
in 2023. We significantly missed our overall
profitability target, mainly driven by aspects of our
underwriting results. And while we were not as
impacted by catastrophes in 2023 as the rest of the
industry, we were not immune to inflation impacts,
a sharp rise in auto theft, and a return to pre-pandemic
claims frequency in auto line of business. On a positive
note, our life insurance operations out-performed
in their core insurance operations and the overall
economic environment was favourable against
our expectations.
It's also important to note that as we established
our 2023 to 2026 strategic plan, we knew there would
be significant expenditures early in the plan period,
with delayed financial benefits. We have had to balance
prioritization of goals, resources and spending,
while investing for the future and advancing our
underlying business. As always, we maintain our
long-term focus to ensure a strong, stable capital
position that will enable us to achieve our purpose
for generations to come.
What were the areas of strength in our
financial performance?
KH: There were two areas to highlight as positives:
profitable growth and the economy. Our top line
growth exceeded our expectations in 2023.
It out-paced our target for the consolidated company,
and more importantly, exceeded targets in all areas
of strategic importance. While the economy remains
volatile, the overall impact to our bottom line was
positive, with equity markets performing well, so we
were able to take advantage of high yields through
shifts in our asset mix.
How does our co-operative identity shape our
approach to financial strength and stability?
KH: Our purpose comes first. As a co-operative,
we balance profitability with the short-term and
long-term needs of our members, clients and
communities. To meet those needs, we need to
ensure our capital is sufficient and sustainable to
combat high inflationary times, periods of economic
volatility and the ever-increasing claims impact of
climate change. Our comprehensive, strategic financial
planning and execution oversight processes along
with thoughtful decision-making ensure this balance
is achieved.
6 Co-operators
Co-operators at a glance
How we provide financial security
Our suite of solutions and personalized advice aim to bring financial security to an array of Canadians and Canadian organizations.
We insure
We protect
We cover
919,000
homes
1.6 million
vehicles
250,000
employees and their dependents
through group benefits
638,000
lives
456,000
Canadians through Creditor
Life insurance
42,000
farms
303,000
businesses
We serve
We manage the investments of
194
credit unions
6 million+
credit union members
225
institutions and individual investors
with assets valued at over
$37 billion
We help Canadians plan their
financial futures
over
65,000
wealth accounts
Our Financial Advisor network
Embedded in communities across Canada
We have Financial Advisor, contact centre and claims office locations in over 360 towns, cities and rural communities.
2023 Integrated Annual Report 7
Contact centre locations
Claims office locations
Financial Advisor and service
offices by province/territory
Northwest Territories
Yukon Territory
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Quebec
New Brunswick
Prince Edward Island
Nova Scotia
1
1
47
128
32
13
300
19
26
9
21
Newfoundland and Labrador 19
8 Co-operators
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Our story
Our purpose:
Financial security
for Canadians and
our communities
We show up in different roles to bring our purpose to life.
Whether people know us as an insurer, a financial services
organization, an investor, an asset manager, an employer,
or a co-operative, we are committed to acting in a way that
stays true to our values and fulfills our purpose in pursuit of
our vision to be a catalyst for a sustainable, resilient society.
What it means
to be purpose-
driven
Our purpose is core to our business
and gives shape to everything we do.
Being purpose-driven
means asking, how will
this decision help our
clients become more
financially secure?
And further, how will
this decision impact
the financial security
of our communities and
of future generations?
2023 Integrated Annual Report 9
Our vision
We will be a catalyst for a resilient
and sustainable society.
Our values
Our co-operative identity comes
to life through our values.
• Responsibility: We balance
our care for society and the
environment with our
business success.
• Integrity: We treat all our
members, clients, employees,
advisors, and partners with
honesty and respect.
• Inclusion: We achieve success
by embracing the diversity of
all Canadians.
Our co-operative principles
The seven global co-operative
principles — as outlined by the
International Co-operative
Alliance — guide our decision-making.
Learn more about our co-operative
governance model, performance and
processes on page 123.
—
—
Our purpose of "financial security for Canadians
and our communities" may seem simple — perhaps
even obvious — for an organization that provides
financial planning, protection and advice.
And while the transactional elements of insurance,
investments and advice are fundamental to our
business model, at the end of the day financial
security is all about ensuring our members and
clients have the economic means to meet their
needs today, tomorrow and long into the future.
When we think about our purpose, we think
holistically about environmental, social, cultural
and emotional dimensions that impact peoples’
ability to sustain their financial security.
Acting in a purpose-driven way isn’t always easy.
We don’t always get it right, and we discuss such
challenges throughout this report. At times,
we know our need to respond to short-term
pressure and financial challenges may
occasionally undermine our purpose and
long-term view. But even amid ongoing volatility,
we must hold ourselves accountable and stay
oriented to a mindset of continuous improvement,
committed to the critical and unfolding journey
to fulfill our purpose over time, in an
ever-changing landscape.
Importantly, our purpose needs to coexist
alongside our vision, our values and our
co-operative principles, which set us apart in
a competitive landscape of financial institutions.
We don’t exist to maximize quarterly profits.
We exist to deliver on our purpose, for our
members, clients and communities. To us,
this distinction is everything.
10 Co-operators
Q&A
Toward a financially resilient Canada
Financial security and financial resilience are topics of critical importance to both Jessica Baker, Co-operators executive vice
president and chief retail sales officer, and Eloise Duncan, CEO and founder of Financial Resilience Institute, a non-profit
organization and leading independent authority on financial well-being in Canada.
Jessica Baker
Chief Retail Sales Officer and
Executive Vice President of Advisor,
Contact Centre and Retail Wealth
Eloise Duncan
Founder and CEO Financial
Resilience Institute
What issues or trends are top of mind for you as we
consider the financial security of Canadians?
Eloise Duncan: Financial vulnerability and financial
stress are mainstream problems in Canada across a
wide range of household income demographics.
Our research* shows that 75% of Canadians want to
better understand their financial resilience and how
they can improve it and 78% experience financial
vulnerability on some level. This is important as people
navigate unplanned life events, financial stressors and
shocks, climate change impacts, job and food insecurity
and other challenges.
Jessica Baker: Among other challenges, we know
that high interest rates, inflation, and cost of living
pressures coupled with the lack of understanding of
how to navigate these issues are impacting Canadians
as they try to start saving or as they continue to invest
in their financial future. The current market conditions
are confusing, potentially volatile, and create a lot of
uncertainty around how to plan, get advice and learn
what to do in changing times.
What does Co-operators purpose “Financial security
for Canadians and our communities” mean to you?
Why does it matter?
JB: Not only is financial security the core of our
business in terms of the insurance and financial
services we provide, it’s also our identity as a financial
co-operative that brings social value to our community.
For me, our purpose is ultimately at the heart of
everything we do.
ED: I think Co-operators purpose is critical to the well
being of Canadians. Financial resilience is the ability
to navigate financial hardship, stressors and shocks.
Improving financial resilience supports individual,
family, small business and community resilience.
By innovating to support clients’ financial resilience
and financial wellness, Co-operators brings its purpose
to life, differentiates its brand, deepens relationships
with clients — and, importantly — people that are under-
protected or underserved. Ultimately, this purpose
drives positive client, societal and financial outcomes.
How can we build the financial resilience of
Canadians in the context of all the transformation
we’re seeing in our society?
ED: There is so much change in the world today.
Climate change is an important one to call out,
because it really does impact everything. As a
climate leader, Co-operators has an opportunity to
help people who have been negatively impacted
financially by extreme weather events to gain advice
and support around future risks that may impact their
household. At the same time, Co-operators can provide
insurance solutions that can better protect families as
extreme weather events continue to impact their
2023 Integrated Annual Report 11
homes and communities. Co-operators has an
opportunity to engage its members, employees,
communities and partners to help bring its purpose
to life, especially in the context of rapid change.
We also see significant opportunities to help those
who are under-protected and underserved by
traditional financial institutions from a saving,
planning and investing perspective.
JB: In a rapidly changing world, financial insecurity
can come about suddenly and unexpectedly.
We need to have open conversations with our
clients about the risks they face, so our clients can
weigh the level of protection they want with the cost.
The conversations can be challenging. We know our
clients are balancing financial priorities, especially in
today’s economic landscape. Resources are scarce.
We need to courageously lean into this tension and
be candid with our clients. We need to give them real
advice in terms they can understand, make sure they
know what levers they have, and how they can make
real changes to act and build their financial resilience
over time.
Understanding financial vulnerability*
78%
of Canadians are "Extremely Vulnerable", "Financially
Vulnerable" or "Approaching Resilience" with a
financial resilience score of 0 to 70 based on the
February 2023 Seymour Financial Resilience Index®
46%
of Canadians report they had been set back
financially as a result of an unplanned life event
over the past 12 months
44%
of Canadians report they did not have sufficient
insurance to protect against the unexpected
*Source: Seymour Financial Resilience Index® with a sample size of 5010 adult Canadians and 783 Co-operators Clients as of February 2023. Seymour Financial Resilience
Index® is a trademark used under license by Co-operators and Financial Resilience Society. © 2023 Financial Resilience Society DBA Financial Resilience Institute.
All Rights Reserved.
More information is available online at finresilienceinstitute.org/index-releases-and-reports/
12 Co-operators
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Our long-term goals
Oriented to a better future
Our long-term goals guide us along our journey to fulfill our purpose,
and keep us oriented to a sustainable, resilient future.
We take a long-term view and have established a set of long-term enterprise goals that keep us focused on building resilience and catalyzing
sustainability with 2030, 2040 and 2050 goals and targets. While each year we work to ensure we move forward from a position of financial strength
and stability, these goals remind us that we can’t deliver on our purpose if we don’t secure the future.
Connected to a global movement
We’ve linked our strategic priorities with the United Nations Sustainable Development Goals (UN SDGs), a collective global effort to protect
the environmental, social and financial well-being of current and future generations.
-
In alignment with the SDGs, we’ve developed a framework for how we contribute as an insurer, investor, business and co-operative,
maximizing our impact how and where we can, while working to make a meaningful contribution to communities within Canada and globally.
-
For more details on our impact in relation to the UN SDGs, see page 142 of this report.
Our 2030 enterprise goals
By 2030, Canadians and our communities are:
Financially secure: We have contributed to increasing financial security
in Canada and among our members and clients.
Resilient against risks: We have helped make Canada more resilient and
less vulnerable to risk.
Sustainably and inclusively prosperous: We have helped build inclusive
and sustainable prosperity for Canadians and Canadian communities.
To acheive these goals, we will:
Inform and Influence
1. Advocate for better
public policies and
financial frameworks
2. Promote positive
behaviours for risk
reduction, while also
helping Canadians make
sustainable and healthy
choices
3. Use our influence
to promote better
environmental, social and
governance performance,
including increasing
the representation of
women and other under-
-
represented groups in
leadership roles
Incent
1. Provide insurance solutions
at rates that balance being
affordable and reflecting
the true cost of the risk
2. Enable and incent
clients to contribute to
sustainable communities
through our insurance
and wealth solutions
3. Partner with
governments, businesses,
community groups and
other stakeholders to
co-develop solutions that
advance sustainability
-
Invest
1. Harness our investments
to finance the growth of
a sustainable, resilient,
equitable, low-carbon
society
2. Build the innovative and
collaborative capacity
of our organization and
partners to co-create
solutions to societal
challenges
3. Model leading
-
operations, including
achieving carbon
negative and
environmentally
restorative operations
and ensuring the
composition of our
workforce and leadership
reflects the face of
Canadian society
2023 Integrated Annual Report 13
A global effort to measure
the impact of insurance on
the UN SDGs
In 2023, our collaboration continued
with the International Cooperative
and Mutual Insurance Federation
(ICMIF) and Swiss Re Institute on
the ICMIF-calibrated Insurance SDG
Calculator, a tool to measure the
impact of insurance companies on
the UN SDGs. Some of the ICMIF-
calibrated indicators from 2022
were refined and new indicators
were added to provide a more
holistic measurement of impact
across both property and casualty,
and life and health insurance
portfolios, as well as insurance
company operations. Several ICMIF
members, including Co-operators,
also used the 2022 version to score
their companies, from which ICMIF's
first Insurance SDG Benchmark was
derived. The enhanced calculator
and the benchmark were launched
at the ICMIF Sustainability Summit,
where the global co-operative and
mutual insurance sector reiterated
its commitment to supporting the
world’s global goals.
14 Co-operators
Our long-term goals
Long-term metrics and targets
We measure progress toward our long-term enterprise goals through
metrics and targets, which may evolve over time to ensure they continue
to be relevant and impactful.
Beyond 2030: Our 2040 and 2050 net-zero targets
Net-zero operations by 2040
We have a target to reduce the emissions of our operations by 45% by 2030 and achieve net zero by 2040.
This includes both direct emissions (Scope 1) and indirect emissions (Scopes 2 and 3), including emissions
resulting from corporate offices, Financial Advisor offices, fleet vehicles and business travel. Reflecting our
commitment to leadership and to ensure our carbon accounting is aligned with the realities of hybrid and
virtual work modes, we also track emissions from employee commuting and working from home,
and information technology assets and services.
Net-zero investments by 2050
We are targeting our entire investment portfolio to be net zero by 2050. We will set new interim targets
every four years and disclose our progress toward these goals annually. In addition, our asset manager,
Addenda Capital, has a target that 75% of assets under management by 2030 will be net-zero aligned.
Learn more about action we’re
taking on climate change
Further details on the carbon footprint of
our investments and our operations can be
found on page 61 and page 82 of this report.
Our Climate Report contains detailed
information on climate-related milestones,
governance, strategy, risk-management and
targets and metrics. This report is available
online at cooperators.ca/reports.
Resilient.
Sustainable.
Secure.
2023 Climate Report
t
li
t
Co-operators Group Limited
Co-operators Gr
2023 Integrated Annual Report 15
Metric
Description
2030 target
Interim target
2023 result
Historical
% change in financed
emissions intensity
% of investments in
impact, resilience or
climate transition
% of
revenue that is
aligned with a “resilient,
and sustainably and
inclusively prosperous”
future
By reducing the emissions associated
with our investment portfolio, we can
measure progress towards achieving
net-zero emissions in our investments,
which we are committed to reaching
by 2050.
The percentage of our total investment
portfolio that is invested in impact
investments, resilience investments,
or climate transition investments, all of
which contribute to more resilient,
sustainable communities.
T his metric has been defined as
"sustainable revenue" by Corporate
Knights’ Sustainable Economy
Taxonomy. By measuring the
proportion of our revenue that aligns
with this global standard, we track the
impact of integrating sustainability
into our business and think critically
about how we can enhance or provide
new offerings.
50% reduction
25% reduction
by 2025
47.8 tonnes of
CO2 equivalent/
$1 million invested
44.8 tonnes of CO2
equivalent/$1 million
invested (2020 baseline*)
60%
50% by 2026
48.4%
45.5% (2022)
T arget to be
considered
in 2024
N/A
24.7%
27.1% (2022**)
*2020 results have been restated. For more details see page 61.
**As a result of the retrospective adoption of new accounting standards, IFRS 17 and IFRS 9, on January 1, 2023, 2022 figure has been restated.
16 Co-operators
“There is an integral
and a direct relationship
between our purpose
and sustainability”
Chad Park (pictured left),
Vice President of Sustainability and Citizenship
Selena Edick (pictured right),
Vice President of Enterprise Strategy and Planning
Q&A
A journey
to embed
sustainability
Through our strategic plan,
our long-term goals, and our
purpose, vision and values,
we are working to embed
principles of sustainability across
our co-operative. We spoke with
Chad Park, vice president of
sustainability and citizenship,
and Selena Edick, vice president
of enterprise strategy and
planning, about how sustainability
runs through all elements of our
strategic plan.
We’re recognized as a global
leader in sustainability
In 2023 we were recognized as the top
insurance company globally, the top
financial institution in Canada, and second
best financial institution globally by
Corporate Knights in their ranking of
most sustainable businesses.
2023 Integrated Annual Report 17
How have we integrated principles
of sustainability into our strategic
planning process?
Selena Edick: We start by articulating our vision:
to be a catalyst for a resilient and sustainable
society. Then, we continue by embedding
sustainability and resilience into strategic goals
and objectives. As we execute on our strategy,
we hold ourselves accountable to sustainability
performance through measurement, reporting
and continuous learning.
Chad Park: Our guiding principles are
clearly articulated in our Sustainability Policy.
Together with our vision, they inform our strategic
planning by back casting from the sustainable future
we want to see. More specifically, sustainability-
oriented strategies appear in all aspects of our
strategic plan, both explicitly — in terms of key
performance indicators, goals and targets — and
implicitly, in terms of the societal transformation
we’re trying to facilitate, such as directing our
investments for resilience and sustainability.
How can we bring our vision to catalyze a
resilient and sustainable society to life through
our strategy and long-term goals?
SE: Our long-term goals give shape to the
outcomes we want to deliver. They help ensure
that we’re moving in the right direction to catalyze
resilience, sustainability and inclusion in our
economy and our society. To get us there, we need
to use all the levers we can as an insurer, financial
services provider, investor, employer, business and
co-operative. Across the board, in each one of our
societal roles, we are working to enact change to
get us to the future we want to see.
What’s the relationship between our purpose,
our strategic plan and sustainability?
CP: There is an integral and a direct relationship
between our purpose and sustainability.
Sustainability risks — like physical risks arising
from climate change — pose a significant
threat to the financial security of Canadians.
Sustainability opportunities — like those arising
from the transition to a more inclusive and net-zero
economy — offer us new ways to meet unmet needs.
Our strategic plan is essentially a sustainability
plan. It positions us to ask how we will fulfill our
purpose and pursue our vision of being a catalyst
for a resilient and sustainable society — not just
over the next quarter, the next year, or even the
next four years, but with future generations in mind.
What are some of the most significant
challenges we face along our journey
to sustainability?
CP: The biggest challenges are systemic,
existing far beyond the capability of what any
single organization can achieve. Whether it’s
sustainable finance, net-zero operations, a more
inclusive economy, or dismantling systemic racism
and social inequities — none of our goals can
meaningfully be achieved without the engagement
of others. That means we must work together with
others, and try to positively influence them,
in pursuit of our sustainability goals.
To what extent has our strategy been designed
with systemic challenges in mind?
SE: Understanding that we are faced with the need
for systemic change, at the heart of our strategic vision
is a very important word: “catalyst.” As we strive to be
a catalyst for a resilient and sustainable society,
we endeavour to speed up, spur change in, and cause
reaction in others. We do this because we know that
by sharing a vision, we will be better positioned to
collectively achieve it.
18 Co-operators
-
Our 2023 to 2026 corporate strategy
We continue to build the
bridge to a better future.
After year one of our four-year strategic plan, we’re confident in our
direction. We’ve refreshed and recalibrated our previous strategy,
making targeted refinements to reflect where we’ve been and where
we want to go, all the while staying oriented to our purpose.
The context we operate in is always changing, reshaping the needs associated with insurance and financial services.
Technological advances are redefining business models and behaviours. Increasingly perilous impacts of climate
change have widened protection gaps, threatened affordability and increased the need for uniquely tailored advice.
Rising inflationary and interest rate pressures have added to the financial insecurity many Canadians face. Our strategy
was designed to anticipate and navigate evolutions in the world around us so we can stay relevant and competitive to
our members and clients.
2023 Integrated Annual Report 19
Our strategic
performance dashboard
Our 2023 to 2026 strategic plan has five strategic dimensions.
Our Co-operative Identity is the dimension at the heart of our
strategy. The outcomes we deliver rest in the dimensions of Client
Engagement and Profitability and Growth. Finally, the dimensions
of Business Capabilities and Workforce Capabilities enable us to
achieve our strategy.
Why we do everything
the way that we do it
What outcomes
we’ll deliver
Co-operative Identity
Client Engagement
Profitability and Growth
How we’ll get there
Business Capabilities
Workforce Capabilities
Our strategic perfomance dashboard (page 20 to 25) provides an overview of our strategic performance by strategic dimension. For full descriptions
and discussion related to each key performance indicator, see page 146. For target status, if the target is due in 2026, terminology is "above
expectations", "on track", or "below expectations". If the target is due in the current reporting year, terminology is "exceeded", "achieved",
or "not achieved".
20 Co-operators
Strategic performance dashboard
Co-operative identity
Being a co-operative is core to our identity, and to our business. We will continue to be invaluable to the co-operative system.
Metrics
Results
-
Target status
+
Co-operative business volume
Target: $1.6 billon by the end of 2026
$1.46 billion
Member engagement
Community contributions
Target: 4% to 4.5% of net income
before taxes each year
93%
4.1%
On track
On track
Achieved
Target status
If the target is due in 2026, terminology is "above expectations", "on track", or "below expectations". If the target is due in the current reporting year, terminology is
"exceeded", "achieved", or "not achieved".
2023 Integrated Annual Report 21
Strategic performance dashboard
Client engagement
We will be the leader in client experience and will be recognized as a provider of holistic financial services.
Metrics
Results
-
Target status
+
Co-operators brand awareness
Target: Within 5% of Insurance & Wealth
Competitor Average by the end of 2026
Awareness: 47%
Omni channel client experience
Target: Top 5 Relationship NPS among our
peer group by the end of 2026
Tied for 3rd
On track
On track
22 Co-operators
Strategic performance dashboard
Profitability and growth
We will be competitive and drive profitability and growth through operational excellence and focused execution.
Metrics
Results
-
Target status
+
Operating revenue growth
Target: $7.7 billion by the end of 2026
$5.81 billion
Wealth assets under management/
administration growth
Target: $7.9 billion by the end of 2026
$5.79 billion
Client growth
Target: 1.07 million by the end of 2026
982,547 clients
CGL operating revenue growth
excluding private passenger
Target: $5.4 billion by the end of 2026
$4.04 billion
Above expectations
Above expectations
Above expectations
Above expectations
Advisors’ operating revenue growth
excluding private passenger
Target: $345 million by the end of 2026
$287 million
On track
2023 Integrated Annual Report 23
Strategic performance dashboard
Profitability and growth (cont.)
Metrics
Results
-
Target status
+
P&C expense ratio
Target: At or better than industry
by the end of 2026
30.3%
P&C combined ratio
Target: 95.7% by the end of 2026
104.4%
Life general expense ratio
Target: 17.5% by the end of 2026
22.2%
Life return on equity (shareholder)
Target: 13% to 17% each year
17.2%
On track
Below expectations
Below expectations
Exceeded
CGL return on equity
Target: 10% to 12% each year
5.3%
Not achieved
24 Co-operators
Strategic performance dashboard
Business capabilities
We will enhance and build key capabilities to enable us to be successful today and into the future.
Metrics
Results
Emerging business models
Adjacent business models
We launched our first embedded insurance
application programming interfaces (API) for
events and tenant insurance. An API allows for
communication between our IT infrastructure
and that of our partners, enabling them to
seamlessly embed the insurance experience
directly into their app, platform, or website.
We invested in HomePorter, a company with
an innovative home management platform that
seeks to make homeowners’ lives easier and
more resilient. Homeowners are connected with
trained professionals to receive unbiased advice
and quality services to support them throughout
the homeownership journey.
2023 Integrated Annual Report 25
Strategic performance dashboard
Workforce capabilities
We will have a diverse and agile workforce whose skills, leadership capabilities, and motivation differentiate us in the marketplace.
Metrics
Results
-
Target status
+
Global Diversity, Equity, and Inclusion
Benchmarks (GDEIB)
Target: Overall GDEIB of "Progressive" (4.0)
by the end of 2026
3.93
Employee engagement score
Target: At or above financial services
industry average
78%
Advisor engagement score
Target: 55% to 60% by the end of 2026
44%
On track
On track
Exceeded
26 Co-operators
-
Value creation
The path to success
isn’t a straight line.
It’s a circle.
The investments, insurance solutions
and advice we provide are designed
to meet the needs of our members,
clients and communities. Over time,
our offerings lead to positive impacts
and outcomes that improve the
financial security, sustainability and
resilience of our key stakeholders
and our communities. In turn, this
strengthens our co-operative so
we can continue the cycle.
2023 Integrated Annual Report 27
The people we serve
Inputs
Outputs
Outcomes
Impacts
These are the people for
whom we create value.
These groups overlap and
interact in relationship.
Our stakeholders provide
key insights, financial capital,
partnerships and resources
required to develop products,
services and solutions to meet
their needs.
We offer advice and solutions
that build financial security
and community resilience.
Our relationships, products,
investments and operations
lead to positive outcomes for
the people we serve.
Clients
$5.81 billion in
operating revenue
$2.77 billion in claims and
benefits paid to clients
$63.0 billion in assets
under administration
We help institutional
investors and Canadians
build their wealth.
Our member organizations
and their members
$1.46 billion in member and
co-operative business
$30.8 million in member
loyalty payments distributed
to members
Communities and partners
Community partnerships
and collaborations provide
insights into unmet needs
in communities.
$12.2 million contributed
to charities, non-profits
and co-operatives
Our advice, products and
services meet our clients'
needs and build trust.
Our sustainable, impact and
climate transition investment
strategies offer market-rate
returns and solutions
to environmental and
social challenges.
Our members and their
members are engaged and
receive benefits that build
their financial security.
Community partnerships
increase access to
mental-health supports,
healthy environments, and
meaningful employment.
In pursuit of our vision to
be a catalyst for resilient,
sustainable society, we strive
to create positive environmental,
social and financial impacts.
Our clients and their families have
financial security.
More capital flows toward the
resilient, sustainable and net-zero
emissions economy.
The strength of our members
supports a thriving co-operative
sector in Canada.
Canadian communities are
becoming more sustainable
and resilient.
Employees
Financial Advisors
7,245 employees offer their
time and talents to deliver
on our purpose
$805.0 million total in salary,
benefits and employee
incentive amounts paid
to employees
Our employees are financially
secure and engaged with a
strong sense of purpose
at work.
We have a diverse and
inclusive workforce who
are well-supported in living
healthy and fulfilled lives.
436 exclusive Financial
Advisors provide financial
services and advice
across Canada
$370 million in Advisor
operating revenue
A strong brand and top-line
products support our advisors
in building a strong book
of business.
Our advisors are growing their
business and feel supported in
their ability to meet the needs
of their clients.
*For a full list of our memberships, affiliations and partnerships, see our Supplementary Disclosures at cooperators.ca/reports.
28 Co-operators
2023 Integrated Annual Report 29
Insurance
As an insurer,
we protect against risk
Insurance has been one of the most fundamental ways we’ve
helped our clients attain financial security, ever since we
were founded back in 1945. Today, whether protecting
personal and commercial properties against physical
risks, or insuring the lives and livelihoods of
Canadians, our multiple insurance lines
of business are designed to provide
Canadians with peace of mind in
the face of uncertainty.
30 Co-operators
Insurance
Insurance solutions for a changing world
Across our group of companies, we provide a wide range of insurance solutions to a diversity of clients. These solutions
protect lives, homes, farms, vehicles, personal property and liability, as well as businesses, assets and employee well-being.
The world of risk is changing. Whether it’s increasing climate risk, the rapid
advancement of technology like artificial intelligence, geopolitical conflicts
and instability, or financial pressures from inflation and fast-rising interest
rates, our products and services deliver on our purpose.
To address the changing nature of flood risk, we provide Canada’s first and
only overland flood and storm surge insurance product – Comprehensive
Water – that offers coverage to all Canadians, even those living in the
highest flood risk zones. In 2023, we provided coverage to more than
700,000 Canadian households through Comprehensive Water, and we
expanded our overland flood and sewer back-up coverage options for
commercial clients.
In auto insurance, inflation, technological advancements, and a need for
specialized labour have coalesced to increase both the cost of vehicles
and the cost for repair – which has led to a concerning rise in claims costs.
There has also been a sharp uptick in vehicle theft driven by organized
crime, supply chain issues, and increasing demand. Canada has seen,
on average, a car stolen every six minutes, resulting in significant costs –
both to individuals and to society. In response, we’ve partnered with Tag,
a leader in stolen vehicle recoveries, to implement an anti-theft device
pilot program in Ontario. The pilot’s success resulted in the December
launch of a program that makes Tag’s technology available at a
competitive purchase price for all existing and new auto clients.
As consumer debt continues to increase in Canada alongside rising
interest rates, it’s imperative that we help Canadians and Canadian
businesses grow and maintain their wealth. We’ve expanded into the
creditor specialty market space, protecting mortgage brokerages,
specialty lenders and financial institutions with a wide range of coverage,
providing financial security for Canadians and the financial institutions
that support them in times of volatility.
At the same time, we’re focused on protecting Canadians through our life,
health and group benefits products, understanding that financial security
exists in a close relationship with wellness. In 2023, we expanded our
group benefits wellness offerings, including enhancements to our
Wellness Now online portal with a fitness app, interactive mental health
tools, personal well-being toolkits, health risk assessments, and self-led
care modules. We also increased benefit maximums and flexibility to the
psychology category of our paramedical practitioner benefits, to help
plan sponsors better support the mental health of their members.
2023 Integrated Annual Report 31
Service Review Panel
We involve clients to help resolve
claims disputes. A panel of client
volunteers work collaboratively to
determine the fairest outcome in
dispute-resolution cases. We are
bound by the panel’s decision,
but the client still has the right to
pursue external avenues of appeal.
The first of its kind in Canada,
this panel is an embodiment of
our co-operative difference
within the industry.
45
Total
appeals
2
Agreed with
the client
40
Agreed
with us
3
Reached a
compromise
Our insurance products
must evolve alongside
the changing nature of
risk, so we can deliver
on our purpose in a world
of rapid transformation.
32 Co-operators
Q&A
We help Canadians understand,
navigate and protect against risks
As a variety of issues and trends increase risks and drive up the cost of insurance, Co-operators has a critical role to play in partnering
with our clients to build their resilience. Lisa Guglietti, our executive vice president and chief operating officer of property and
casualty, discusses the importance of insurance protection as a key contributor to Canadians’ overall financial security.
Lisa Guglietti
Executive Vice President
and Chief Operating Officer,
P&C Insurance Solutions
What issues or trends are top of mind
for you in 2023?
Lisa Guglietti: In a word, affordability. Insurance is
a simple business at its core. Like other businesses,
as our “input” costs go up, the price we need
to charge for goods and services goes up by a
corresponding amount. In a world of increasing
volatility, this creates an affordability challenge
for many Canadians, and a cost challenge for
our industry.
Take auto insurance, for example. The cost of new
vehicles and repairs, and technologies that require
specialized and often costlier labour, have led to
increased costs when a claim occurs. Vehicle theft
is also a major issue we need to address here
in Canada.
And with home insurance, higher inflation alongside
increased demand for goods has driven up the cost
of rebuilding. A shortage of skilled trade labour and
supply chain disruptions have resulted in longer
delays. Claims stay open for longer, which results
in longer disruptions to Canadians and higher
additional living expenses. This is all exacerbated
as climate-related impacts are hitting communities
harder and more often.
“The big issue is, of course, climate
change. Extreme weather has become
more sudden, more frequent, and more
severe in Canada, and so has the cost
to Canadians. As a co-operative, this is
very concerning to us.”
LG: The trend is clear and alarming. For the industry,
in the 18-year period leading up to 2001, insured
losses due to severe weather averaged $440 million
per year. In the decade that followed, they were
approximately $675 million a year on average.
From 2011 to 2020, losses averaged $2.3 billion
per year, and in 2022 that figure grew to $3.4 billion.
In 2023 – the total insured losses for the industry
equalled $3.1 billion. That number could have been
much higher had the winds shifted toward more
densely populated areas during any one of the
devastating wildfires that burned in Canada in 2023.
Added to the other cost pressures I mentioned,
insurers and reinsurers have a real cost challenge.
This translates into higher premiums at a time
when many Canadians are stretched to the limit.
We’re working to develop and enhance our insurance
products, invest in climate mitigation and adaptation
solutions, advocating all orders of government and
forging partnerships to make communities more
resilient to climate change. Insurance is one part of
the solution, but it’s not the full solution. It’s going to
take a collective effort to solve the risk problem.
What can we do to ensure we’re supporting
the financial security of Canadians through
our P&C business?
LG: We need to ensure that our products adequately
protect against the risks people face. It was with
this mindset that we developed Comprehensive
Water back in 2016, when Canada still didn’t have
an available flood insurance product on the market.
As of 2023 we are still the only insurer to provide
coverage for all levels of flood risk, including storm
surge. But we also need to do more to educate
Canadians. We know with flood risk, for example,
that 94% of Canadians living in high-risk flood areas
have no idea they are at risk, based on a 2020 study
we commissioned with Partners for Action and the
University of Waterloo. At Co-operators,
we’ve created a personalized flood risk assessment
tool available on our website where any Canadian
can enter their postal code and find out their risk.
“An increasing number of Canadians
just aren’t well-protected against the
risks they face. Often these people
are from vulnerable populations
that have been marginalized
in society. Our purpose compels
us to provide solutions.”
LG: We need to show up in our communities as trusted
partners and risk experts who can help clients navigate
uncertainty and make informed choices. I would love it
if Canadians called up their insurers before they bought
important things like new cars or new homes to have
conversations that help to ensure they understand
the full “carrying” costs of these purchases – including
the cost of insurance. Together, we can build strong
risk literacy and financial literacy. Coupled with the
right protection, we can bring more Canadians toward
financial security.
2023 Integrated Annual Report 33
Total amount paid to clients in claims and
benefits in 2023
$2.77 billion
2022: $2.39 billion 2021: $1.89 billion
Claims and benefits paid by type to clients
in 2023
Property damage (45%)
Fire (35%) / Water (27%) / Wind,
Hail, Ice (19%) / Theft, Vandalism
(13%) / Other (6%)
Collision repair (26%)
Injuries (14%)
Death and disability (7%)
Medical and dental (4%)
Other (4%)
34 Co-operators
Q&A
Insurance, reimagined
Our Resilience and Sustainability program rolled out nationally in 2023, with claims processes designed to reduce
environmental impact while saving claims costs. With costs saved, we are reimagining and enhancing our products and
services to help our clients rebuild with sustainability and resilience in mind. Steve Nitschke, senior manager of national
property claims, and Michelle Laidlaw, associate vice president of national product portfolio in personal insurance lines
discuss the new program.
Michelle Laidlaw
Associate Vice President
National Product Portfolio,
Personal Insurance Lines
Steve Nitschke
Senior Manager
National Property Claims
What problem are we trying to solve through the
Resilience and Sustainability program, and why
have we decided to create an innovative solution
in the market?
Michelle Laidlaw: Climate change is having a
significant impact on our communities. Part of being
a catalyst for sustainability means we need to look to
our product offerings to help our clients adapt to the
risks that they face. As storms increase in frequency
and severity, we’re working on solutions that protect
Canadians against climate risks, while building their
resilience and financial security.
Steve Nitschke: Looking at climate change as it
relates to our industry, insurers need to acknowledge
that we’re contributing to the problem with how we
currently operate. Typically, when a client makes a
claim, insurers remove the damaged property and
replace it with materials of similar quality. This creates
waste – approximately 116,000 tonnes annually from
Co-operators alone – but like Michelle said, it also
misses an opportunity to help our clients adapt and
reduce their future risk. We need to move toward
a loss prevention mindset while also looking for
opportunities to reduce the waste generated in claims.
What are you and your area of the business
focusing on?
SN: We’re identifying and implementing sustainable
claims practices to save costs and reduce waste
generated by insurance claims. In 2023, we launched
our first two sustainable claims practices nationally:
Drying in Place (DiP) and cleaning of soft contents.
These two practices generated $4.6 million in cost
savings that will enhance our products and help
clients adapt to our changing climate. We’ve also
diverted waste from landfills, which has resulted in
an approximate emissions reduction of 253 tonnes
of carbon dioxide equivalent (tCO2e).* And this is
just the beginning.
ML: My team and I work to reinvest cost savings
resulting from sustainable claims practices to
develop product solutions that will improve our
clients’ resiliency. We know there are more sustainable
ways to rebuild. If homes are rebuilt to be resilient
against future risks, we enhance our insurance
products and increase their value to our clients
and communities.
How does minimizing environmental impact
help build the financial security of our clients
and communities?
SN: We can reduce the cost of a claim, reduce the
time it takes to complete repairs and reduce the
amount of waste generated from a claim all at the
same time. This contributes to our clients’ financial
security. On a societal level, when we cut waste,
we use less material when rebuilding after a loss.
This reduces the burden on our supply chain and
limits the energy required for construction and
transportation. Reducing waste is a top priority on
the zero-waste hierarchy pyramid to build a more
circular economy. A lot of what is disposed can likely
2023 Integrated Annual Report 35
Sustainable claims practices
initial results
$4.6 million
Cost savings
253 tCO2e*
Reduced GHG emissions
SN: Our assumptions and biases can get in the
way of doing things differently. Assumptions — like
sustainability means increased cost — clients won’t
uptake the offerings — or it will take too long to rebuild
with resilience and sustainability — have all been
proven incorrect, and in fact, we are finding there is
a strong business case for sustainability in insurance.
And, our research shows that not only do Canadians
want these solutions, they expect this of us.
What inspires you most about this program?
SN: We can have a positive impact and catalyze
sustainability in an immature and emerging space in
the Canadian insurance market. We’ve shown in the
past that we can take a leadership role and change
business as usual (as we did with flood insurance).
Today, we have an opportunity to prove the business
model for resilience, and encourage others to follow
suit to help improve financial security for
all Canadians and communities.
ML: We can't afford to sit on the sidelines and
ignore these problems. We need to take action.
This program is one way that we can improve
the resiliency of Canadians today and for
future generations.
be recycled, reused or recovered. We can contribute
to developing processes and markets to prevent
materials from being disposed of in the landfill,
and potentially create new opportunities for
co-operatives in the process.
We talk about the need to rebuild homes and
communities after an event occurs in ways that are
more resilient. How are we adjusting our products
to make this happen?
ML: We have two major areas of focus. The first is
implementing the Insurers Rebuild Stronger Homes
principles from Western University’s Institute for
Catastrophic Loss Reduction into our coverage.
This will help us rebuild after claims events in ways
that make homes more resilient to future loss.
For example, installing resilient roofing will
protect homes from future wind or hail events.
Second, we’re making improvements to our
Enviroguard coverage that enables clients to build
back with more sustainable materials, decreasing the
greenhouse gas impact of our insurance portfolio.
What have been the biggest challenges
we’ve faced?
ML: Time has been one of the biggest challenges –
there is urgency to get this work done; however,
it requires a significant change in mindset and
product design, as well as extreme focus and
alignment to ensure positive results. We need to
take some time to gather client feedback to ensure
that our product development and claims practice
changes are meaningful to our clients and will be
accepted by the market. This has been critical for
us in building new and innovative processes.
*Emissions from claims are currently outside of our operational greenhouse gas emissions scope. These reductions are estimations based on available data.
36 Co-operators
Special feature
Climate change
and increasing
physical risk
As climate change redefines the risks that
communities are exposed to, we think beyond
insurance protection, expanding our focus into
physical risk reduction and loss prevention,
at both the household and community levels.
Bringing our expertise to bear, we are modelling
climate risks, adapting our products,
and advising our clients on how they
can build resilience.
2023 Integrated Annual Report 37
38 Co-operators
A year of climate perils
Canada experienced a wide variety of climate events in 2023: the worst wildfire
season in recorded history, severe hail and windstorms, and spring flooding events.
With total climate-related insured losses of $3.1 billion, the trend is increasing in
frequency and severity. With communities bearing the brunt of climate risk,
we – as risk experts – can guide Canadians toward resiliency.
A nation on fire
Without a doubt, wildfire topped the climate-risk radar for our country in 2023, with extreme heat, drought and convection
storms coalescing into a wildfire season that shattered records in terms of number of wildfires and area burned. According to
Natural Resources Canada, more than 6,600 wildfires had burned a staggering 18.4 million hectares of land by the end
of 2023 – an area larger than Greece and more than double that of the previous Canadian record. In a normal wildfire season,
an average of 2.5 million hectares of land are consumed in Canada.
In Atlantic Canada, wildfires burned in Newfoundland, New Brunswick and Nova Scotia, with the latter experiencing the largest
of recorded wildfires in its history. Four out-of-control fires raged across the province, creating impacts on cities like Halifax,
which saw roughly 200 structures destroyed. Quebec was particularly hard hit in 2023, with the most area burned of any
province at 5.2 million hectares. Smoke from the Quebec and maritime fires blanketed much of southwestern Ontario and the
northeastern United States, seriously degrading air quality in Montreal, Ottawa and Toronto. In Alberta and British Columbia,
the story was much the same, with more than 3,100 wildfires burning between early spring and late fall. And, in the
Northwest Territories, massive fires loomed over Yellowknife, causing socioeconomic turmoil, emotional distress,
environmental devastation, and the evacuation of approximately 19,000 people.
2023 Integrated Annual Report 39
Co-operators clients submitted $61.3 million in
wildfire-related claims. In 2023, the devastation,
disruption and climate anxiety felt by communities,
from coast to coast to coast, were a resounding
wake-up call – in Canada and globally – that more
needs to be done to build resilience in the face of
rapidly rising risks.
Supporting community-led efforts to reduce
wildfire risk, we’ve been partnering (since 2005)
with FireSmart Canada, the Institute for Catastrophic
Loss Reduction, and the National Fire Protection
Association on Wildfire Community Preparedness
Day projects and wildfire-prevention activities.
In 2023, we supported 230 communities across
10 provinces and two territories (with the exception
of Nunavut), helping these communities promote
measures that homeowners can take to reduce
wildfire risk. This represents a notable increase
in community applications and awards.
To incentivize wildfire resilience, we launched
a pilot program with FireSmart BC that cross-
promotes our FireSmart premium discount and
their Home Partners Program. The aim is to engage
homeowners in voluntary wildfire-mitigation
activities through a professional home assessment
that provides property-specific recommendations.
In 2023, we embarked on a project in Lytton, BC,
to help homeowners who were devastated by a
catastrophic 2021 wildfire that caused $102 million
in insured losses, claimed two lives and forced the
evacuation of nearby First Nations communities.
We committed up to $5 million in financing that
will enable residents to take advantage of federal
government grants and rebuild their homes with
wildfire-resilient and net-zero upgrades. Working in
partnership with PacifiCan, Beem Credit Union and
the Village of Lytton, this innovative initiative is part
of our Resilience Investing work, further described
on page 70.
Wind, hail and convection storms
Severe thunderstorms, tornadoes, derechoes
and hailstorms continue to impact Canadians,
with concentrated events often carrying large
financial and emotional costs. In 2023, Co-operators
clients submitted $68.3 million in claims due to wind,
hail or convection storms. The most-significant event
occurred in southern Ontario, in August, resulting in
$11.7 million in claims submitted. To support rapid
auto-claims response following a hailstorm, we provide
“hail clinics,” where we partner with a local body shop
to schedule repairs with clients. In 2023, 16 clinics were
set up in Alberta and Ontario, operating 12 hours per
day, six days a week. We have received very positive
responses from our clients.
Flooding events
We saw significant wind and flooding in early 2023,
during a widespread rain event that covered the areas
of Ontario and Quebec. This single rainfall resulted in
$23.5 million in claims submitted by clients across the
regions. In addition, flooding related to summer rainfall
events in Halifax, Quebec and Ontario resulted in more
than $24.6 million in claims submitted.
40 Co-operators
Modelling the future
to protect the present
Through our Climatic Hazards and Advanced Risk
Modelling (CHARM) team, we are developing and
using sophisticated risk models to understand our
exposure to climate-related risks like floods and
wildfires, plan for the financial impact of climate-
related scenarios, and inform decisions related to
how we design and deliver our insurance products.
Eliot Gregoire, senior manager of CHARM
discusses how we are sharing our expertise to
raise awareness of the risks and supporting the
data-informed adoption of climate resilience.
2023 Integrated Annual Report 41
Eliot Gregoire
Senior Manager,
Climate Hazards
and Advanced Risk
Modelling
“As we become better at
modelling the impact of
future scenarios, we are better
equipped to plan, prepare for,
and prevent climate-related risk.
As a result, we’re better able to
tailor solutions to an individual
household’s climate risk and
protect their financial security.”
How does climate-risk modelling enable us to design
insurance solutions in a rapidly changing world?
Eliot Gregoire: As a society, much of our understanding
of the potential impacts of climate change is informed
by scientific, data-driven models, which have forecast
the impacts of risks under different scenarios of
warming. As we become better at modelling the
impact of future scenarios, we are better equipped
to plan, prepare for, and prevent climate-related risk.
The CHARM team at Co-operators is an industry-
leading engine of data analytics and risk-modelling
through which we analyze high-resolution geographic
information, and use this information to better
understand and predict anticipated impacts of
climate change – namely, how several natural hazards,
including floods, hurricanes, and extreme weather,
impact our clients and our business. In the case of
overland flooding, we’ve got this down to the household
level. And, through this modelling, we’ve developed
a flood-insurance product, Comprehensive Water,
that is appropriately priced for all levels of risk.
How are we using risk-modelling to build financial
security for Canadians and our communities?
EG: As computing power improves, we continue to
update our models to better enhance our products
and our pricing. We know that household to household,
risk varies – due to several factors such as grade of
property or surrounding infrastructure. As models
improve, we can better match pricing and coverage to
individual risk, as well as measure how interventions
to mitigate risk might proportionally reduce that price.
In 2023, we improved our coastal modelling and made
updates to fluvial models (where bodies of water like a
river overflow due to a significant flood event), which will
be implemented going forward. We also updated flood
simulators to measure the impact of fluvial and coastal
flooding on our commercial properties, which has
enabled us to provide this endorsement where there
has historically been a gap in the market.
We have also increased the speed and scale of ongoing
work to develop a wildfire-simulation tool. Wildfire is a
difficult peril to quantify because of the complexity and
unpredictability of the risk. This is an emergent space in
Canada, and we are on the leading edge. We’ve already
built capabilities to model wildfire risk, and we utilize
these models internally, to better understand fire under
current climate conditions. There is much further to go,
so this is a space to watch.
What is the greatest challenge you face?
EG: I think our greatest challenge is technological
capacity, and the need to balance increasing expenses
with the urgency and scale required of this work.
We need infrastructure improvements like expanded
data storage so we can run increasingly complex and
sophisticated models. As we see more and more use of
AI-supported solutions, we will need to ensure we have
the capabilities – both from a resource perspective and
a computing-infrastructure perspective. The good news
is we don’t have to do it alone. We believe in a whole-of
society approach, and we’re experts at forging strategic
partnerships and collaborations toward a common goal.
42 Co-operators
-
As a financial services provider,
we help secure the future
Financial services and advice
Our wide range of investment and wealth planning
products, solutions and advice are positioned to build
the long-term financial prosperity and stability that
Canadians and businesses require to navigate times
of uncertainty and recover when unexpected
challenges arise. Through sound financial
planning, we can help lay the
groundwork for financial
security and resilience.
2023 Integrated Annual Report 43
Financial services and advice
As a financial services provider,
we help secure the future
Our wide range of investment and wealth planning
products, solutions and advice are positioned to build
the long-term financial prosperity and stability that
Canadians and businesses require to navigate times
of uncertainty and recover when unexpected
challenges arise. Through sound financial
planning, we can help lay the
groundwork for financial
security and resilience.
44 Co-operators
Financial services and advice
Building
wealth
for future
prosperity
Helping clients map their
personal pathways to financial
security – especially amid rising
economic pressures – begins
with understanding their unique
circumstances and needs.
$2.75
billion
Retail wealth assets under
management and administration
For many Canadians, financial challenges defined
2023. A greater proportion of spending is going
toward groceries, rent and rising interest on
mortgages and credit, and less toward saving for
the future. That means that wealth planning may
not be as much of a priority for a widening subset
of Canadians who are finding it difficult to stay
financially afloat. But wealth shouldn’t be only for
the wealthy. Everyone’s journey toward better
financial health must begin somewhere.
Our purpose compels us to provide financial
security for all Canadians. We have taken a data-
driven approach to understanding the gaps that
exist and the needs that are unmet for a growing
proportion of Canadians who find themselves
left behind by the financial sector.
In 2023, we conducted a survey of 1,500 Canadians,
which found that only 33% felt positive about their
financial situation, and nearly half were worried
that their income would not keep pace with
basic expenses.
At the same time, the survey found that a majority
of Canadians who worked with a financial advisor
agreed that advisors helped them feel confident
about their financial decisions and worry less.
Financial advice is critical for Canadians looking
to plan their financial futures with confidence,
especially in times of uncertainty.
We do not require that our clients maintain
minimums to invest, enabling more Canadians to
access wealth planning, investments and advice,
regardless of their current financial status.
Our Co-operators-branded mutual fund dealer
offers a suite of mutual fund products that
are delivered through over 600 Mutual Fund
Investment Specialists across Canada, who help
their clients plan ahead and build wealth.
Our range of quality mutual funds from Canada’s
leading fund managers, together with Sustainable
Investment Portfolios, Segregated Funds, Variable
Rate Option and Guaranteed Rate Option Accounts
and Annuities help meet our clients’ wide range of
wealth planning needs. We continue to grow this
aspect of our business. At the end of 2023, we had
more than $2.7 billion in retail wealth assets under
management and administration.
Regardless of their level of wealth, we believe all clients can benefit
from financial advice, which is why we’ve strived to ensure our products,
services and advice don’t leave lower-income Canadians behind.
Q&A
Planning for the future, living for today
2023 Integrated Annual Report 45
Sandy Alfonsi
Financial Advisor
and Mutual Fund
Investment Specialist
“What inspires me the most
is the chance to make a real
difference in people’s lives.
It's truly a privilege to work
with my clients and help them
build a solid financial future.
Every situation is different and
finding solutions to meet each
client’s needs is a challenge I
welcome and enjoy.”
Thinking about the financial security of Canadians
in 2023, what big issues do they face in planning
for the future?
What are the biggest challenges you face today,
in terms of supporting your clients in their
personal wealth journeys?
SA: A lot of clients are feeling discouraged given
our current reality. They believe that owning a
home or retiring at any age is nearly impossible.
My advice is simple: start or stick to a financial plan.
These past years, 2022 and 2023, have been tough
due to inflation, rising interest rates, the bond
market's decline, market volatility, and soaring
housing prices. All of this takes a toll on people's
emotions. The key is to stay focused on what you
can control – your plan. Invest based on your risk
tolerance, time horizon, goals, asset diversification,
and the amount you can afford to regularly invest.
Avoid making emotional investment decisions
because market cycles will always be there.
A well-thought-out financial plan will guide you
through uncertain times.
Sandy Alfonsi: One big issue is the lack of
financial literacy. It's a crucial life skill, but many
people just don't have it. I believe this lack of
knowledge contributes to consumer debt because
folks struggle to make sound financial decisions.
Also, with skyrocketing house prices, high interest
rates, and the current economic climate, it's getting
tough for the average Canadian to stay afloat.
What advice do you give to someone who might
be struggling financially right now, in terms of
building wealth and saving for retirement?
SA: My first piece of advice is to partner with a
financial advisor you trust. It can be a game-changer.
Don't get discouraged, and remember, resilience is
key. Start by creating a solid financial plan and stick
to it. Focus on what you can control, like managing
your expenses. We're going through tough times,
and discretionary income is scarce in many
households. So, take a closer look at your budget
and cut out unnecessary expenses to boost your
financial growth. Every little bit helps! An advisor
can provide tax effective solutions and strategies
to help you reach your goals. They know how to
make the most of the best investment tools available
to Canadians, whether it's for your first home,
your kids' education, or your retirement.
They'll help you maximize your investment dollars.
46 Co-operators
Q&A
Investments designed with a
sustainable future in mind
As we help clients plan their financial futures and build wealth, we can have a positive impact on the well-being of
our environment and our society. Co-operators Sustainable Investment Portfolios aim to deliver a market-rate return on
investment, while advancing and scaling solutions to environmental and social challenges. Sandra Kamstra, vice president
of wealth management discusses how we are supporting a growing number of Canadians who want to grow their wealth
sustainably, for people and the planet.
Sandra Kamstra
Vice President,
Wealth Management
Why should Canadians consider Sustainable
Investment Portfolios?
SK: Investing in a sustainable, net-zero emissions
economy is a good strategy because these
investments are inherently designed to drive
positive outcomes. They help ensure our planet
and our society can support a robust economy for
generations to come. The economy exists within the
sphere of society, and society exists within the sphere
of our planet. They cannot be disconnected.
Take climate change, for example. The climate
crisis threatens the stability of our economy today.
If we continue on our current trajectory, the economy
will become much more unstable in the future.
By investing a subset of our mutual funds in
climate transition and solutions, and by actively
engaging investee companies on climate change,
we can reduce the risks and better capitalize on
future opportunities.
What is sustainable investing, and what types of
funds do Co-operators Sustainable Investment
Portfolios include?
Sandra Kamstra: Broadly speaking, sustainable
investing considers environmental, social and
governance (ESG) factors within investment decision
making. It is based on the belief that in the long-term,
companies with better sustainability practices will
outperform peers with poorer practices and
therefore make for a better investment.
At Co-operators, it also means a commitment to
actively engaging companies on sustainability issues
to try to push them to do better. Certain strategies
are labelled as “impact investing,” which does all of
the above, and also intentionally seeks investments
that provide measurable positive environmental or
social outcomes, while providing market rate or
better financial returns.
Our Sustainable Investment Portfolios include
investment strategies overseen by our asset
management company, Addenda Capital,
and are assessed through rigorous ESG factors.
One example is Addenda’s Impact Fixed Income
Strategy, a sub-component in the Addenda Mutual
Funds used within the Co-operators Sustainable
Investment Portfolios. This strategy invests in
securities that are focused on positive impacts,
such as building rapid transit systems, renewable
energy projects, affordable housing developments
and bike lanes.
2023 Integrated Annual Report 47
What about the financial returns? How do
Sustainable Investing Portfolios compare to
other mutual funds?
SK: Our goal with sustainable and impact
investments is to deliver market or above-market
returns. We design our impact investing strategy
to create compelling, market-rate financial
returns alongside supporting positive social and
environmental outcomes that can be measured,
tracked and reported. We believe these
investments will perform well over the long-term
as we transition markets toward sustainability
and resilience.
What challenges or barriers exist in the
world of sustainable investing?
SK: Adoption is a challenge. Many Canadians
want to invest in sustainable companies,
but misconceptions about the cost discourages
many from doing so. This concern has only been
exacerbated with the increased cost of living
challenges. In 2023, a Co-operators-led survey
revealed that more than half of respondents
(53%) were interested in supporting sustainable
companies before rising inflation, living costs
and interest rates “made things too expensive.”
This figure rises to 62% among younger
Canadians aged 18 to 24.
This points to a larger issue around the lack
of information Canadians have when it comes
to sustainable investing. We need to do more
to educate Canadians about the environmental,
social and financial benefits of sustainable
investing. At the end of the day, we can support
our clients in investing in ways that align with
their personal values and achieve their
long-term financial goals.
48 Co-operators
Special feature
Real advice in
the digital space
Financial services are being reshaped by the widespread adoption
of new technologies and online capabilities. Insurance, investments
and advice are often accessed at the click of a mouse or the swipe of a
finger. Yet, as advancements in data availability and artificial intelligence
change the playing field, we’ve kept our focus on building a culture
of digital trust with our clients, ensuring that our digital evolution
— as part of our overall client experience strategy — reflects our
purpose, our vision and our values as a co-operative.
111100110000
2023 Integrated Annual Report 49
1111001100011000
50 Co-operators
Our digital
transformation
continues
The world is increasingly digital. When engaging with a business, clients expect digital options,
whether it’s through self-serve capabilities or it’s complementing their in-person and over-the
phone interactions.
By investing in digital platforms and processes, we are
working to create capacity for our Financial Advisors
to focus more on providing advice-based services.
That means freeing up time for client-facing staff to
better personalize their client interactions.
mobile and online channels, all orchestrated to
support clients. By leveraging technology and
maintaining a human touch, we can reach new
markets and meaningfully connect with diverse
audiences, despite geographical limitations.
In 2023, one year after we first offered the online
capabilities for clients to get a quote for and purchase
home and auto insurance, we saw about 30% of home
and auto quotes coming from digital channels. As we
think about the future of insurance, we envision our
operations as a connected ecosystem of in-person,
One of the ways we’ve helped to enhance our digital
capabilities is through our Corporate Venture Capital
Fund, which exists to facilitate innovative partnerships
that can develop solutions to the challenges we face
as an organization and as a society. In 2023,
our investment in Responsive AI — a Canadian
fintech company working to scale financial advice
– helped to advance a wealthtech platform that is
delivering significant operational efficiencies and
onboarding capabilities to our Financial Advisors,
while providing a more seamless client experience.
This is just one of the many ways we are working
to meet the changing needs of Canadians,
who are increasingly making transactions online.
The Responsive AI wealthtech platform enabled
the processing 65% of all of our wealth transactions
in 2023.
2023 Integrated Annual Report 51
Guiding Canadians on personalized paths to
financial security
We aspire to meet our clients where they are, to be available when they need us, and to show up in the way that they
need us. To do this well, we’ve built a strategy that ensures we’re maintaining all potential channels of client interaction
to a high standard — whether that’s in person, over the phone, on our website or social media channels, or through our
Online Services app. Emmie Fukuchi, executive vice president and chief experience officer, discusses how we’re working
to build a seamless client experience.
Emmie Fukuchi
Executive Vice President and
Chief Experience Officer
What issues or trends are top of mind for you as
we consider how the nature of our insurance and
financial services business will evolve in terms of
the client experience?
Emmie Fukuchi: The bar is definitely rising in terms of the
online client experience. At Co-operators, we’re focused
on three key trends. First, we know that existing and
prospective clients are increasingly expecting both digital
and self-serve options. Second, the insurance sector needs
to accelerate progress to keep pace with other industries
in the digital space, including retail banking. The industry
we’re in really doesn’t matter to the client – they want their
insurer or financial institution to be aligned with what they
expect from any other online experience. Finally, it’s clear
that an ‘omni-channel’ experience is increasingly desired,
where clients navigate across multiple channels
in a short period of time, and they need to be able to
move seamlessly and progressively between mobile,
online, in-person or over-the-phone interactions.
We’re taking a “Guided Omni” approach to the client
experience. Can you explain what this means, and how
it enables us to better serve our clients and bring our
purpose to life?
EF: For us, Guided Omni is an evolution of our existing
omni-channel strategy. Rather than seeing all channels as
equal for each client, we believe we can deliver an optimal
omni-channel experience by guiding our clients through
the best experience that will fit their immediate needs
based on their profile and preferences, their specific task
at hand, and the capabilities of each of our channels.
It’s about working smarter and seamlessly for our clients
in a way that adds value to their lives.
What are the greatest challenges we face
in the marketplace today, from a client
experience perspective?
EF: Delivering an optimal client experience across
a complex omni-channel ecosystem is difficult.
Historically, client-engagement channels have been
built in a more siloed way, but in a world where
technology and online platforms are portable and
integrated into all aspects of life, we need to work to
connect and align our systems in ways that are also
integrated. Data is a critical enabler in delivering an
optimized experience, and we need to tap into it in a
new ways to optimize the client experience. And of
course, the financial services space is highly competitive
across many factors, so the pace and scale of change
required can be challenging.
What excites you most about the opportunities to
transform our business, as we look to the future?
EF: In the past year, we launched the capability to
digitally provide a quote and allow the purchase of
home and auto insurance across Canada. This was
a milestone achievement for our business.
Looking forward, I’m excited to build on this progress
and optimize the experience across channels – from
advisors to contact centres to digital platforms – for
our clients. This will truly bring our Guided Omni
vision to life. As we progress, we are working to deliver
a seamless and optimized experience, as we help
Canadians both protect what’s important today and
prepare for what’s important tomorrow.
52 Co-operators
The evolution
of embedded
insurance in
online platforms
Duuo by Co-operators is seizing a new growth opportunity
with the launch of our first two embedded insurance solutions –
event and tenant insurance. Through application programming
interfaces (APIs), our approved partners can now seamlessly
embed the insurance purchase journey into their online platforms.
This evolution of insurance distribution is helping to address an
insurance – and a financial security – gap in the digital economy.
Duuo by Co-operators was first created in 2018 as a distinct business unit;
our general insurance company would provide the insurance carrier capabilities.
This business is now growing and is gaining positive feedback from distribution
partners and clients.
We have expanded our offering with the launch of embedded insurance solutions
for approved business partners, aligning with a significant global trend that provides
a competitive alternative distribution model in the Canadian market. With embedded
insurance, our partners – ranging from proptech and fintech companies to credit
unions and event-management platforms – can seamlessly embed the insurance
experience directly into their app, platform or website.
“We’re eager to become leaders in the emerging embedded
insurance space in Canada. Through these partnerships,
we’re able to offer Canadians a seamless way to purchase
reliable insurance coverage within the ecosystem of their
preferred platforms.”
Ryan Spinner, Vice President, Emerging Business Models
Privacy, ethics
and digital trust
In an age where disinformation, fraud and cyber threats are
increasingly prevalent in online spaces, and at a time when data can
be used in ways that may not be in the best interest of those people
providing it, it’s imperative that we keep our clients’ information secure and
act ethically and with integrity in handling the data we collect. Through our
policies, practices, employee training and data governance, we see digital
trust as integral to the client experience.
With growing privacy concerns, the proper
collection, use and disclosure of personal
information is essential. Through our privacy
policies both for insurance and investments,
we prioritize transparency and accountability
by providing clear language on the purposes for
processing personal information in our business
operations. Standards and procedures guide
the proper handling of personal information and
requests from individuals about our practices.
We provide training to employees to educate
them on their role and responsibility in our privacy
program. For more information on our privacy
practices, visit cooperators.ca/privacy.
Co-operators is committed to protecting the
personal information of our clients and any
Canadian who engages with us. We continuously
monitor the threat landscape, educate and train our
employees and clients on cyber security, and invest
in new technologies, processes and talent to ensure
the information of our clients is protected.
We have a robust security program that
encompasses access controls (restricting access
to data on a need-to-know basis) and integrity
controls (to maintain accuracy of information).
In addition, our technological environment includes
continuous monitoring to proactively identify and
respond to unusual activity.
We educate clients on how they can stay safe
online and ensure that their personal information
is protected. This includes cyber-awareness email
campaigns, online resources, and advice and best
practices around fraud prevention. For more
details on how we keep client information secure,
visit cooperators.ca/PublicPages/security.
Cyber-literate employees who are vigilant against
the rising threat of cyberattacks are critical to
a successful and comprehensive cybersecurity
strategy. This helps to reduce the risk of harm
being done in their personal lives and, therefore,
in the broader community. In 2023, we provided
cybersecurity awareness training for all employees
– with a 99% completion rate – and we continue to
conduct cyber simulations to gauge cyber-literacy
levels among our employees.
2023 Integrated Annual Report 53
Governing
generative AI
Generative AI platforms like ChatGPT™ present
opportunities for organizations in terms of boosting
efficiency, efficacy and streamlining operations.
However, we believe there are also significant risks
if not implemented carefully and intentionally.
The rapid evolution and changing contexts of
generative AI have resulted in what many perceive
as one of the most profound advancements of our
age - something that could reshape our society.
Because of this, it’s critical that Co-operators
mindfully and purposefully considers the potential
applications of generative AI in ways that are
aligned with our purpose, vision and values..
-
In 2023, we implemented an AI Governance
Working Group to create a framework to ensure
our organization is using, developing and procuring
generative AI solutions both ethically and safely for
employees, clients and communities. The group will
also be monitoring risk tolerances and compliance
with relevant laws and regulations to advance the
company’s business objectives.
54 Co-operators
2023 Integrated Annual Report 55
Investing and asset management
As an investor and asset
manager, we catalyze
sustainability
Through our investments and asset management
practices, we can help shift the economy toward one
that supports sustainable, resilient communities.
With more than $12 billion in invested assets,
we are ramping up investments in companies,
initiatives and projects that provide
solutions to the most pressing
challenges we face, and engaging
others to join us. Transforming our
economy is a colossal task,
but we are committed to
aligning our investments
with our purpose and
long-term goals.
56 Co-operators
Investing and asset management
Helping
organizations
invest for
financial
security
As an asset manager, we support a
wide range of Canadian businesses
and organizations in investing their
capital in ways that create financial
strength for their pension-holders,
shareholders and plan members.
$37.0
billion
in institutional assets
under management
According to Statistics Canada, just 38% of paid workers in
Canada were covered by an employer-sponsored retirement
program in 2021, which is a significant gap to achieving financial
security and well-being. Through our group wealth and retirement
options, we’re supporting Canadian employers in providing a range
of options to support 35,944 employees in securing their retirement
income on the pathway to financial security.
Our asset management company, Addenda Capital, invests
Co-operators assets through a sustainability lens to generate
compelling returns while considering the challenges of our time.
As the gap between international net-zero commitments and tangible
outcomes widens, we are committed to catalyzing a sustainable,
climate-resilient and net-zero economy. For more on our impact
investing strategy, see page 58.
Through Addenda, we offer investors sustainable
investing strategies that aim to foster positive social
and environmental changes and accelerate toward
a cleaner future.
Addenda’s four-pronged sustainable investing approach seeks
to add value by:
1. Promoting sustainable financial markets to address systemic
2.
sustainability issues
Integration of Environmental, Social and Governance (ESG)
factors as part of investment analysis where applicable
3. Stewardship through proxy voting and engagement
4. Offering net zero climate and impact solutions designed to
invest in opportunities that have a positive impact on the
planet and society.
2023 Integrated Annual Report 57
58 Co-operators
Investing and asset management
We invest today for a sustainable future
The transition to a sustainable economy will take significant effort and substantial investment. The good news: there's
no shortage of available capital to do so, and Co-operators is committed to leveraging our invested assets to support
the necessary transition to a sustainable future.
As a co-operative, our investment strategy
focuses on investments that generate strong
financial returns alongside positive environmental,
social and economic benefits. We’ve committed
that 60% of our assets will be invested in impact
or climate transition investments by 2030.
Our investing approach seeks
to proactively support activity
and organizations that will
ultimately make our communities
more resilient, sustainable places
to live.
A critical part of our sustainable investing strategy
is impact investing, which we define as investments
that create both compelling financial returns and
positive social and/or environmental impacts that
are measured, tracked, and reported.
These impact investments are further broken
down into five themes: climate change;
community development; health and wellness;
education; and food, agriculture and natural
resources. The vast majority - 76% - are currently
focused on climate solutions. For our efforts,
we were featured as a case study in the
UN-Convened Net-Zero Asset Owner Alliance’s
2023 Progress Report, highlighting our impact
investing strategy and the high proportion of our
invested assets directed towards climate solutions
as a catalyzing force of the climate transition.
As part of our impact investing strategy,
we’ve recently launched a new resilience
investing initiative, focused on developing a
whole-of-society approach to climate adaptation
in Canada, including bringing private capital to
the table to accelerate and scale the necessary
infrastructure projects to help Canadian
communities build their climate resilience.
In 2023, we collaborated with GLOBE,
the Federation of Canadian Municipalities
and ICLEI Canada to engage 10 municipalities
across Canada in dialogues to understand their
risks and infrastructure needs to help build climate
resilience in their communities. For more on this
groundbreaking initiative, see page 68.
At the end of 2023, we had
invested 48.4% of our total
investment portfolio in impact
and climate transition investments.
Addenda’s Canadian and International Climate
Transition Equity Funds were first launched
in 2021 with $100 million in seed capital from
Co-operators. These funds invest in companies
that are making net-zero commitments. At the end
of 2023, these funds held a total of $111.1 million
in assets under management. As part of this work,
Addenda has been actively targeting companies
to ensure there is action behind climate transition
commitments. We believe these commitments
can help navigate shifts in consumer preferences,
technologies, business strategies, and policies
that are underway and likely to accelerate in the
transition to net-zero carbon emissions. For more
on our engagement and stewardship activities,
see pages 62 and 65.
$5.90
billion
invested in impact and climate
transition investments
23.0%
Climate
transition
7.2%
Impact
and Climate
transition
18.2%
Impact
48.4%
Total impact and
climate transition
investments
2023 Integrated Annual Report 59
Investing and asset management
Impact investing by the numbers
Across our five impact investing themes, we monitor and report on the impact* achieved by the projects and initiatives
in which we are active investors. Reflecting the impact of many investors pooling capital to drive positive change,
these numbers aren’t the result of Co-operators alone, but depict what’s possible when we work together.
Climate change
21.4 million MWh
of renewable energy generated, enough to provide
electricity to about 2 million homes for one year
Community development
Invested in projects that provided
44,918 units
of affordable housing
Health and wellness
Invested in hospitals that served
320,000 patients
per year
Education
Invested in post-secondary institutions
that conferred
44,738 degrees
Food, agriculture and natural resources
Invested in companies that conserved more than
7.4 million m3
of water, enough to fill about 2,000
Olympic-sized swimming pools
Health and
wellness
1.6%
Education
1.2%
Food, agriculture
and natural resources
0.9%
Community
development
20.1%
Climate change
76.2%
*Because of reporting periods, impact values are for fiscal 2021 and 2022. These impacts do not result solely from our investments, but depict the total impact achieved by
the projects and initiatives in which we invest.
60 Co-operators
Impact investing examples
Lower Mattagami Energy
Toronto Community Housing
Theme: Community development
Focus area: Affordable housing
Amount invested: $25.8 million
Impact*: 43,776 units of affordable housing (2022)
Toronto Community Housing (TCHC) is the
largest social housing provider in Canada and the
second largest in North America. TCHC is wholly
owned by the City of Toronto and operates in a
non-profit manner.
Theme: Climate change
Focus area: Energy efficiency
Amount invested: $33.5 million
Impact*: 1,808,000 MWh of renewable energy
produced in 2021, enough to provide electricity
to about 160,000 homes for one year
Lower Mattagami Energy was established
by Ontario Power Generation for the
redevelopment and operation of the Lower
Mattagami River Project, which includes four
hydroelectric generating facilities totaling
924 MW on the Lower Mattagami River in
Northern Ontario. The project is partially
owned by the Moose Cree First Nation which
has a 25% equity stake in the project,
establishing a reliable revenue stream
and employment opportunities to support
economic prosperity for the Nation.
Leveraging the investments
of Co-operators Community
Funds
In addition to our granting activities,
our independent charitable entity
Co-operators Community Funds (CCF)
with $20.1 million of invested assets -
also leverages 69% of its investment
portfolio in impact, transition and
smaller-scale community impact
investments.
One example of a community impact
investment from 2023 is Windmill
Microlending, a national charity that
provides affordable microloans (up to
$15,000) to its clients, who are foreign-
trained immigrants and refugees.
Windmill supports its clients through
training, career development and/or
gaining Canadian accreditation –
generating significant positive social
and economic benefits for those
it serves.
$125,000
CCF’s total investment in Windmill Microlending
2,028
microloans approved by Windmill Microlending in 2023
*These impacts do not result solely from our investments, but depicts the total impact achieved by the projects and initiatives in which we invest.
2023 Integrated Annual Report 61
Net-zero investment
performance
Our invested assets are a significant lever we can use to catalyze climate action for a
net zero future. By 2025, our goal is to reduce the financed emissions intensity of our
investments by 25% from 2020 levels (for public equities and publicly-traded bond
portfolios). By no later than 2050, our goal is for our entire investment portfolio to be
net zero.
-
Financed emissions intensity of Co-operators
public equity and publicly-traded bond portfolios*
58.5
50.4
51.3
47.8
44.8
2019
2020
(Baseline)
2021
2022
2023
tonnes of carbon dioxide equivalent/$1 million invested
Along the way, we will set new interim targets and disclose our progress toward these goals
at least annually. In addition, our asset manager, Addenda Capital, set a target that 75% of its
assets under management will be net zero aligned by 2030, meaning they will be managed
to be on track for attaining net zero by 2050. Co-operators and Addenda are committed
members of the Net Zero Asset Owner Alliance (NZAOA) and Net Zero Asset Manager
(NZAM) initiative respectively, representing like-minded peers that are developing best
practices and ways to reach these ambitious goals.
-
-
As part of our commitment to best practices, in 2023 our asset manager, Addenda Capital,
engaged an independent third party to review its methodologies. The resulting
recommendations prompted us to restate prior year results to reflect best practice
and the latest available data. More details on these restatements and our methods
can be found in our Supplementary Disclosures online.
In 2023, the financed emissions intensity of our public equity and publicly-traded bond
portfolios decreased by 6.8% from 2022—but was still 6.7% above the newly-restated 2020
baseline (of 44.8 tonnes of CO2e/$1 million invested), when societal emissions were
-
temporarily depressed due to the COVID-19 pandemic. Our restated baseline is 42% lower
than our previously disclosed baseline, significantly increasing the level of ambition required
to meet our 2025 interim target. We continue to engage actively with our corporate
investees that are most emissions-intensive, as well as with public policy makers in an
effort to bend the curve on societal emissions, not just within our investment portfolio.
—
-
-
-
*Results for 2020 to 2022 have been restated.
62 Co-operators
Q&A
We need to be stewards of the climate transition
Through Addenda Capital, our investment stewardship involves a spectrum of practices that catalyze progress on the climate
transition and other environmental, social and governance issues, such as biodiversity, human rights, and diversity, equity and
inclusion. We spoke to Andrea Moffat, Addenda’s senior director of investment stewardship, about how we can utilize our role as
an investor to influence companies we invest in to strengthen alignment with the direction of a sustainable, low-carbon economy.
Andrea Moffat
Senior Director of
Investment Stewardship
Addenda Capital
Using climate change as an example, how does
stewardship help us achieve our vision of catalyzing
a sustainable, resilient society?
Can you give an example of 2023 stewardship
activities that have had a positive impact towards
the climate transition?
AM: There are so many, but I’ll share one resulting
from a recent direct engagement with a utility company.
Addenda had several objectives going into this
engagement. We asked them to update their climate
goals to align with government commitments to 100%
clean electricity by 2035; to disclose more specifics on
their adaptation and resiliency plans; and to share their
strategy on a just climate transition for their workforce,
and Indigenous Reconciliation plans, just to name a
few objectives. In response, we learned specifics about
their investing strategy in addition to challenges with
regulatory structures to support transition investments.
They disclosed their board and management’s
prioritization of climate adaptation and committed
to sharing more specifics. They described initial
efforts on engaging employees in just transition
planning and committed to increasing their capacity
and expertise on Indigenous reconciliation planning.
At the end of the day, by engaging on multiple issues
we have established a strong baseline for future
dialogue. Our ongoing stewardship will involve
following up on the progress and challenges of the
issues we discussed, as well as deeper engagement
on the company’s policy advocacy supporting clean
electricity regulations.
Andrea Moffat: Transitioning our economy from one
based on a high carbon energy system to one that is
net zero and climate resilient is a complex task.
The same is true for other sustainability goals.
Stewardship is about using our role as an investor
to contribute to this system change. We do this by
building relationships and engaging a wide range of
stakeholders to move in the same positive direction.
Using this collaborative approach to provide input
to policy makers, for example, influences how rules
and standards are set to drive actions and to mobilize
capital for climate transition. This helps Canadian
companies transition their business strategies
including producing the solutions needed for the
future, preparing to deal with disruptions to their
supply chains and more.
“We want companies to develop
successful climate transition plans,
disclose emission reductions
and demonstrate performance
improvements, so they are
resilient and contributing
to a sustainable economy.”
AM: Climate transition will take time and requires
changes to all components of corporate management.
By engaging with companies, we can encourage them
to make commitments and implement net zero targets
that are aligned with scientific decarbonization and
net zero pathways and report on their progress.
2023 Integrated Annual Report 63
What are the greatest challenges we face?
AM: We aren’t moving fast enough. All of us –
governments, businesses, investors and citizens –
are struggling to make the changes required. A more
fulsome strategy is needed in Canada to ensure we
have alignment between net-zero transition and
economic targets that position us to be competitive
within global supply chains (such as hydrogen, wind,
and battery storage), and attract private investment.
“Transition is hard. The science tells
us we need to move faster, and we
know that the human, ecological
and financial costs increase with
any delays in actions and increases
in temperature.”
AM: Many of the technologies and practices that can
reduce emissions are available now, yet it takes effort
to break through entrenched economic and societal
systems. It takes work for companies and investors
and requires unparalleled collaborations across
multiple stakeholders to understand the science,
technology, labour skills, community resilience,
capital requirements and innovations to tackle
the low carbon transition at scale.
What excites you most about opportunities
to transition our economy?
AM: I’m most excited about clean energy
development and electrification in Canada.
I’m also excited that the market is starting to focus
on the nexus between climate/biodiversity/natural
capital and the implications for company cash flow
and balance sheets. It seems like we are starting to
value our environment and understand that we need
to operate our economy within the constraints of
ecological boundaries, not the other way around.
64 Co-operators
-
Investing and asset management
We advocate for
sustainable finance
Many of the solutions we need to address the challenges posed
by climate change exist. Often, what stands in the way is an inability
to scale these solutions at the pace required to tip the balance and
move away from traditional models. We’re focused on advocating
for policies, practices and frameworks that will accelerate
sustainable finance.
We work with partners in Canada and internationally, from industry peers in the finance and insurance sectors, to all orders
of government, non-profits, experts and community partners, to advance policies and practices that can help transition the
economy to one that is net-zero, sustainable, and well-adapted to future climate risks.
Key sustainable and transition finance advocacy and collaboration in 2023
2023 Integrated Annual Report 65
Sustainable Finance
Action Council
Together with peers from the
Canadian financial services sector,
we’re active members of the
Sustainable Finance Action Council,
which makes recommendations on
critical market infrastructure needed
to attract and scale sustainable finance
in Canada. In 2023, we contributed
to working groups to produce
recommendations on data, disclosure,
capital allocation and a sustainable
finance taxonomy. We also actively
championed resilience as a key lens
for SFAC's ongoing work.
UN-convened Net Zero
Asset Owners Alliance
and Net Zero Asset
Managers Initiative
Co-operators became the first
Canadian insurer and second
Canadian organization to join the
UN-convened Net Zero Asset Owner
Alliance, an international group of
institutional investors who are working
to transition investment portfolios to
net zero emissions by 2050 or sooner.
Following this, our asset management
company, Addenda Capital, signed
on to the Net Zero Asset Managers
Initiative, a global movement of
financial institutions managed by
six international investor networks.
As of December 2023, this network of
315 global company signatories holds
more than $57 trillion USD of assets
under management committed to
net zero.
Climate Engagement
Canada
Climate Engagement Canada is a
coalition of financial leaders joined
to drive dialogue between investors
and industry with a goal of promoting
a just transition to a net zero economy.
Addenda Capital is a founding
supporter of this coalition,
which now includes 41 companies
with $5.2 trillion in assets under
management. This finance-led
initiative is focused on engaging
top emitters on the Toronto Stock
Exchange who have significant
opportunity to transition Canada
toward its net zero targets.
Nature Action 100
Halting the loss of species and
ecosystems is an urgent and massive
collective challenge. Half of the world’s
GDP is reliant on nature and its services
and risks need to be accounted for by
companies and investors. Unveiled in
conjunction with COP15 in Montreal
in 2022, Nature Action 100 aims to
mobilize investors to increase company
action to stem nature and biodiversity
loss by identifying a list of 100
companies for engagement.
Addenda Capital has signed on as a
participating investor and will focus
on engaging with companies in
key sectors.
More on our advocacy for climate adaptation and resilience can be found on page 68. A full list of our advocacy efforts and initiatives can be found in our
Supplementary Disclosures at cooperators.ca/reports.
66 Co-operators
Special feature
Investing for a
climate-resilient
Canada
We are working with municipalities, non-profits, research groups,
investors and all orders of government to mobilize private capital
and build more climate-resilient communities.
2023 Integrated Annual Report 67
68 Co-operators
An investment solution for
climate-adapted infrastructure
We are working to develop new financial models that are needed to accelerate the
development of climate-resilient infrastructure in Canada. Through this work, we’re aiming to
unlock the scale and scope of private investment that will be required to protect Canadians,
our economy and our environment from the growing systemic risks on our horizon.
Climate change is getting costlier to Canadians and our economy. Insured losses from catastrophic events in Canada totalled $3.1 billion in 2023.
On average the total economic losses are three times higher than insured losses, in addition to the incalculable human and emotional costs.
Efforts to mitigate climate change are underway and expanding. Governments and businesses have set net zero targets, and society is ramping up
investment to reduce emissions and address the root causes of climate risk.
Reducing emissions is just one side of the solution. More investment is needed to help communities adapt to climate change. Yet, a 2023 Climate Policy
Initiative study found that just 9% of global climate finance was directed toward adaptation and resiliency.
2023 Integrated Annual Report 69
To help advance systems change, we co-authored a paper with the Canadian
Climate Institute that explored potential sources of municipal cash flow to
enable a greater potential role for private finance. We also participated in a
number of advocacy initiatives to help move policies in the direction to enable
greater potential for private finance in funding climate adaptation in Canada
– through initiatives like Climate Proof Canada, and independently, through
recommendations and engagement with the federal government’s National
Adaptation Strategy (see page 71).
There is no smooth transition to a net zero future without
enhancing resilience along the way.
The Federation of Canadian Municipalities estimates that adapting infrastructure
at the municipal level to avoid the worst impacts of climate change will require
investment of $5.3 billion per year in Canada. This number is a fraction of the
predicted cost of loss and damage from accelerating climate change: $78 billion
per year under a low-emissions scenario by mid-century, according to the Canadian
Climate Institute.
The cost is high, and governments face many competing economic pressures.
In times of financial instability, taxpayers are unlikely to be able to carry the
full financial burden of building a resilient Canada at the scale and with
the urgency required.
We believe private capital can play a vital role. Over $150
trillion globally has been committed to net zero.
Investing in climate adapted infrastructure can reduce future costs associated
with acute hazards like floods, wildfires, storm surge and drought. The Government
of Canada estimates the cost-benefit ratio of loss prevention at between 4.6 and
10 to 1; when indirect macroeconomic benefits are also included, the Canadian
Climate Institute puts the ratio at between 13 and 15 to 1. These investments also
de-risk the financial system. By investing in infrastructure that reduces predictable
risk and builds resilience, we can also protect investment portfolios, which will face
increasing systemic risk with repeated losses and disruptions.
We’re developing innovative financial models to build a
case for private investors looking to enter the market of
climate adaptation infrastructure.
We are convening a whole-of-society approach; working with dozens of
municipalities in collaboration with ICLEI Canada, the Federation of Canadian
Municipalities, the Institute for Catastrophic Loss Reduction, and more, to develop
financial models and partnerships that will boost participation from the private
sector, bringing both capital and expertise to build systems-level infrastructure
to protect communities against increasing physical climate risk.
70 Co-operators
Rebuilding with resilience in Lytton, BC
Learn how a Co-operators resilience investment is helping residents of Lytton access financing to
rebuild homes in the face of rising wildfire risk.
In 2023, we embarked on a resilience investment
in Lytton, BC, which was devastated by a
catastrophic wildfire in 2021. Our investment will
help homeowners rebuild in ways that are wildfire
resilient and net zero.
The Lytton wildfire caused $102 million in insured
losses, claimed two lives and forced the evacuation
of nearby First Nations communities. To support
the community in its efforts to rebuild, the federal
government established a PacifiCan granting
program to help homeowners rebuild their homes
to fire-resilient and net zero standards.
However, uptake was initially low because
homeowners were either hesitant or unable
to make the up-front payments required for the
costs of the upgrades.
Through our relationship with the Institute for
Catastrophic Loss Reduction, Co-operators saw
an opportunity to support community wildfire
resilience and net-zero construction. Working in
close collaboration with PacifiCan, the Village of
Lytton, and Beem Credit Union, Co-operators
committed up to $5 million in financing to help
enable homeowners to take advantage of this
program. Importantly, this will help finance
community resilience in a way that would provide
a return on investment and bolster the business
case for investing in resilience.
This multi-stakeholder effort is an innovative
example of how private companies can bring
their capital to bear to help solve the economic
and social challenges inflicted on communities
by our changing climate.
“The Village of Lytton is thankful for
the Co-operators Financing Program,
which will support climate resiliency
as Lytton rebuilds. A strong example of
collaboration, this program will enable
Lytton residents to rebuild fire-resilient
and net-zero homes.”
Denise O’Connor, Mayor of Lytton
2023 Integrated Annual Report 71
Advancing systems change
From advocating for government policies that will help unlock the capital needed to accelerate climate adaptation,
to partnering with capacity-building organizations and research groups, we are moving forward in an inclusive and
sustainable way. We have been collaborating across sectors and regions to imagine a new approach to investing in
the climate transition, while reducing risk for all Canadians.
National Adaptation Strategy
In June 2023, the federal government released its
National Adaptation Strategy (NAS), establishing
a vision for a more resilient Canada and setting a
whole-of-society blueprint for more co-ordinated
action. Co-operators actively contributed to
the development of the NAS in 2023 through
participation in advisory tables, engagement
via the Climate Proof Canada coalition and a
comprehensive independent submission outlining
our specific recommendations, which included
encouraging that the strategy create the space
to consider the role of private finance in building
climate-resilient infrastructure in Canada. To help
advance our recommendations, we met with key
officials within Environment and Climate Change
Canada, Infrastructure Canada and Finance Canada,
with a focus on our priority to catalyze investment
in resilience to protect Canadian communities.
Advocacy remains ongoing as the substantial
work to implement the NAS begins.
Building resilience through a lens of
climate vulnerability
Climate change does not affect all communities
or groups of people equally. To ensure that our
resilience investing pilots are applying a social equity
lens and developing solutions that will benefit those
in society who have been historically underserved,
we are working with Partners for Action (P4A) at the
University of Waterloo. This three-year, $500,000
partnership aims to reduce flood-risk vulnerability
in our communities. Building on P4A’s census-based
socio-economic vulnerability index, we are exploring
how to incorporate equity considerations into disaster
risk foresight, planning and management in Canada,
including climate adapted infrastructure projects.
Financing Resilient Infrastructure Project with
ICLEI Canada
Despite the strong economic case for investing in
climate adaptation, public funds are limited. We are
currently working in partnership with ICLEI Canada
and 10 Canadian municipalities to develop resilient
infrastructure project profiles that private investors
could help realize. To date, we have held several
project planning meetings with municipal staff
from climate, finance and engineering departments
to shortlist projects and possible financing
mechanisms. Once completed, results will be
shared to help other municipalities identify
finance-ready resilient infrastructure projects
in their communities.
Getting resilience investing on the agenda at
the COP28 Climate Summit
Co-operators President and CEO Rob Wesseling
and Executive Advisor for Climate Investing and
Community Resilience Don Iveson attended the
COP28 Climate Summit in Dubai, participating in
panel conversations on how to mobilize private
capital for climate resilience and disaster risk
reduction with partners including the United
Nations Office for Disaster Risk Reduction,
Climate Proof Canada, the Canadian Climate
Institute, the Federation of Canadian Municipalities,
and the International Co-operative and Mutual
Insurance Federation.
72 Co-operators
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2023 Integrated Annual Report 73
Running our business
As a business,
we’re driven by
our purpose
How we operate our business – including our financial
performance and capital position, the environmental
impact of our operations, and how we engage and
support our people – are fundamental to our
strength as a financial services co-operative.
We consider our strength in the context
of the well-being of our planet and our
communities, understanding that the
success of our business requires
pursuing financial prosperity
alongside social and
environmental value.
74 Co-operators
Running our business
2023 financial performance overview
Our financial performance and capital position are core to our success. At the same time, our financial success needs to
position us to drive positive societal outcomes and meet the changing needs of our members and clients, our workforce
and our communities. In other words, we pursue profit to meet our purpose.
2023 financial position summary
Total assets increased over eight percent due to the
strength of the equity markets and the decline of the
yield curve which increased the valuation of our bond
portfolio. Our overall and regulatory capital positions
are recognized as a key strength of our organization
from our external rating agencies. We continue to be
well-positioned to weather uncertain economic or
insurance environments and provide financial security
for current and future members and policyholders.
2023 income statement overview
2023 was a challenging year for our profitability as
a result of increased P&C claims and the impact of
inflation. This was partially mitigated by strong and
profitable growth across the majority of our lines
of business and a favourable impact from
macroeconomic factors.
Total assets $19.1 billion
– Total liabilities $14.2 billion
= Total equity $4.9 billion
Total revenue $6,649.8 million
– Total expenses $6,401.1 million
= Net income $248.7 million
2023 Integrated Annual Report 75
Our financial strength
can drive positive
societal outcomes.
76 Co-operators
Q&A
We put our capital to work for Canadians
Core to our ability to deliver on our purpose is ensuring that we have the capital necessary to fulfil our promise to
Canadians as an insurer, an investor and as a co-operative. Lesley Christodoulou, vice president of finance and chief accountant,
discusses the link between Co-operators capital position and our ability to support our clients, members and communities in
navigating uncertainty.
Lesley Christodoulou
Vice President of Finance
and Chief Accountant
How does a strong capital position enable us to
deliver on our purpose?
Lesley Christodoulou: Capital plays such a critical role.
In simple terms, our insurance operations need capital to
ensure we can fulfil claims from our policyholders. This is
the promise at the heart of insurance. Given the inherent
uncertainty in estimating future claims, having a strong
capital position enables us to withstand that uncertainty
and risk. It puts us in a position to fulfil our promise to
our clients and our members.
“A strong capital position enables us to
champion a more sustainable, resilient
society, and prove that investments can
generate compelling returns alongside
social and environmental benefits.
In this way, our capital strength has
a direct link into the strength of
our communities.”
And it goes beyond core insurance needs. We’re always
seeking opportunities to diversify our products, solutions
and business models. Whether it’s exploring leading-
edge opportunities through emerging business models,
looking to acquire adjacent businesses, or innovating
internally through research and development to design
new product offerings and technology enhancements,
we need capital available so we can build out and invest
in these growing areas of focus.
For our ambitious investment targets, it’s critical for us to
seed and catalyze climate transition, impact and resilience
investing markets in Canada. We want to provide capital
that can support Canada’s adaptation strategy and help
communities build the climate-resilient infrastructure that
is needed in this country.
What are the greatest challenges we face today
from a capital perspective, and how will we
address these going forward?
LC: Some trends related to insurance claims are
concerning. High inflation, increased catastrophic
climate-related events, and a surge in auto theft have
all put negative pressure on our financial performance
and our capital position. In addition, we’ve experienced
challenges in earning a return on our investment
portfolio. This has largely come through pervasive
equity market volatility and yield curve changes on
our fixed income portfolio.
2023 Integrated Annual Report 77
Co-operators General Insurance
Company Consolidated
Minimum Capital Test (MCT)
236%
The Office of the Superintendent of Financial
Institutions Supervisory MCT Target: 150%
Co-operators Life Insurance
Company Consolidated Life
Insurance Capital Adequacy
Test (LICAT)
158%
The Office of the Superintendent of Financial
Institutions Supervisory LICAT Target: 100%
More information and historical trends on our
capital tests can be found in the Additional
Report Information section of this report on
page 153.
“Our financial performance is
challenged by persistent high
inflation, increases in interest
rates and increased geopolitical
uncertainty. These aren’t challenges
unique to Co-operators, but they are
top of mind.”
Longer-term, I think one of the biggest challenges
that the financial services sector faces is the task
required to scale investments to achieve global
climate objectives. We know the stability of the
global economy is at risk if we do not address
the climate crisis head on and decarbonize
our operations and our investment portfolios.
Tools like the Green and Transition Finance
Taxonomy recommended by Canada’s Sustainable
Finance Action Council will help to forge a path
to close these investment gaps and ensure that
the actions taken are aligned to a science-based
approach.
How does our co-operative identity influence
our ability to navigate economic uncertainty?
LC: As a co-operative, we really are different from
most financial services organizations. Rather than
existing purely to maximize quarterly profits,
it is incumbent upon us to look beyond short-term
profits. We exist, first and foremost, to fulfil our
purpose of financial security for Canadians and
our communities. While profitability is important
for all the reasons I’ve mentioned above, we don’t
have short-term expectations from shareholders
that have us make short-term decisions that could
adversely impact our clients, communities and our
organization over the long term.
78 Co-operators
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“We build trusted
relationships.”
Colette Taylor (pictured),
Executive Vice President
and Chief Operating Officer
Sovereign Insurance
2023 Integrated Annual Report 79
Q&A
Spotlight on growth: Building risk resilience
for Canadian businesses
Our purpose of financial security for Canadians and their communities includes providing diverse protection for all types
of Canadian businesses. We've been strategically growing our business in this sector. Sovereign Insurance, a wholly-owned
subsidiary of Co-operators, helps fill the protection gap as a specialty niche property and casualty commercial insurer. In 2023,
Sovereign saw significant revenue growth that contributed positively to the financial performance of our group of companies.
Colette Taylor, executive vice president and chief operating officer Sovereign Insurance explains how Sovereign partners for
resilience exclusively with brokers, managing general agents (MGAs) and strategic partners to provide customized risk solutions,
advice, education and support to businesses across the country.
Sovereign’s premium growth
in 2023
8.4%
Sovereign’s commercial book saw significant
growth in 2023. Why do you think more mid-to-
large commercial partners are choosing to do
business with it?
Colette Taylor: We have done a tremendous amount
of internal work to update our organizational
capabilities, align talent to our strategic areas of
focus, and upgrade technology to drive better
insights and process efficiencies. In 2023, we were
excited to share the positive outcomes of all that hard
work with our partners. We launched cutting-edge
new product offerings in our Commercial Solutions
portfolios, supported by a new policy administration
system that dramatically improved speed and
efficiency for our partners. As we bring deeper
sophistication into all areas of the business,
our partners have come to expect and appreciate
our approach to building trusted relationships and
the market-leading expertise of our people.
What commercial issues or trends are top of mind
for you in 2023?
CT: Our external operating environment is
susceptible to high degrees of volatility due to
the niche focus of our business. To react quickly
to changes, we’re constantly monitoring portfolio
insights and the broader landscape. Right now,
inflationary trends and the uptick in auto theft are
two areas we’re watching. On a longer-term basis,
we’re collaborating with the enterprise to identify a
range of sustainability solutions that can benefit our
clients and communities.
The economic landscape for Canadian businesses
is constantly evolving. How do we partner for
resilience with brokers and MGAs?
CT: Our brokers and MGA partners are the essential
conduit into our end-clients and the communities they
serve. They help us build an understanding of what
issues keep our clients up at night and how our risk
solutions can allow them to sleep more easily.
Our partners engage with us because we lead with a
solid value proposition, trusted expertise, and timely,
relevant insights.
80 Co-operators
Running our business
Forays into the future
We’ve woven innovation into our strategy, ensuring that our business capabilities are responsive and adaptive to the
changing world around us. This mindset of growth and creative expansion is focused on asking how we can position
ourselves to anticipate the financial security needs of Canadians in a rapidly evolving reality, so that we can live out our
purpose not just today, but generations into the future.
Purposeful ventures
Our vision is to be at the forefront of the innovation
curve in a fast-changing industry. We want to
strategically partner and invest in new technologies
to stay competitive and respond to changing client
demands. Through our Corporate Venture Capital
Fund, we gain knowledge and insights and forge
partnerships with fintech and insurtech companies,
supporting and influencing innovative evolution to
our mutual benefit.
During 2023, we invested in one of the largest
Canadian ClimateTech funds, Active Impact
Investments, which focuses on providing capital to
early-stage private companies across North America
that can achieve venture scale and profitability while
solving urgent environmental issues.
In 2022 alone, Active Impact’s portfolio companies
mitigated over 285,000 tCO2e (tonnes of carbon
dioxide equivalent) and saved/treated over
136 million litres of water.
We leverage our capital and sector expertise
to pursue partnerships with and investments in
like-minded companies that support our goal of
building financial, social and environmental
resilience of Canadians and our communities.
Since inception in early 2021, our Corporate
Venture Capital Fund has made investments in six
companies and six funds that cover a broad spectrum
of technology sectors, including finance and
insurance, wealth, agriculture, property, health and
climate. These funds help us stay abreast of industry
trends, support innovation, and develop strategic
partnerships for our business partners. A list of our
investments is available online at cooperators.ca.
“We see climate change as a
direct and imminent threat to our
ability to deliver on our purpose.
Our investment in Active Impact
prioritizes resilience alongside
profitability, driving meaningful
climate action through a range
of sustainable solutions.”
Daniel Sinclair, Vice President, Corporate
Development and Head, Co-operators
Corporate Venture Fund
2023 Integrated Annual Report 81
Running our business
Providing peace of mind
through easy, accessible
home management
We’re always looking for ways to help Canadians and our communities build
financial security and resilience. Through our partnership with the real estate
venture builder R-LABS, Co-operators has invested in HomePorter to support
Canadian homeowners in better managing their homes.
As we consider the future of our business, and the
opportunities that can expand our capabilities to
achieve our purpose, we pursue partnerships and
collaborations with like-minded enterprises who
are equipped to meet unmet or ill-met needs in
our communities.
In 2023, Co-operators led an investment in
HomePorter by forming a strategic partnership
with R-LABS, in recognition of our collective
goal to make homeowners more resilient and
better informed about everything related to
their home. By partnering with HomePorter,
homeowners can get trusted unbiased advice
from a trained professional with the click of a
button. The home is likely the single largest
financial asset for Canadian homeowners, and the
ability of HomePorter to provide a virtual home
care platform helping resolve home issues with
confidence, makes Canadians more resilient.
"At HomePorter, our mission is to
transform the way homeowners
manage their homes. By leveraging
cutting-edge technology and
strategic partnerships, we aim to
provide support and guidance
throughout the homeownership
journey. Our commitment to
innovation, coupled with a client-
centric approach, sets us apart in
delivering a truly transformative
experience for homeowners."
Peter Primdahl, CEO HomePorter
82 Co-operators
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Running our business
A path to net zero
in our operations
There is an urgency to reduce global emissions to avoid catastrophic
climate change, and we have committed to systematically eliminating the
emissions of our operations and our investment portfolio (see page 61).
By targeting and working towards the decarbonization of our operations,
we not only help move Canada towards its net-zero targets, we save costs
and reduce expenses to improve our bottom line.
We have an interim target to reduce the
emissions of our operations by 45% by 2030,
before achieving net zero no later than 2040.
These targets are for both direct emissions
(Scope 1) and indirect emissions (Scopes 2 and
3), including emissions resulting from corporate
offices, Financial Advisor offices, fleet vehicles
and business travel. Reflecting our commitment to
leadership and to ensure our carbon accounting
is aligned with the realities of hybrid and virtual
work modes, we also track emissions from
employee commuting and working from home,
and Information Technology assets and services.
Currently, we’ve reduced 34% of greenhouse
gas emissions from 2019 base year levels.
Our focus and priority is on eliminating our
emissions in alignment with our net zero targets.
In the meantime, we have maintained carbon
neutrality through carbon offsets that have been
verified to a recognized standard and listed on
a public registry to ensure quality. We’ve also
undertaken a rigorous media scan and project
documentation review to make sure we’re focusing
our purchases on renewable energy certificates
and offset projects that have not been identified
as having quality concerns. Recent offset
purchases include a waste composting facility,
an IT assets reuse project, and a project that
treats wastewater through an innovative
engineered wetland.
Our operational emissions were higher in 2023
than in 2022, as it was our first full year since
returning to the office and more frequent travel.
We also invested in IT infrastructure. We continue
to broaden and deepen engagement across the
enterprise on our decarbonization pathways to
drive us towards our net zero commitment and
have identified mindful business travel and vendor
engagement as our most significant levers within
our control to further drive down emissions.
Operational emissions intensity in 2023
3.2 tonnes CO2e/$1 million revenue
2022: 4.5*
Operational carbon emissions tonnes of carbon dioxide (tCO2e)
**
32,126
2023 Integrated Annual Report 83
Executive compensation
To incentivize decarbonization and hold
ourselves to account, we have linked our
net zero operations targets to our
president and CEO’s long-term incentive
plan for 2023 and will expand these
targets to our vice presidents in 2024.
Get the full picture of our
climate action and impact.
Our Climate Report outlines our climate-
related governance, strategy and risk
management, as well as metrics and
targets, which can be found online
at cooperators.ca/reports.
For more on how we calculate our energy
use and operational carbon footprint,
and a breakdown of direct and indirect
emissions, see our Supplementary
Disclosure ‘Our carbon footprint.’
2019
19,441
17,679
2020
2021
20,440
21,311
2022
2023
*As a result of the retrospective adoption of new
accounting standards, IFRS 17 and IFRS 9,
on January 1, 2023, 2022 figure has been restated.
**Results for 2019 to 2022 have been restated.
84 Co-operators
Q&A
A collective effort
Getting to net zero in our operations takes collaboration and buy-in across our enterprise. We spoke with Graham Parrott and
Thais Lima, employees from our real estate and IT departments, both of which have critical roles to play in abating the emissions
of our operations about why progress to net zero is a priority for them.
Graham Parrott
Associate Vice President,
Real Estate and Construction
Real Estate Management
Thais Lima
Senior Manager, IT
Insights and Performance
Information Technology
Tell me about your role at Co-operators. Why does
supporting our net zero journey matter to you?
Where do you see the greatest opportunities in
your area to achieve net zero?
Graham Parrott: I’m the associate vice president of
real estate and construction, which means I oversee the
real estate management and construction teams, and
their involvement in both corporate and retail locations.
For me, our journey to net zero is important so we can
help trend toward a better, cleaner environment where
we live, work and play.
Thais Lima: I’m a senior manager of IT insights and
performance, and I’m working to adopt sustainable IT
practices, drive sustainability engagement in IT, and help
shift our mindset by educating colleagues on how
sustainability impacts our roles. We also report on
IT-specific sustainability metrics that can help
demonstrate our progress. Beyond doing our part for
future generations, our journey to net zero enhances
our employees’ well-being, fulfillment and engagement
– which enables us to make more of a positive impact on
our planet and our society. And these initiatives are
helpful for talent acquisition and retention, as we align
our work efforts with people’s personal values.
TL: First, we can increase the energy efficiency of
our IT infrastructure through purchasing energy
efficient devices, and by monitoring and measuring
the impact of cloud and data centers. We can also
make a difference when it comes to vendor and
supplier management, as well as the management
of our e-waste by tracking the disposal and recycling
of our IT assets. Whenever feasible, we should reuse
equipment. Finally, we can raise employee awareness
and measure their adoption of sustainable behaviours
(for example, measuring how many employees turn
their laptops off at night).
GP: We’ve made considerable progress in optimizing
our real estate footprint to align with our work models.
We’re also implementing low carbon solutions in spaces
that we own. As we move into the future, we’ll make
climate impact part of the selection process for new
office spaces
2023 Integrated Annual Report 85
2023 carbon emissions
Fleet (2%)
Corporate offices (19%)
Advisor and service offices (25%)
Business travel (15%)
IT assets and services (13%)
Commuting (12%)
Work from home (14%)
Decarbonizing our operations is no easy task.
What significant challenges do you anticipate on
our horizon, with respect to your area of focus?
TL: One of our biggest challenges is the lack of
precise carbon emissions data. The statistics can
be ambiguous, which presents challenges in
determining how sustainable a product might be.
There can also be difficulty in verifying or measuring
carbon emission reductions. Finally, there may be a
cost challenge where the most sustainable choice
isn’t always the most economic one in the short term.
This adds complexity in terms of budget and
economic feasibility.
GP: On the real estate side, there’s a significant
challenge in terms of getting landlords to buy into
decarbonization. Most of our corporate locations are
leased (except for our new Guelph HQ and one other
Ontario location). With the buildings we own, we have
direct control of the operations, systems and
equipment. But when we lease, we need to bring
landlords onside, especially in multi-tenant situations
where we have less influence. Ultimately, this work will
take time. This task is not an overnight fix. There are
existing lease obligations to complete and resistance
to overcome along the way. The hope is, the more
we can prove that net zero is good for the long-term
sustainability of our economy, leading to a mindset
shift in society, the better progress we’ll make.
86 Co-operators
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Running our business
Our business thrives because
of our people
Our co-operative is sustained by the people who show up every day
to bring our purpose to life. It’s paramount that we prioritize their
financial security, health, well-being and personal and professional
development, and that we work continuously to engage their
feedback so we can do better.
An engaged workforce is essential to deliver
benefits to our members, clients and communities.
With rising societal challenges, it’s especially
important that we equip our employees with the
resources and support they need to thrive.
In 2023, we had an overall average engagement
index score of 78, which is two points above the
financial industry benchmark of 76. We had an
average response rate of 85%, and an average
of just over 5,500 employee comments per
pulse survey.
Engagement is a key component of our employee
listening strategy. By measuring employee
sentiment, it provides valuable insights to leaders
across the organization to support continuous
improvement and our high-performance culture.
Hearing from our employees and taking actions
based on their feedback is essential. In 2023,
we embraced a new approach that will enable
greater agility and allow us to be more responsive
in real time to shifting needs and preferences.
We introduced changes to our employee
engagement platform that made it faster and
easier for employees to complete ‘pulse surveys’
and provided more opportunities throughout the
year for them to share feedback and insights with
leaders in the organization on a regular basis.
This enables us to adapt and grow our business
plans in ways that take our people into account.
Our two pulse surveys are measured across four
core indices: engagement; inclusion, diversity,
equity and accessibility (IDEA); well-being;
and culture.
Employee Engagement Pulse
Survey Results
78
Average 2023 Engagement Index Score
Financial Industry Benchmark: 76
We identified several areas of strength, including
”respectful treatment,” ”manager feedback,”
and ”team communication,” all of which performed
above the industry benchmark. We also identified
”work culture” as an area to watch, which is
strongly correlated to employees’ desire to feel
connected and collaborative. Employees told us
they wish to retain Co-operators cultural strengths,
while adapting to meet the needs of the future.
At the same time, ”well-being,” ”communication”
and ”recognition” were identified as areas of
concern. We know recognition has a high
impact on overall engagement and is related
to perceptions of culture and well-being.
Employees are more likely to feel connected
to company culture when they are recognized
for their work, so this is an area of focus for
us in 2024.
75 Average 2023 IDEA Index Score
72 Average 2023 Well-being Index Score
79 Average 2023 Culture Index Score
2023 Integrated Annual Report 87
Engaging our Financial
Advisor network
Hearing from our Financial Advisors and
taking actions based on their feedback is essential,
and in 2022, we embraced a new approach that
will enable greater agility and allow us to be
more responsive in real time to shifting needs
and preferences.
We introduced a scoring metric for our Financial
Advisor engagement surveys using a new
methodology and created a working group to
help enable us to learn more, adapt and grow our
business plans in ways that take our people into
account. Based on the responses to the survey
questions, the 2023 Financial Advisor engagement
score is 44%, which represents a 1% improvement
from 2022 and we are committed to doing better.
We are pleased to have seen a dramatic increase
in our Financial Advisor's participation in the
survey from 62% in 2022 to 92% in 2023.
44%
Financial Advisor Engagement Score
88 Co-operators
Running our business
Wellness at work
When we prioritize the health, well-being, and continuous education of our people, we help to foster an enriching work
environment that lays the groundwork for high performance and personal fulfilment. Through lifelong learning, benefits,
pension, disability resources and wellness and recognition programs, we prioritize investing in the health of our people.
In 2023, we took advantage of more employees
returning to in-person work to provide opportunities
to boost the health and wellness of our employees,
through fitness classes, learning sessions, registered
massage therapist in-office visits and other wellness
initiatives that supported the health goals of
our employees.
While hybrid and remote work provides flexibility,
we know that in-person work can help build a thriving
work culture and contribute to employee connection
and purpose at work. With this in mind, in 2023 we
hosted quarterly employee connection events in
corporate offices across Canada. These events were
focused on supporting employee social well-being,
fostering a positive work culture, encouraging team
collaboration and bringing more employees into our
local offices. On these event days, overall employee
in-office attendance was 72% higher than average.
In 2024, we will develop an Employee Connection
Strategy that builds upon our 2023 successes.
Beyond the supports and opportunities that we offer
our employees, we work to provide compensation,
recognition and rewards that are competitive and
attractive to draw and retain the top talent we need
to fulfil our purpose and deliver on our strategy.
As a living-wage employer we offer a competitive and
equitable compensation package that, in most cases,
far exceeds the living wage.
Average investment in employee training
and development
$846
Workforce salaries
$604.8 million
Workforce benefits
$121.0 million
Workforce incentive programs
$79.3 million
CEO-to-average worker pay ratio (2022)
19:1
Benchmark: 246:1*
*Based on the salaries of the 100 highest-paid CEOs in Canada (Source: “Canada’s New Gilded Age” Canadian Centre for Policy Alternatives, 2024)
2023 Integrated Annual Report 89
Retaining and attracting top talent
Across industries, employee turnover and
retention is top of mind. We know that effective
retention helps reduce costs of replacing and
training new employees and helps maintain
productivity levels. We also know that turnover
and retention are strong indicators of our
company’s culture. As the foundation of
our success, it's critical that our people feel
supported and valued, and so we’ve remained
focused on retaining and incentivizing our
people, who consistently deliver on our strategy
while working to meet the needs of our
members, clients and communities.
For a three-year period, our employee turnover
shifted from 11.0% in 2021 to 11.4% in 2022,
and 10.3% in 2023. Our organization welcomed
1,153 new employees in 2022, and 832 in
2023. The decrease in new hire activity aligns
to trends seen across the industry with a
softening labour market.
Employee retention rate
90%
2022: 89%
2021: 89%
90 Co-operators
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“I’m inspired about the
depth of opportunities
ahead as we continue
building our bridge to
the future.”
Laura Mably (pictured),
Executive Vice President and
Chief Human Resources Officer
2023 Integrated Annual Report 91
Q&A
The purpose of engagement
For Laura Mably, chief human resources officer, placing increased priority on the well-being, engagement and performance
of our people will help us deliver on our purpose as a co-operative. While rapid change puts pressure on our business and
the individuals who work for us, we’re committed to a strategy of feedback and listening to stay connected with the needs
of the people we employ.
What issues or trends are top of mind for you
as you consider how Co-operators can attract,
engage and retain employees?
Laura Mably: Employee well-being is always top
of mind for me. With many of the trends we’re
seeing today – financial pressures, climate change,
global instability and uncertainty, not to mention
the struggles and societal barriers many of our
employees are facing or have faced – the well-being
of our people is not something that we can take
for granted.
As a co-operative and as an employer,
we’re committed to actively working to create a
culture and work environment that enables people
to show up authentically and stay engaged while
they are with us. This looks different today than it
might have looked five years ago, as we connect
more and more through virtual or hybrid means,
which presents both challenges and opportunities
as an employer. Through our programs, benefits
packages, competitive pay and providing more
opportunities to connect and learn from one
another both online and in person, we are taking
steps to support the well-being of our employees,
foster human connectivity, and provide a level
of flexibility and personal autonomy that all
culminate into maintaining a steadfast focus
on high performance.
What are our greatest strengths when it comes
to employee engagement?
LM: Our employees tell us that respectful treatment,
career path and communication are our top strengths
as an organization. They feel they are treated with
respect and dignity. They say their manager has
meaningful discussions with them about their career.
And they also say that within their teams, they
communicate openly and honestly with each other.
But I think an even greater strength is our employees’
connection with our purpose, vision and values as
a co-operative.
“There is a resonance between
the values of our organization and
the values I hold as an individual.
This makes it so much easier to feel
good at the end of the day about
the difference we are making in
people’s lives.”
The feedback from employees is consistent – even
though we have an ambitious agenda in times of
uncertainty, volatility and somewhat constrained
resources – our purpose is the touchstone that makes
our work meaningful. I think the fact that there is
meaning behind our collective effort matters most.
What inspires you as you look to the future of our
workplace and work culture at Co-operators?
LM: Beyond the great sense of purpose I get
from the work that I do, I’m inspired about the
depth of opportunities ahead as we continue
building our bridge to the future. As we build our
Guided Omni experience and new business models,
we’re unlocking more and more great opportunities
for our employees to learn, gain experiences and
build important skills. I’m excited about growing our
leadership capabilities at all levels in the organization,
and continuing to invest in the career paths and
professional development of our people. Growing the
capabilities of our employees will ensure we grow our
business effectively.
92 Co-operators
Special feature
Inclusion,
diversity, equity
and accessibility
As a financial services co-operative, a community partner and an employer,
we’re committed to reflecting principles of inclusion, diversity, equity and
accessibility — which we refer to as IDEA— in our actions, decisions and how
we show up in our communities. We’re working to identify and remove
systemic barriers standing in the way of human rights, freedoms and
access to services that build financial security for all Canadians.
2023 Integrated Annual Report 93
94 Co-operators
Journeying together
We recently launched our second strategy to guide us from the early stages of our
journey to embed principles of inclusion, diversity, equity and accessibility into how we
operate across our various roles and identities in the community and in our industry.
Today, we’re working to remove barriers, build more robust workforce insights, listen and
be responsive to our employees and partners, and improve accessibility for those who
have been historically under-represented. We are committed to moving forward with
humility and open minds, and a resolve to do the work that’s needed to improve access
and equity for all the communities within Canada.
IDEA has been a core priority for Co-operators for many years. While we have seen many successes in our strategic journey, we know we still have much
work to do. In 2019 and 2020, we undertook our first full-scale organizational inclusivity assessment and developed our first IDEA Strategy, which covered
the period of 2021 to 2023. In 2023, we refreshed this strategy as an important turning point in our IDEA journey. Our refreshed IDEA Strategy connects with
our larger organizational strategy and provides measurable objectives along the way. IDEA is essential to Co-operators in fulfilling its purpose of financial
security for Canadians and our communities, and its vision to be a catalyst for a resilient and sustainable society. IDEA is now further embedded in who
we are, with inclusion formally listed as one of our core values.
Spotlight on our employees
In our Action Plan we have committed to enhancing inclusive and equitable hiring. This work includes reviewing and enhancing recruitment and selection
processes to minimize the impact of bias and assess candidates based on skills and qualifications. We are also committed to establishing additional bias
checks in the hiring process. To measure our success, we are utilizing a number of measures including the Global Diversity, Equity, and Inclusion Benchmarks
(GDEIB), internal self-ID, exit interviews and looking at implementing candidate self-ID.
The GDEIB is the global best practice for diversity, equity and inclusion and we aspire to be a best-practice organization, formally embedding this into our
four-year strategic plan. Our target is to reach the “Progressive” level on this five-level benchmark (1) Inactive; 2) Reactive; 3) Proactive; 4) Progressive; and 5)
Best Practice). Each year, we conduct an enterprise-wide audit to see how we measure against the benchmarks, tracking progress along the way. In 2023,
we achieved a baseline score of 3.93 – an increase from 3.79 in 2023.
2023 Integrated Annual Report 95
We launched Self-ID to understand gaps,
barriers and opportunities
At the end of 2022, we launched our first internal
voluntary self-ID program and asked employees
to self-identify so we can better understand gaps
in representation, barriers for under-represented
groups, and opportunities to better represent the
diversity of Canada. As a Canadian company,
we understand that our communities are diverse,
and we believe that having employees who reflect
the diversity of our communities makes us better.
To support this initiative, we ran a “myth-buster series”
on some frequently asked questions about self-ID.
We also held open-mic sessions with employees,
answering their questions about privacy and relating
why and how we collect and use this data to make
Co-operators an even better place to work.
Since the launch of self-ID in November 2022,
we have an employee participation rate of 37%,
with 64% of people leaders and 32% of individual
contributors participating.
We understand that our biggest opportunity is
supporting leaders who can, in turn, encourage
this initiative. As such, we have challenged leaders
to help us reach 80% participation, so we can
better understand our gaps, barriers and
opportunities around breaking down barriers
and building greater equitable opportunities for
equity-deserving employees.
One ongoing challenge is building transparency
with our data. That means showing employees how,
with these insights, meaningful and important change
can happen, and how that contributes to an even
better culture, a more successful co-operative,
and a more responsive approach to meeting the
diverse needs of our Canadian clients.
As we continue to gain insights on our gaps in
representation, we can be more responsive and
targeted in the programs and policies that we develop
to promote greater employment equity for all diverse
groups in Canada.
Embedding IDEA into employee engagement
Learning as a pathway to IDEA
We continue to thrive in employee engagement,
as we continue our focus on supporting employee
connections, being responsive to insights,
and committing to our employees through
meaningful action. In 2023, we began incorporating
feedback from ongoing engagement surveys
into initiatives focused on gender inclusion.
We have updated our HR systems and are
exploring opportunities to expand our efforts
at gender inclusion across our co-operative.
Aligned with International Non-Binary People’s
Day, we adopted a new pronoun feature in our
software system – adding another gender option
within our Human Resources Systems. To support
the engagement of Indigenous employees and the
learning journey of non-Indigenous employees,
we launched our new Reconciliation Strategy
(see page 98 for more on our efforts toward
reconciliation).
Challenges along the way
Of course, there are always challenges to overcome
and opportunities to do better. For example,
we continued to see lower overall scores in the
IDEA index and well-being index of our employee
engagement surveys for individuals who identify
as having a disability. We will be spending time
and effort in 2024 to better understand why these
scores are lower, and what immediate and long-term
opportunities we have for improving the employee
experience for individuals that identify as having
a disability.
The overall inclusion index score for individuals
who identify as LGBTQ2S+ also dropped this year.
We will be working with our Proud of You Employee
Resource Group to better understand what we
can do to act on this feedback and improve the
experience for these individuals.
We have implemented a new IDEA Learning Pathway
to advance our IDEA Strategy in an engaging,
holistic manner, while providing strong support for
healthy, diverse and inclusive workplace practices.
The IDEA Learning Pathway is designed to educate
all employees in a way that achieves the level of
competence needed to create a diverse, equitable
and inclusive organization. The IDEA Learning
Pathway is a progressive series of certifications,
as part of an ongoing, multi-year program of studies.
The learning objectives for each level of the IDEA
Learning Pathway address specific GDEIB categories,
moving us toward our goal of becoming a best-
practice organization.
The IDEA Learning Pathway uses both Linkedin
Learning and collaboration with our employee
resource groups (ERGs) to provide “foundational and
beyond” IDEA learning. The pathway incorporates
topics and moments that matter throughout the year.
Representation of women on the CEO’s
leadership team
55%
2022: 36% 2021: 30%
Representation of women in senior leadership
positions (vice president and above):
42%
2022: 38% 2021: 34%
96 Co-operators
Bringing IDEA to life through employee
resource groups
Employee resource groups (ERGs) are voluntary, employee-led groups that foster an inclusive and equitable workplace and
give a voice to historically marginalized or under-represented groups. They support a culture of inclusion and psychological
safety for employees through education, networking and their influence on policies and programs. We spoke with two ERG
members at Co-operators about their experiences and the importance of these employee-led networks.
Cory Benson
Claims representative and
member of the Indigenous
Persons Employee
Resource Group
Manuela Marchment
Commercial Underwriting
Specialist and member
of the Proud of You
Employee Resource Group
for LGBTQ2S+ employees
What does your ERG represent, and what do you
hope to achieve?
Cory Benson: Tansi’. Our group was put into action
in response to Call to Action 92 of the Truth and
Reconciliation Commission. In this journey, I hope to
share with people more about the Indigenous community,
by focusing on truth and attempting to dismantle long-
held prejudices. We are working on ways to benefit
Co-operators and Indigenous communities in tandem,
by looking for win-win opportunities. Education,
employment, community, business — the future is limitless.
Manuela Marchment: We wanted to create an ERG for
LGBTQ2S+ individuals and any employee Allies that
would aim to foster an inclusive workplace where
everyone feels valued. Our group strives to provide a
supportive and educational community. By promoting
diversity and acceptance, our group contributes to build
a positive corporate culture, enhancing overall well-being.
Ultimately, our goal is to champion equality, eradicate
discrimination and cultivate an environment where
LGBTQ2S+ employees and Allies can thrive both
personally and professionally.
How has this added value to your experience
at Co-operators?
CB: The ability to share stories, experiences and my culture
has been a reward in itself. Since becoming involved in my
ERG, I have found other people who have reached out with
genuine questions about Indigenous culture, and who
have shared their own experiences. It’s exciting to be
a part of a group of people taking on this challenge.
Valuing ideas and implementing strategies within a
group that will benefit our company and the Indigenous
community is amazing.
MM: It has enhanced my workplace dynamics by
fostering inclusivity and support among employees
and Allies who share common interests or backgrounds.
It has provided a platform for networking, education
and mentorship. It has created a sense of belonging,
improving my morale and satisfaction in everything I do.
By this group promoting diversity and understanding,
it has contributed to a more vibrant and harmonious
workplace for me.
How can these groups help Co-operators along our
journey to bring IDEA to life in our workplace, and in
broader society?
CB: Sharing is often the best way to mutually improve
ourselves. There is a level of vulnerability and humanity
that’s present in those moments that allow us to connect.
ERGs should start with this. Canada has a rich and diverse
Indigenous heritage. I’m hoping Co-operators can lead by
example by embracing, reconciling and yet taking pride
in this unique and rich aspect of Canada. As Canadians,
we all live and work on the traditional lands of the people
of Turtle Island. It’s one thing we all have in common.
Indigenous culture is something to be celebrated
by all Canadians.
2023 Integrated Annual Report 97
MM: ERGs play a pivotal role in fostering an
inclusive workplace that brings IDEA to life.
It has provided a platform for employees to
connect, share experiences and amplify diverse
voices. By promoting a sense of belonging,
our group has contributed to a more inclusive
corporate culture. I feel that this group extends
impact beyond the workplace, acting as catalysts
for societal change by promoting our IDEA
principles and values in the broader community.
“Employee Resource Groups
play a pivotal role in fostering an
inclusive workplace. They provide
a platform for employees to
connect, share experiences
and amplify diverse voices.”
Manuela Marchment,
Commercial Underwriting Specialist
98 Co-operators
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A journey toward Reconciliation
In 2023, we launched a Reconciliation Strategy as an important
initiative within our broader inclusion, diversity, equity and accessibility
(IDEA) Strategy. Our Reconciliation Strategy has been developed in
collaboration with Indigenous and non-Indigenous partners from across
the company, in consultation with members of Indigenous communities,
and with support from an Indigenous reconciliation consultant.
2023 Integrated Annual Report 99
Our reconciliation efforts are strongly aligned to our corporate strategy, co-operative values and
principles and the United Nations Sustainable Development Goals. Our Reconciliation
Strategy outlines how Co-operators is taking steps towards reconciliation and
building collaborative relationships with Indigenous communities.
We’re committed to aligning our vision of being a catalyst for a resilient and
sustainable society and our values of responsibility, integrity and inclusion to
the Truth and Reconciliation Commission’s Call to Action #92—Business and
Reconciliation. To move toward this, we co-created and are working now to
implement a Reconciliation Strategy that honours our purpose of financial
security for Canadians and our communities.
Reconciliation is a long-term process, and we are at the early stages of our
journey of healing and building collaborative relationships. We are dedicated to
continuously learning and evolving, as well as implementing additional actions
to further promote understanding and inclusivity. In the spirit of humility, we are
hopeful and optimistic about the positive impact our commitment to Truth and
Reconciliation will have on the future.
Co-operative principles and Indigenous ways of knowing, being and doing
Through discussions, engagement and research, we’ve learned that our co-operative
principles position us in a complementary way to Indigenous ways of knowing,
being and doing. The Indigenizing the Co-operative Model report, published by
the Canadian Centre for Policy Alternatives, shows how the seven international
co-operative principles intersect with Indigenous ways of knowing, being and doing.
These principles emphasize the importance of collaboration and co-operation among
members. They are rooted in our values, our business model and our collective vision
for success. By recognizing and respecting the symmetry between the co-operative
principles and Indigenous ways of knowing, being and doing, we can foster stronger
relationships and create greater opportunities for collaboration.
Learn more about our Reconciliation Strategy online
Our full Reconciliation Strategy, including details on our guiding principles,
action pillars, timelines, and progress toward the desired outcomes, is available
at cooperators.ca/reconciliation.
100 Co-operators
Highlights of our progress
We’re still early in our journey toward reconciliation, and we have begun with the following actions:
Engaging in employee education
We’ve spent the last year educating ourselves, through an impactful approach to learning and unlearning. This has included the engagement of Elders,
current and former Chiefs, and many Indigenous professionals and knowledge keepers from across Turtle Island. In 2023, 3,446 employees participated
in 53 learning sessions.
Building our Indigenous Youth Employability initiative
We’ve committed $1 million toward an initiative focused on developing partnerships and programming that aim to increase
Indigenous youth representation in the workforce and their ability to compete in the labour market. For more on this initiative,
see page 102.
Growing partnerships
We are growing our relationship with First Nations University (FNU), providing scholarships, mentoring and career-
management opportunities. We also sponsor scholarships at the University of Waterloo. We support the Circle Project’s
Building Cultural Competency (BCC) program, which is an education-based learning opportunity that engages
Indigenous and non-Indigenous communities in making connections between Canada’s history and reconciliation.
Supporting an Indigenous Employee Resource Group
We strive to create a safe space where Indigenous employees and non-Indigenous Allies can collaborate, share
experiences and ideas, and initiate events, activities and experiences that are accessible to all employees. In 2023,
there were 18 members of our Indigenous ERG and Reconciliation Community of Practice.
Honouring National Day for Truth and Reconciliation (NDTR)
We honour NDTR by dedicating the day to learning and giving back. Each year, we host a live education
session that is available to all employees. We promote the use of volunteer days for employees to support a
cause meaningful to them, including opportunities that advance Truth and Reconciliation. On September 30,
2023, we held NDTR events at locations across the country, with 1,931 employees participating in person
and online.
Supporting a positive employee experience for Indigenous employees
Through our engagement surveys, we found that employees who identify as Indigenous show higher
rates of feelings of inclusion than other workplace groups. We are committed to creating a safe and
inclusive workplace for all employees.
Being intentional about culture and ceremony
We are thoughtful about the inclusion of Indigenous artwork and land acknowledgements
across our corporate offices and within our meetings to honour and respect the lands and
Indigenous Peoples where we work and do business.
2023 Integrated Annual Report 101
About
the artist
In 2023, we put out a call for Indigenous artists
to collaborate with us on artwork that would
become an integrated part of our Reconciliation
Strategy and serve as a visual illustration of our
commitment as an organization to reconciliation.
Our intention behind this creative partnership is
to provide a platform for Indigenous storytelling
and artistry that encompasses our core values of
community and sustainability.
After careful consideration, we selected
Mackenzie Brown, a Cree artist from Sturgeon
Lake Cree Nation in Northern Alberta who
currently resides in Otoskwanihk (Calgary).
She is an artist, performer, drummer, storyteller,
tourism entrepreneur, philanthropist
and advocate.
“This artwork represents
community, reciprocity and coming
together for a brighter future
for the next seven generations.
Visual art is a reminder to us of
the importance of the work we
are collectively doing to further
reconciliation.”
Mackenzie Brown, Indigenous artist
102 Co-operators
A gathering for Indigenous youth
As part of its mandate to support young, underserved Canadians in building their financial security, Co-operators Community
Funds (CCF) seeks to foster conditions that increase Indigenous youth representation in the workforce and their ability
to compete in the labour market. As part of our ongoing commitment to reconciliation, and to develop a program that
addresses gaps and meets the needs of Indigenous youth, we gathered in Mînî Hrpa (Banff, AB) to begin the process
of co-creating an Indigenous youth employability program.
26 youth
22 Indigenous
4 non-Indigenous
15
Indigenous communities/
First Nations represented
20
communities/cities
represented
6
provinces and territories
represented
The Indigenous Youth Employability Gathering
brought together Indigenous youth, partners,
and employers to discuss the development of an
impactful employability program for Indigenous
youth. The aim of the Gathering was to gain insights
into the challenges faced by Indigenous youth in
employment and identify strategies to address
these gaps. The event was co-ordinated by The Howl
Experience in collaboration with CCF and Nakoda
Youth Council.
Through open dialogue, the Gathering sought
insights to inform the process of designing a small
pilot program, which will test approaches to creating
inclusive workplaces where Indigenous youth
feel visible, safe, and able to develop meaningful
connections they need to enhance their
work experience.
Organizations represented
• Co-operators
• The Howl Experience
• Nakoda Youth Council
• Circle Project
• Western Arctic Youth Council
•
Indian Resource Council
• First Nations University of Canada
•
• Parks Canada
Indigenous Tourism Alberta
2023 Integrated Annual Report 103
“Youth need to see themselves employed in the positions they
may dream about. It is the employer’s obligation to make that
vision more feasible. By listening to youth and to the things that
would make them feel comfortable and empowered, the employer
can live up to their responsibilities of ensuring employees feel
valued. Now that we have some research on what Indigenous
youth value in a workplace, it is time for employers to implement
these recommendations and calls to action before the Indigenous
youth employees arrive.”
Wacey Littlelight, The Howl Experience, organizer of the
Indigenous Youth Employability Gathering
104 Co-operators
2023 Integrated Annual Report 105
Living our co operative identity
-
As a co-operative,
we’re strengthened
by communities
The roots of our co-operative extend deep into the
soils of community. It’s where we started and it’s
where we continue to thrive today — in the
relationships and partnerships we forge in
pursuit of our purpose and a common
goal of improving the lives and the
financial, social and environmental
resilience of Canadians.
106 Co-operators
Living our co-operative identity
Serving our members and co-operative clients
As a co-operative, we’re governed by member organizations — a group of 46 co-operatives, credit union centrals and
representative farm organizations across Canada. We work to provide benefits for each one of them and their members,
clients and communities. Through the principle of co-operation amongst co-operatives, and the range of products and
services we offer, we strive to strengthen a sector working to build a better, more sustainable future for all Canadians.
Our members participate in our governance, including
nominating and electing our Board of Directors, and
have a significant influence on how we operate and
our reputation. Every two years, we conduct a Member
Engagement Survey to help us measure the success
of existing activities and to guide future initiatives.
Based on our last survey, we created marketing
toolkits to help grow our Member Benefits
Program, developed tailored workshops on topics
ranging from climate change to inclusion, diversity,
equity and accessibility, and involved members in
discussions on our 2023 to 2026 strategic plan.
These activities helped drive a participation rate
of 100% for the 2023 Member Engagement Survey
and an overall result of 93%.
We also bring financial value to members,
providing them with an annual payout through
our Member Loyalty Program, which is based largely
on member business conducted with our company.
We delivered $30.8 million to members, a strong
reflection of the mutual benefits of our
co-operative relationship.
Through our Member Benefits
Program, we provide unique benefits
to our members’ members, offering
access to personalized insurance
coverage and savings to 178,086
households across Canada.
We also strive to provide specialized financial and
insurance services for Canadian co-operatives,
credit unions, and their members, and this growing
book of business represents more than 25% of
our total business revenue, with $1.46 billion in
member and co-operative business volume. In 2023,
strong retention and increased marketing efforts have
offset some of the persistent growth challenges in
this strategic client sector related to capacity,
risk management and the growing cost of insurance
and reinsurance in the commercial space.
Member Engagement
93%
$30.8 million
member loyalty payment
178,086
households
Member Benefits Program
2023 Integrated Annual Report 107
“Our role as a community-based
co-operative healthcare clinic is
significantly supported by the
Co-operators Member Benefits
Program. This program provides
critical value to our organization
by maintaining enticing benefits
that help us attract and retain our
members, so our co-operative can
thrive and continue to support and
meet the needs of our community.”
Dawn Martin, Executive Director,
Regina Community Clinic
108 Co-operators
Living our co-operative identity
Supporting co-operatives and the co-operative
movement at a global level
Aligned with our purpose, the co-operative principle of "co-operation among co-operatives", and an understanding that
the resilience of local communities is connected to global contexts, Co-operators contributed $411,184 to support the
launch of the United Nations Development Program (UNDP), International Cooperative and Mutual Insurance Federation
(ICMIF) and Insurance Innovation Challenge (IIC).
Sabbir Patel
CEO and Managing Director
The ICMIF Foundation
The IIC supports the most vulnerable communities
globally through microinsurance programs to protect
low-income people in regions inundated by increased
climate risk. The IIC is designed to help mutual and
co-operative insurers in emerging and developing
markets scale up innovative, affordable and inclusive
insurance products which specifically serve the needs
of underserved households and/or micro, small,
and medium-sized enterprises, with a particular
focus on women.
In addition to supporting our vision of being a catalyst
for a sustainable, resilient society, this program furthers
the international co-operative movement and contributes
to the achievement of specific Sustainable Development
Goals, including No Poverty, Zero Hunger, Good Health
and Well-being, Gender Equality, and more. We spoke
with Sabbir Patel, CEO and managing director, The ICMIF
Foundation about the work of the IIC.
How will the IIC help to build a more resilient,
sustainable global society, and provide financial
security for the world’s most vulnerable?
Sabbir Patel: As people-based organizations,
our approach to strengthening resilience is beyond
that of simply selling insurance products. Our journey
begins with engaging communities to understand,
reduce and prevent risks. Each program is layered
with a strong focus on financial education, empowering
individuals to participate in the development of relevant
insurance products which are integrated into an overall
risk management and vulnerability reduction strategy.
Training is given to local people to administer the
program, providing employment opportunities and
ensuring continuous proximity to the client.
A unique component of the IIC is providing technical
support and know-how from mutuals around the world,
including those that have successfully developed
microinsurance programs to scale in emerging markets.
“By bringing together local communities
and like-minded insurers around a
common objective of building resilience,
we believe the IIC has the potential to
achieve a long-lasting sustainable impact
on the lives and livelihoods of the most
vulnerable.”
Sabbir Patel, CEO and managing director,
The ICMIF Foundation
2023 Integrated Annual Report 109
Living our co-operative identity
Showing up in our communities
Every year, our employees and Financial Advisors show up to support their local communities through volunteering,
donations and community involvement. Through paid volunteer days, corporate partnerships, awards and annual giving
campaigns, we help our people give back to the things that matter to them, support our purpose, and build a resilient
community fabric in the places where they live and work.
Annual giving campaign
Through our annual giving campaign,
we engaged employees to support a
charity of their choice through personal
donations. In addition to Co-operators
annual United Way donation, employees
voted to distribute $105,000 between
Food Banks Canada and the Canadian
Red Cross. These donations will help
Canadians living with food insecurity
and Canadians recovering from climate-
related disasters to improve their
personal and community resilience.
Throughout the campaign,
employees chose from several
Canadian organizations working
to advance financial, social
and environmental resilience.
Total employee contribution
$244,609
Total Co-operators contribution
during our annual giving campaign
$466,209
Volunteering in
our communities
Teams and individuals across our
co-operative volunteer their time to
support the initiatives and charities
that matter most to them.
Total equivalent salary to support
employee volunteering
$1,212,454
Percentage of employees who used
a portion of their paid volunteer
days in 2023
40%
Total volunteer hours tracked
27,031
Community support
For over 30 years, our employees have
joined together to harvest the apple
orchard on the grounds of our CUMIS
headquarters in Burlington, Ontario
and support the food security of our
local communities.
Number of employee volunteers
who participated in our annual
Apple Day
350+
Approximately
14,500 kg
of apples picked.
Distributed to over
100
community organizations
Team volunteering spotlight
One group of employees, the Legal,
Compliance, Records Management
and Privacy team, has gone above
and beyond to make volunteering a
co-ordinated priority, and an integral
part of making their day-to-day work
a personally meaningful experience.
“Our team have challenged
themselves to use the
volunteer opportunity to
make a meaningful and
lasting impact within our
local communities. In
2023, 90% of our team
members had utilized the
volunteer time available to
them and had given back
over 700 hours to their
communities.”
Shawna Sykes, Vice President,
Compliance and Chief
Compliance Officer
110 Co-operators
-
Living our co-operative identity
Financial Advisors
supporting communities
Co-operators Financial Advisors are on the front lines bringing our purpose, vision and values
to life in communities across Canada. Through the Advisor Community Fund (ACF), our Financial
Advisors receive additional funding support from Co-operators to amplify the impact of their
local donations. In 2023, the ACF reached its highest level of support since inception, with a
total of $1.2 million delivered to local community organizations.
Advisor Community Fund
Total Financial Advisor contribution
$345,262
This year, among the 133 advisors who participated in the ACF program, a group of seven
advisors from the Grey-Bruce region of Ontario teamed up to pool resources to support a
groundbreaking mental health, recovery and wellness facility in Owen Sound. Through their
own contributions and working with their communities, they raised a total of $106,000 toward the
effort. This project is the first of its kind in the region, and is based on harm reduction and recovery
principles, providing a safe environment for individuals needing support and management of
substance use and mental health concerns. The model of care is based on wellness outcomes
identified in the First Nations Mental Wellness Continuum: purpose, meaning, belonging and
hope. These correspond to physical, mental, emotional and spiritual wellness as depicted on
the Medicine Wheel.
Total Co -operators contribution
$880,069
Pictured L to R on next page: Jason Legge (Owen Sound), Ryan Enright (Hanover and Durham),
Jennifer Cook (Kincardine), Dean Ribey (Walkerton), Peter Morgan (Meaford)
Absent from photo Jocelyn Robbins (Port Elgin) and Derek Young (Wiarton).
2023 Integrated Annual Report 111
“By financially supporting
the build of a world-class
mental health facility,
individuals who need help
will receive the treatment
they need right where they
live. Through this work,
our communities can become
more resilient, and we can
help vulnerable people in
our community thrive.”
Dean Ribey, Financial Advisor,
Walkerton, ON
112 Co-operators
Special feature
Ecosystems of
social impact
The collective effort to build sustainable, resilient communities
is strengthened by collaborative, grassroots action.
Like ecosystems, community resilience thrives amidst a
diversity of activities, where co-benefits overlap and intersect,
moving us toward an inclusive economy that values the social
wellness of our people, strengthens the resilience of our
environment, and champions a co-operative society.
2023 Integrated Annual Report 113
114 Co-operators
Social impact for
community resilience
Community resilience is the overarching theme that unites and provides a rationale for our
vision of impact, while contributing to our purpose. Financial security can only be achieved
when our communities are resilient.
We work with community organizations to build environmental resilience, enrich social wellness, create a more inclusive
economy and champion a co-operative society. Taken together, these key dimensions of resilient communities make up
the focus areas of our social impact framework.
We invest in Canadian communities
$12.2 million
contributed in community investments
2022: $10.6 million
2021: $8.3 million
$1.1 million
disbursed to charities and non-profits from
the Co-operators Community Funds
2022: $900,000
2021: $757,000
Environmental resilience
Co-operative society
2023 Integrated Annual Report 115
We’re committed to supporting a thriving co-operative sector in
Canada by helping co-operatives develop their businesses and
manage their risks, and by educating youth about the co-op model
and inspiring them to actively support co-ops. W e contributed
$2.0 million to the ongoing development and advancement of the
Canadian co-operative sector in 2023. A significant portion of this
support comes through our Co-operative Development Program
(CDP), which contributed $500,000 to 38 emerging and expanding
Canadian co-operatives.
We support activities that reduce risks related to climate change,
including physical, health and other long-term risks through
both mitigation and adaptation; and protect, maintain and
restore healthy ecosystems and ecosystem services, particularly
within agriculture. For example, in 2023 we supported the Smart
Prosperity Institute, a national research network and policy think
tank based at the University of Ottawa. It published “Carbon
Offsets for Farmers”, a comprehensive review of the current
landscape and opportunities for farmers to participate in carbon
offset markets. We also provided funding to support nature-based
flood resilience in the Grindstone Creek Watershed in Southern
Ontario, in partnership with the Natural Assets Initiative. This
green infrastructure watershed restoration project is exploring
how the revitalization of the watershed can reduce overland
flood risk exposure in the local municipalities, while enhancing
biodiversity and environmental well-being.
Social wellness
We focus on promoting positive mental health, particularly among
Canadian youth (aged 18 to 25), aiming to create personal/mental
health resiliency by connecting a diversity of young people to
tools, education and supports. One example in 2023 was our
ongoing partnership with Enactus Canada, through which we
launched the Mental Health Ambassador Program to recruit one
champion per Enactus team to promote actions that contribute
to positive mental health and connect peers to mental health
resources. This program builds on five years of partnership with
Enactus, during which we have offered mental health first aid
training and education to post-secondary students at business
competitions, leadership summits and online.
Inclusive economy
We contribute to groups supporting historically underserved
individuals who face barriers preventing them from accessing
decent work. In an inclusive economy, people will be empowered
through job skills training, employment opportunities and increased
access to programs, products and advice that can help build their
personal and financial resiliency. Through Co-operators Community
Funds (CCF), we support young, underserved Canadians and people
with mental health challenges as they build their financial security.
In 2023, $1,140,000 in grants were disbursed to 42 organizations.
Learn more about CCF and its recipients at cooperators.ca.
116 Co-operators
Supporting co-operatives on the path to net zero
In 2023, we deepened our partnership with Green Economy Canada, a national non-profit accelerating Canada’s transition
toward a vibrant and inclusive net-zero future, providing almost $70,000 in funding to support the expansion of Green
Economy hubs across Canada that are engaging businesses in setting and achieving sustainability targets.
Priyanka Lloyd
Executive Director
Green Economy Canada
Priyanka Lloyd, the executive director of Green Economy
Canada, discusses how they are helping a cohort of
Co-operators member organizations reduce greenhouse
gas emissions.
How is Green Economy Canada helping Canada
transition toward its net-zero targets?
Priyanka Lloyd: Green Economy Canada is a national
non-profit working to mobilize the 1.3 million businesses
and organizations in Canada to make the transition to a
net zero future. Through our network of Green Economy
Hubs, we provide tools, training, one on one support,
and the power of a peer network to help any organization
take action on climate change and build sustainability
into their operations.
What are the biggest barriers we need to overcome,
when it comes to a collective effort to reduce emissions
in Canada?
PL: One of the biggest barriers is a lack of understanding.
Businesses don’t know how climate change relates to their
everyday activities. They also have no idea what they can
do about it, especially when there are so many competing
priorities. There is a misconception that climate action is all
about feel-good gestures, but we’ve seen, time and again,
that climate change mitigation is beyond the right thing
to do. Reducing emissions can save businesses money,
and help them attract and retain top talent, mitigate risks
and strengthen customer relationships. It’s where the world
is heading in terms of expectations of how business is
done. Some think that addressing climate change is the
purview of policymakers and big business. But small- and
medium-sized enterprises, which represent 99% of the
organizations in Canada, form the backbone of our
economy. If we mobilize them on the path to net zero,
imagine the progress we could make on reaching our
climate goals, not to mention the economic growth
we could see in local communities across the country.
We can do incredible things when we put our minds to it,
and helping people relate to and see themselves in a
net-zero future is key to unlocking that potential.
In your recent work with Co-operators members,
do you think co-operatives are well-positioned to
rise to these challenges?
PL: Our recent work with Co-operators members
has reinforced that co-operatives are well positioned
to be leaders in the transition to a green economy.
Their values around collective empowerment and
community engagement allow them to tackle challenges
from the bottom-up and with a broader perspective.
As member-driven organizations deeply embedded in
their communities, co-operatives can take action in their
own operations to demonstrate what’s possible and play a
key role in empowering the stakeholders they serve to be
a part of creating more sustainable communities.
2023 Integrated Annual Report 117
Youth-centred mental health in Ontario
Of the 46,000 youth between the ages of 12 and 26 living in Guelph and Wellington County in Ontario, it is estimated that 80%
are now in need of mental health and wellness services. To help address this significant challenge, The Grove Hubs operate
drop-in sites in Guelph and Wellington County where youth can access comprehensive mental health and related supports
under one roof. The Hubs deliver the Integrated Youth Services model of care, which aims to build effective, youth-focused
and integrated services for mental health, substance use and related issues.
Jeff Hoffman
Chief Development Officer
The Grove
Co-operators has supported The Grove since 2021
with a contribution toward their Youth Ambassador
Program, which hires and trains youth with lived
experience of mental health struggles to provide
onsite support to youth and offsite outreach initiatives
to increase community awareness. Jeff Hoffman,
chief development officer at The Grove discusses the
importance of the youth-centred approach and how
they are addressing mental health in their region.
How is The Grove working to support youth
mental health and wellness?
Why is it important that young people are active
participants in your model?
JH: Youth engagement at The Grove is an active and
ongoing process that embeds youth representation
and voice at all levels of planning, implementation,
and evaluation activities. It ensures that the services
and related processes we offer are responsive to the
unique developmental needs and preferences of
youth in our region.
Each of our locations has a Youth Engagement
Working Group that provides a formal mechanism
for youth from the region to be fully engaged as
partners. These groups meet monthly and are
significantly involved with the space and program
design of The Grove Hubs. Youth are also involved
with the evaluation framework and measurement
and participate in working groups to help enhance
program offerings.
Jeff Hoffman: The Grove Youth Wellness Hubs are
needed in our community now more than ever,
providing youth with a sense of belonging and
social inclusion. The Hubs are open to all youth with
no barriers to entry. Youth can visit daily, have a
snack, charge their cell phones, play a game of pool,
finish their homework, read, and find other ways to
engage and connect. While at The Grove, youth can
interact with teams of professionals from more than
40 organizations. The solution for youth is to make
access to service as easy as possible, right in the
communities where they live. The Grove is doing this
by bringing services to youth, in a place where they
feel safe – everything they need is all under one roof.
What are the most pressing challenges young
people in Canada are facing in terms of their
mental health?
JH: Based on a study released by our local health unit,
we know there have been increases in mental health
challenges across all mental health indicators following
the pandemic. The largest increases have come with
eating issues, distraction, psychological distress and
body image. Young people have also seen increased
challenges in self-esteem, coping and feeling hopeful
about their future. Service use for mental health and
addictions increased both in the community and
hospitals for children and youth in our community.
118 Co-operators
Understanding the gaps to
financial supports for people
with low income
To support progress toward our purpose of financial security for Canadians and our communities, we’ve partnered
with Prosper Canada, a national charity dedicated to expanding economic opportunity for Canadians living in poverty
through program and policy innovation. With funding from Co-operators, Prosper Canada completed a 2023 study that
found that Canadians with low incomes are increasingly financially vulnerable but lack access to the help they need to
rebuild their financial health. We aim to fill the gaps in financial help for low-income Canadians, and to apply learnings
from our collaboration to inform our insurance and wealth offerings in a way that best serves these individuals. Lisa Rae,
Director of Systems Change at Prosper Canada discusses the gaps that exist, and how we’re collaborating to build financial
security for all Canadians.
Lisa Rae
Director of Systems Change
Prosper Canada
What gaps exist for lower-income Canadians
who have been historically underserved by
financial services organizations?
Lisa Rae: Despite having distinct and complex
financial needs and challenges, Canadians with low
and moderate incomes have very limited access to
affordable, appropriate and trustworthy financial help.
Much of the financial help available to financially
struggling Canadians comes in the form of very basic
services, which are often not suited to their needs.
This remains the case because private-sector financial
service providers lack a business case to better serve
people with lower incomes, including understanding
their distinct needs and tailoring services.
What needs to be done to build financial
security for these groups of people?
LR: One solution is to ensure financially struggling
Canadians have access to more affordable and
tailored financial help. Non-profit organizations,
who currently provide free, appropriate and
trustworthy financial help to people with low
and moderate incomes need to be better and
more sustainably funded in order to better meet
community needs; governments need to help
with this funding and ensure a fair regulatory
environment and the private sector needs to
explore and pilot better ways to support their
lower-income clientele.
2023 Integrated Annual Report 119
What inspires you most about the
important work ahead to address
these gaps and build financial
security for all Canadians?
LR: While working on the issue
of financial help for lower-income
Canadians, Prosper Canada has
been heartened by the openness
and enthusiasm to help close the
gap from government, community
and private-sector stakeholders,
like Co-operators. We know this is a
problem that cannot be solved by one
sector alone and are inspired by the
interest from stakeholders across the
financial services ecosystem to find
solutions that will help all Canadians
access the financial help they need to
build their financial health.
120 Co-operators
Empowering Legacies of
Black Women Professionals
and Entrepreneurs
BWP Co-op provides a safe space for all members
to collaborate and co-create with one another via a
Rotating Savings and Credit Association (ROSCA+),
investment club, peer-to-peer lending and support.
We spoke with Juliet ‘Kego Ume-Onyido and
Obie Agusiegbe, two of the ten co-founders of BWP
Co-op on how BWP is empowering their members
to create inter-generational wealth, contribute to
their communities, and build meaningful legacies.
How is BWP Co-op supporting its members to
build financial security and community resilience?
Juliet ‘Kego Ume-Onyido: At BWP we empower our
members with solid foundational services by investing
in financial literacy, business development and member
education, with a focus on the cooperative model and
sustainability. We are adaptive in diversifying
our revenue streams, investing in sustainable
certifications and practices like organic farming,
collaborative marketing and ensuring living wages
for worker-members. Overall, these measures
enhance economic stability while aligning with
environmental/social sustainability, ensuring a resilient
and prosperous cooperative community for members.
Black Women Professional Co-operative
(BWP Co-op) is a multi-stakeholder
co-op that aims to empower women
professionals and entrepreneurs,
including those in the food ecosystem,
to operationalize their businesses and
scale up to mainstream local channels
and international markets. As a recipient
of our Co-operative Development
Program, Co-operators is supporting
their efforts to offer access to professional
mentorship, coaching and business
training, networking opportunities,
tools and resources.
Juliet ‘Kego Ume-Onyido
Co-founder
BWP Co-op
Obie Agusiegbe
Co-founder
BWP Co-op
What current issues or trends are top of mind for
you, when we think about the economic landscape
and food ecosystem in Canada?
JK: To name a few: the housing crisis, food insecurity,
an aging farming demographic, challenges in
succession planning, the rights and policies of migrant
workers, disruptions in logistics and supply chains,
the impact of climate change, an increase in insurance
premiums, and associated costs in the food ecosystem
all present challenges. As inflationary pressures
continue, consumers are seeking ways to reduce
spending, while continuing to enjoy quality of life.
We collaborate with members on creative cost-saving
strategies, such as buying local foods, promoting
community farms and backyard gardens, and ensuring
mental wellness through community care practices.
What inspires you most as you consider the future
of your co-operative?
Obie Agusiegbe: Our co-op is non-hierarchical;
every member’s voice is heard and valued. We are
constantly sharing ideas, learning and seeking ways
to innovate, grow and transform. We are excited at
the opportunity to co-create a future of work that is
accessible, equitable, inclusive, and offers a sense of
belonging/agency to our members. We are inspired
by the vision of building a culturally informed
co-operative that meets the needs of Black women
in Canada, and around the world.
BWP Co-op Board Members on next page (pictured
left to right): Amaka Uzuakpunwa; Ada Iwenofu; Obie
Agusiegbe; Juliet Kego Ume-Onyido; Linda Ekwe.
2023 Integrated Annual Report 121
122 Co-operators
2023 Integrated Annual Report 123
Co-operative governance
-
Governance
performance
Through our governance, we execute on our
purpose and reinforce our co-operative identity,
reflecting the values of a vibrant co-operative
movement and ensuring we are a catalyst for
a resilient and sustainable society.
124 Co-operators
Co-operative governance
2023 governance highlights
Driving effectiveness to align with our strategy
Our board successfully fulfilled its mandate in the
second year of operations under its new committee
structure and remains focused on overseeing and
providing input to the execution of the 2023 to 2026
strategic plan. Its goal: to ensure that transformation
activities position Co-operators for long-term success
in the face of trends that are driving change within
the financial services industry.
Transition to IFRS 17 and IFRS 9 and
governance oversight
On January 1, 2023, new International Financial
Reporting Standards (IFRS) took effect that change
the way our financial statements are presented.
IFRS 17 for insurance contracts and IFRS 9 for
financial instruments are mandatory for any
insurance company in Canada and any other
jurisdiction around that world that applies IFRS.
These new standards increase the transparency
of financial statements, which makes it easier for
members, clients and other financial statement
users to compare Co-operators financial performance
with competitors. The implementation was a significant,
cross-functional and collaborative undertaking over
the last six years to ensure compliance.
Increasing risk and compliance oversight by our
board in an evolving regulatory environment
Continuous board and committee
educational development
The Board dedicates two days each year to
education to foster ongoing board and director
learning and development. These semi-annual
sessions are complemented by an annual Audit
and Finance Committee education day, committee
education sessions, and individual director training
and development involvements. Board education
days focused on IDEA, sustainability (including social
impact and climate change), biodiversity and nature,
financial performance and reporting, industry trends,
privacy and compliance, and advancements in
information technology and cybersecurity.
The structure of our co-operative and its subsidiary
entities entails a complex and evolving federal and
provincial regulatory environment that informs
our governance structure and risk and compliance
practices. Canada’s Office of the Superintendent
of Financial Institutions (OSFI) is a key regulator
with a mandate that includes sound risk management
and governance practices for financial institutions.
OSFI has announced the revision or introduction
of six regulatory guidelines that are currently
expected to come into effect in 2024 and 2025.
These guidelines cover risk areas including
technology and cyber, third-party risk management,
reinsurance, climate, and culture and behaviour.
There is also new or forthcoming legislation
impacting Co-operators business, such as the
new Charter of the French Language in Quebec,
reform to provincial and federal privacy legislation,
and the introduction of the federal Artificial
Intelligence and Data Act
2023 Integrated Annual Report 125
126 Co-operators
-
2023 Integrated Annual Report 127
Our governance
Our board and
committees
Our board has seven standing
committees, each with their own
mandate and Terms of Reference,
which defines the roles and
responsibilities to guide their focus
and work. The complete board
committee Terms of Reference and
descriptions of board committees
can be found online in our
Supplementary Disclosures.
Board Committees
• Audit and Finance
• Compliance and Ethics
• Governance and Co-operative Identity
• Human Resources
• Risk
• Sustainability
• Resolutions
Our board
We are governed by a democratic principle of
one member, one vote. The directors of our
co-operative are independent from management
and the operation of the business, and there is
no link between director compensation and our
organization’s performance.
Board mandate:
Ensuring our organization’s financial viability
•
• Articulating our purpose, vision and values
• Setting our strategic direction and
monitoring performance
• Appointing, selecting and managing
performance of the president and CEO
• Ensuring that Co-operators maintains a
leadership role in the insurance industry
and co-operative movement.
Back row (L-R): Hazel Corcoran, Lorna Knudson, Jessica Provencher (Governance and Co-operative Identity Committee Chairperson), Jennifer Uhren,
Jack Wilkinson (Sustainability Committee Chairperson), Nicole Waldron, Mike Csversko, Pierre Dorval, Michael Barrett
Front row (L-R): Jim Laverick (Audit and Finance Committee Chairperson), Chris Johnson (Compliance and Ethics Committee Chairperson), Phil Baudin,
Robert Moreau (Human Resources Committee Chairperson), Jim MacFarlane, Louis-H. Campagna, Shelley McDade
Absent: Brent Clode, John Harvie (Board Chairperson), Kate Hill, Christie Stephenson, Alexandra Wilson (Board Vice-chairperson and Risk Committee
Chairperson), Rod Wilson
128 Co-operators
Spotlight on our governance
Find out more about our directors, delegates and governance highlights.
124
Delegates who
nominate and elect
our Board of Directors
22
Directors
Board
composition
9
0
2022: 36% 2021: 36%
Target: 50% by the end of 2025
Women delegates in each region
58%
47%
62%
British
Columbia
Alberta
Saskatchewan
53%
20%
20%
26%
26%
13
Men
7
French
speaking
0
With a
disability
Women
Non-binary
Manitoba
Ontario
Quebec
0
Indigenous
1
Visible
minorities
37%
37%
Atlantic
Target: Achieve 50/50 gender
balance within the delegate pool
in each region
41%
Women on the board
Director age ranges
< 45: 3
45 to 49: 1
50 to 54: 6
55 to 59: 2
60 to 64: 3
65 to 69: 2
> 70: 5
652
Cumulative years of experience among
directors in the co-operative and credit union/
caisse populaire sectors
25
Number of days
directors spent in
individual training
and development
8
Number of directors
with a professional
designation
2023 Integrated Annual Report 129
130 Co-operators
Q&A
Sustainability embedment
Co-operators has a heightened emphasis on building resiliency into our operations, investments and advocacy, and building
influence in our communities. Jack Wilkinson, chair of the board Sustainability Committee, explains how the Committee is
playing an integral role in supporting the board's oversight of these critical areas.
Jack Wilkinson
Chairperson,
Sustainability Committee
What issues or trends are top of mind for you and
the Sustainability Committee as we continue to
navigate rapid change in the world around us?
Jack Wilkinson: We need to demonstrate to our
clients that we can deliver on our net-zero targets,
while offering insurance and investment products
that assist us in this necessary transition. Our impact
investments (including investments in resilience)
and climate transition can contribute to catalyzing
sustainable markets. And, on the insurance side,
through our sustainable products and claims solutions,
we can demonstrate to Canadians that it is possible to
rebuild in sustainable ways that prevent future losses.
At the end of the day, our products need to incentivise
behaviours that will reduce risk and protect the
financial security of the people we serve.
The Sustainability Committee (SC) assists the board
in fostering a culture of and leading practices in
sustainability, while providing critical oversight of
Co-operators sustainability performance. The SC
and board have monitored the implementation of
the Sustainability Policy and the organization’s efforts
towards its vision of being a catalyst for a resilient and
sustainable society. This includes monitoring emerging
issues, risks and opportunities and advising on the
sustainability and resilience components of corporate
strategy and engagement.
The SC reviews and recommends policies, strategies
and priorities to enable the integration of sustainability
across the organization. This includes advising on
policies, standards and performance of sustainable
investing activities, including impact investing.
The board oversees the sustainability impacts of key
decisions, and monitors and advises on measures to
enhance sustainability governance practices.
The board also received education sessions on
sustainability topics, including social impact, climate
change, and biodiversity and nature. The board
is committed to its continued engagement in
sustainability and achieving its 2023 to 2026
Board Annual Sustainability Targets.
2023 Integrated Annual Report 131
What are the most significant challenges we
face in terms of embedding sustainability into
our governance?
What have been our greatest achievements
in terms of embedding sustainability into our
governance structure and practices?
JW: Board conversations reveal a palpable sense that
this is a challenge we can meet. Our co-operative
has many levers through which we can influence
the economy — our insurance products, investments,
advocacy, partnerships and relationships. We must use
all of these levers if we are going to be successful.
It needs to be a co-ordinated, co-operative approach,
and we’re committed to continuing this work.
JW: We face a significant challenge in the need to
overcome an impression — or misconception — that
moving quickly to meet pressing sustainability and
net zero targets will hurt our bottom line. In fact,
adapting to a low-carbon future often gives us
unexpected savings, and equips us with a new way of
thinking and problem-solving that can enhance our
profitability, both in the short term, and certainly as
we consider our legacy into the future.
In many ways, we're making great progress in
response to this challenge. Our board and
committee structure have been changed to make
us more accountable. Our president and CEO has set
sustainability performance targets tied to our net-zero
targets as part of his compensation, and this
will be expanded to include vice presidents in 2024.
Now, our task is to further embed these ideals
through our enterprise and assist our members
along their own sustainability journeys.
Sustainability integration
With an increased focus on
sustainability, a member of each
of our standing committees
populates the composition of the
Board’s Sustainability Committee.
This ensures better integration
with each committee’s mandate.
Each Sustainability Committee
representative reports on the
highlights of Sustainability Committee
meetings to their standing committee,
and discusses any matters that may
impact their work.
For key highlights on sustainability
and climate-related board activity
undertaken in 2023 by our board
committees please refer to the
Governance section of our 2023
Climate Report.
132 Co-operators
-
IDEA in Governance
Advancing diversity in
our governance
Bringing IDEA into our governance enhances the board's
understanding and decision-making processes, allowing us
to better represent and deliver value to our members and the
communities we serve. Embracing IDEA in Governance also
positions us as a forward-thinking leader in the financial
services industry and the broader co-operative movement.
2023 Integrated Annual Report 133
Our board recognizes and values the benefits of diversity as a key driver of our co-operative identity, competitive success and governance strength. As such,
the board has emphasized the advancement of IDEA at the governance level over the past two years and embarked on the development of an IDEA in Governance
Strategy in partnership with a leading diversity and inclusion consulting firm.
To support the strategy development, we invited delegates and members’ governance professionals to participate in focus groups and surveys to share their
experiences in our governance. The board then reviewed and provided input to the proposed IDEA in Governance Strategy, which was approved in 2023.
IDEA in governance strategy
Goal one: IDEA in
governance adoption
We will commit to work towards
inclusion, diversity, equity and
accessibility in our oversight and
governance to meet the current
and future needs of our board,
our members and the communities
we serve.
Goal two: Inclusive
leadership and governance
practice
We will model and encourage
inclusive behaviour in our
governance practices. We will
also review our governance practices
with an IDEA lens and consider IDEA
when making decisions and advising
on strategic priorities.
Goal three: Diverse
representation
We will strive to have diverse
representation in all governance levels
of the organization to better reflect the
communities we serve.
Goal four: Culture
of belonging
Building on our belief in democratic
engagement, we will create a
governance culture that is welcoming,
where all voices are being heard and
we will celebrate all milestones.
134 Co-operators
Q&A
Our IDEA in governance strategy
Our strategy is built upon a set of board-approved IDEA guiding principles, and is intended to be used as a framework to
guide future IDEA discussions, to inform policies, and to facilitate and broaden engagement and participation. The guiding
principles also enhance our understanding and decision-making processes, enabling us to better serve our diverse members
and their communities, and position us as a leader in the financial services industry and the broader co-operative movement.
Board director Jessica Provencher explores how we're working to embed IDEA in our governance processes and structures.
Jessica Provencher
Chairperson, Governance and
Co-operative Identity Committee
To support our goals, directors complete foundational
IDEA training, maintain leadership roles in the industry,
and publicly advocate for IDEA in Governance.
They aim for continuous improvement and integrate
IDEA principles into board recruitment, nomination
and election processes, while incorporating
board culture and inclusion practices into their
decision-making.
When you consider the purpose of our
co-operative, how does our IDEA in governance
strategy help us achieve financial security for
Canadians and our communities?
Jessica Provencher: There’s a direct link. If we have a
diverse board, we become equipped with a diverse
lens to better understand the world we live and
operate in. This helps us understand the needs in
our communities and the gaps that exist in terms of
financial security. As a board, we will be better able to
identify opportunities to bridge those gaps. We will
ask questions that prompt us to think differently and
more inclusively about proposed solutions. Not only
does diversity make us more resilient as a business,
it also helps us leave no one behind and serve all
communities, including historically underserved
communities, in their journeys to financial security.
What issues or trends are top of mind for
you as we consider the importance of IDEA,
when it comes to the way financial institutions
are operating — especially in the context of
systemic barriers that might exist in our
industry and society?
JP: There’s a representation problem in our
industry. Financial institutions are often perceived
as being in their own world, one that has historically
favoured a narrow demographic of people that is
not inclusive of the diversity of talent, perspectives
and backgrounds that are represented in our
communities. For our sector to truly succeed and
thrive in a sustainable way that meets the needs of
our communities, we need all types of people to
understand that they have a place at the table and
that we want to learn from them.
We also need to broaden our definition of ‘wealth’.
I believe having more diverse backgrounds and
identities in our governance will enable us to
rethink, and redefine, what wealth means and
how we measure it, even in a very generic way.
We should also be rethinking what role and impact
organizations and businesses should ultimately
have in our society. I believe Co-operators is an
impactful organization with a strong purpose, and I
am convinced that our IDEA in Governance Strategy
can help us to not only achieve the goals of our
co-operative, but better enable us to be leaders to
catalyze a more resilient and equitable society.
2023 Integrated Annual Report 135
What are the most significant challenges we
face in terms of successfully implementing
IDEA in our governance?
JP: We’re governed by a wide range of
members, which operate across a variety
of sectors and geographies. Keeping our
members involved and committed to the
IDEA in Governance Strategy will be a
challenge. Because they nominate and elect
our Board of Directors, members are the
first key players in this work. We need to
understand them and how they can contribute
to the strategy, so we can support each other
along this journey. This challenge also provides
a great opportunity to make a broader impact
because, as we provide training and education
to our members, we can continue to cultivate
and nurture conversations with thousands of
their members from coast to coast to coast.
We can’t rest on our laurels and expect
transformations in our society to do the work
for us. We need to remain focused, intentional
and committed to executing on the strategies
we put in place.
136 Co-operators
Governance
Democratic succession
In 2023, the board approved the introduction of a Democratic Succession Sub-committee to enhance Co-operators approach
to democratic succession more deliberately. The sub-committee will seek to ensure that strategies, policies, processes and
practices related to delegate appointment and director nomination and election are aligned with our democratic structure,
renewal mechanisms and IDEA in Governance.
Michael Barrett
Director,
Board of Directors
It is critical that our board have the appropriate mix
of skills, experience, diversity and perspectives
required to oversee and guide our future success.
To ensure this, our board is focused on succession
planning for board leadership positions (board and
committee chairperson roles), renewal mechanisms,
and opportunities to progress IDEA in governance.
In 2023, the board introduced the Chairperson
Learning and Development Pathway to support board
leadership development, with an annual board and
committee chairperson training session; approved
a 15-year director term limit, which will be subject
to member approval in 2024; and introduced a
Democratic Succession Sub-committee, which will
become effective in 2024.
The resilience of our co-operative depends in part
on having delegates and directors who contribute a
diversity of skills, views and experiences to oversight
and decision-making. Continuity within the delegate
body and the board helps build corporate memory for
sustained oversight effectiveness, while renewal brings
fresh thinking, reflects societal changes, and creates
opportunities for previously under-represented groups
to participate in governance. In appointing delegates
and nominating persons for election to the board,
our members must keep this fine balance in mind.
How does democratic succession help us
achieve financial security for Canadians
and our communities?
Michael Barrett: One of the primary objectives of
the board is to protect both our members’ and our
clients’ investment and well-being through financial
oversight. Done well, succession helps to ensure that
our diversity and our shared values are protected and
enhanced. It contributes to a strong member-owned
co-operative through a highly skilled and diverse
board that is based upon balancing skill and values.
This supports our broader community focus.
What issues or trends are top of mind for you
and the democratic succession sub-committee
as we continue to navigate the evolving
operating environments and contexts of
financial institutions?
MB: Society evolves. Insurance evolves. Governance
matures. As a co-operative it’s crucial that we represent
and recognize our communities and the need for
representation. Products and outreach are critical
steps forward. Recognizing our past, we must chart our
future taking into consideration the need for diversity,
equity, and our partnering in an environmentally
sensitive future. As a co-operative, we need to continue
to lead initiatives that illustrate our values-driven
targets, demonstrating our commitment to the needs
of our communities and our members.
What are the most significant
challenges we face in terms of
democratic succession?
MB: In a market that continues to
face change (financial regulations,
governance, societal and environmental
pressures), we need to work towards
ensuring a strong board, with diverse
representation from all communities,
combined with a unique balance
between skills and values. There is a
need for continued strong representation
at all levels of our governance model.
This will help us work towards solutions
to the critical elements that we need to
step forward in leadership. Specifically,
we are committed to ensuring that we
embed principles of IDEA, sustainability,
and transparency into our democratic
succession planning.
2023 Integrated Annual Report 137
Governance
Spotlight on our members
Find out more about our member organizations and the sectors and regions
they represent.
Member organization sectors represented
Agriculture (37%)
Service (30%)
Finance (17%)
Retail / Consumer (7%)
Health (7%)
Labour (2%)
46
Member organizations
Delegates represent
7
regions across Canada
British Columbia / Alberta /
Saskatchewan / Manitoba /
Ontario / Quebec / Atlantic
“One of the most valuable aspects of the member relationship is
knowledge sharing. By connecting with leadership across the member
network, we share valuable insights, experiences and best practices,
which contribute to increased efficiency, effectiveness and success
across the sector.”
Cathy Lennon, General Manager, Ontario Federation of Agriculture
138 Co-operators
Governance
The next
generation of
co-operative
leaders
Working in collaboration with
Co-operatives and Mutuals Canada
(CMC), we’ve provided a unique
leadership development opportunity
for 12 up and coming changemakers
who are making a difference at their
co-op and within their community,
with the Co-operators Young
Leaders Award.
Kristen Murray
2023 Co-operators Young
Leaders Award Winner
“Being a part of the Co-operators
Young Leaders community has been
an extraordinary experience. I have
been endlessly thankful for the
opportunities, the friends and the
learning that have blossomed from
the CYL Award.”
Pictured right: 2023 Co-operators Young Leaders
Award Winners
2023 Integrated Annual Report 139
Member information
Our members
We are governed by 46 members – a group of co-operatives, credit union centrals and representative farm organizations
that operate on a co-operative basis. Together, we deliver broad benefits to members and clients, enriching the social fabric
of our communities.
Manitoba
• Arctic Co-operatives Limited
• Bee Maid Honey Limited†
• Caisse Populaire Groupe Financier Ltée
• Credit Union Central of Manitoba Limited
• Keystone Agricultural Producers
Ontario
• Caisse Populaire Alliance Limitée
• Co-operative Housing Federation of Canada†
• Gay Lea Foods Co-operative Limited
• GROWMARK, Inc.
• Ontario Federation of Agriculture
• Ontario Organic Farmers Co-operative Inc.
• St Albert Cheese Co-operative Inc.
• United Steelworkers - District 6†
British Columbia
• Agrifoods International Cooperative Limited†
• BC Agriculture Council
• BC Tree Fruits Cooperative
• Central 1 Credit Union†
• Modo Co-operative
• PBC Health Benefits Society
• Realize Strategies Co-op
Alberta
• Alberta Federation of Agriculture
• Alberta Federation of Rural
Electrification Associations
• Credit Union Central Alberta Limited
• Federation of Alberta Gas Co-ops Ltd.
• UFA Co-operative Limited
Saskatchewan
• Access Communications Co-operative Limited
• Agricultural Producers Association
of Saskatchewan
• Credit Union Central of Saskatchewan
• Federated Co-operatives Limited†
• Regina Community Clinic
Quebec
• Exceldor†
• Fédération des coopératives d’alimentation
du Québec
• Fédération des coopératives du
Nouveau-Québec
• Fédération des coopératives funéraires
du Québec
• Fédération québécoise des coopératives
de santé
• Fédération québécoise des coopératives en
milieu scolaire/COOPSCO
• Sollio Cooperative Group
• william.coop
Atlantic
• Amalgamated Dairies Limited
• Atlantic Central
• Atlantic Retail Co-operatives Federation
• Canadian Worker Co-operative Federation†
• Newfoundland-Labrador Federation of
Co-operatives
• Northumberland Cooperative Limited
• Scotian Gold Cooperative Limited
• UNI Coopération financière
†Multi-region
140 Co-operators
-
2023 Integrated Annual Report 141
Additional report information
Take a detailed look
at our disclosures
Learn how we’ve aligned our strategy to the United Nations
Sustainable Development Goals and get an overview of
our strategic performance. Get further details of our
consolidated financial statements, investment
portfolio ratings and capital tests. Finally, delve
into how we assess and manage risks,
and explore our integrated reporting
process and report materiality.
142 Co-operators
United Nations Sustainable Development Goals
Our strategy is linked to global
sustainability efforts
In support of our vision to catalyze a resilient and sustainable society, we’ve endorsed all
17 of the United Nations Sustainable Development Goals (SDGs) and have aligned our
2030 Enterprise Long-term Goals to them.
To ensure that we are meaningfully and strategically aligning our organization to the SDGs, we have developed a
framework to help illustrate our impact as an insurer, an investor, a business and a co-operative. While we have endorsed
all of the SDGs, we acknowledge that there are key goals and targets where our strategic focus can have a more relevant
and significant impact.
Our SDG Framework
Co-operators role in society
SDG Contributions
Insurer: We offer risk transfer and management products and
services and settle claims.
2, 3, 7, 8, 11, 12, 13
Investor: We invest our financial assets and are an active
investment steward, advocating for the SDGs.
Business: We manage our business operations and the
procurement of goods and services.
Co-operative: We engage our member organizations, invest
in the sustainability and resilience of our communities, and
advocate for sustainable policies, economies, and legislation.
2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 13, 17
3, 5, 7, 10, 12
All SDGs
2023 Integrated Annual Report 143
UN SDG
SDG target
or indicator
2023 Highlight
1:
No poverty
1.2 reduce poverty
1.4 equal access to
financial services
1.5 climate resilience
of the poor/vulnerable
1.2 – $1.6 million was disbursed in 2023 through corporate giving and Co-operators
Community Funds, to support employability as well as personal and financial resilience.
1.4 – Our wealth products, services and advice are inclusive of lower-income Canadians.
1.5 - We contributed $150,000 to Partners for Action, in part to support the launch of their
Social Vulnerability Index. This tool locates areas of marginalized and lower-income populations,
and overlays this information on a map with flood zones to determine where programming and
additional resources are needed to help reduce the impact of flood events.
2:
Zero hunger
2.4 build sustainable
and resilient food and agricultural
systems
2.4 – Through our Corporate Venture Capital Fund, we invested in Vive Crop Protection,
a company that develops products and technologies to increase agricultural grower return
on investment, efficiency and sustainability.
3:
Good health
and well-being
3.4 mental health
and well-being
3.4 – We paid $33.9 million in mental health-related group benefits claims in 2023.
4:
Quality
education
4.4 increase skills for employment
4.4 – We held an event with 22 Indigenous youth, 4 non-Indigenous youth and 25 service
providers to co-develop programming for Indigenous Youth Employability in Canada.
5:
Gender equality
5.1 end discrimination
5.5 equal opportunity
for women in leadership
(5.5.2: The proportion of women
in managerial positions)
5.1 – We have 10 Employee Resource Groups in place, which are voluntary, employee-led groups
that foster an inclusive and equitable workplace and help give a voice to historically marginalized
or under-represented groups.
5.5 - 42% of our senior leaders (vice president and above) identify as women.
6:
Clean water and
sanitation
7:
Affordable and
clean energy
6.6 protect/restore
water-related ecosystems
6.6 - We provided $50,000 in funding to the Natural Assets Initiative, to further its efforts to
build the investment case for scalable watershed financing.
7.2 increase renewable
energy share
7.2 - Impact investments supported projects that generated 21.4 million MWh of
renewable energy.*
7.3 improve energy efficiency
7.3 – We opened two new workplaces in LEED certified buildings in Calgary.
More
information
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144 Co-operators
UN SDG
SDG target
or indicator
2023 Highlight
8:
Decent work
and economic
growth
8.4 improve resource efficiency
8.6 reduce youth unemployment
8.10 access to financial services
for all
8.4 – We are diverting waste and promoting the circular economy in claims through the
resilient and sustainable claims processes.
8.6 – Through the Inclusive Economy area of focus of our corporate giving program,
Co-operators Community Funds, and the Indigenous Youth Employability Program, we are
focused on funding initiatives that aim to reduce youth unemployment.
9.1 develop resilient
infrastructure
9.1 – Our resilience investing project aims to fund climate-resilient infrastructure in communities
across Canada.
8.10 – Our wealth products and services increase access to financial services (see 1.4).
9:
Industry,
innovation and
infrastructure
10:
Reduced
inequalities
9.4 more low-carbon and
resource-efficient infrastructure
and industry
9.4.1 CO2 emission per unit
of value added
10.1 income growth for
bottom 40%
10.2 inclusion for all
11:
Sustainable
cities and
communities
11.1 access to affordable housing
11.2 access to sustainable
transport systems
9.4 – We were responsible for 21,311 tonnes CO2e emissions in 2023, which were neutralized
through offsets.
9.4.1 – Our emissions relative to total income was 3.2 tonnes of carbon dioxide
equivalent/$1 million in 2023.
10.1 – Through Co-operators Community Funds impact investing efforts, we invested $125,000
in Windmill Microlending, a national charity that provides affordable microloans to financially
vulnerable clients.
10.2 – Through our social impact framework we fund GOOD TO BE GOOD, a non-profit
offering training, supports and resources to women and gender-diverse individuals from
priority communities.
11.1 and 11.2 – Impact investments supported projects and initiatives that were responsible for
44,918 units of affordable housing, in addition to green bonds that fund sustainable transportation
in our communities.*
More
information
Page 34
Page 115
Page 44
Page 66
Page 83
Page 83
Page 60
Page 115
Page 59
Page 30
11.5 reduce losses from disasters
11.b communities adopt policies/
plans for inclusion, resource
efficiency, and climate resilience
11.5 – Our Comprehensive Water insurance product is Canada’s only flood product to provide
coverage for all overland flood risk levels, including storm surge. We are also collaborating
with ICLEI Canada, through the Financing Resilient Infrastructure Project, working with
10 Canadian municipalities to develop resilient infrastructure project profiles that private
investors could help realize. Results of the program will be shared to help other municipalities
identify finance-ready climate-resilient infrastructure projects in their communities.
11.b – Our partnership with the Federation of Canadian Municipalities aims to increase
capacity to build climate-resilient infrastructure.
Page 58
2023 Integrated Annual Report 145
UN SDG
SDG target
or indicator
2023 Highlight
12:
Responsible
consumption
and production
12.5 reduce waste generation
12.5 – Claims solutions and partnerships promote the circular economy and reduce waste from
the claims process.
12.6 corporate adoption of
sustainable practices
12.8 educate public on
sustainable lifestyles
12.6 – Addenda Capital advocates for and supports companies in adopting ESG principles and
reaching net zero targets.
12.8 – We support several initiatives that help educate and inform the Canadian public on
sustainability. Our Future of Good journalistic community fellowship supports journalists writing
articles on community resiliency; core funding for Partners for Action has helped produce a wide
variety of flood risk prevention resources online at floodsmartcanada.ca; and funding for Green
Economy Canada is supporting their work in helping small to medium enterprises reduce their
emissions and putting plans in place towards net zero.
More
information
Page 34
Page 56
Pages 71
and 116
13:
Climate action
13.1 build climate resilience
13.2 integrate climate into
national policies/plans
13.3 awareness-raising on
climate change mitigation,
adaptation, impact reduction
and early warning
14.2 build resilience and restore
coastal ecosystems
15.1 conserve, restore and
sustainably use ecosystems and
their services
16.7 ensure responsive, inclusive,
participatory, and representative
decision-making
14:
Life below
water
15:
Life on land
16:
Peace, justice
and strong
institutions
17:
Partnerships for
the goals
13.1 – We contributed to the development of Canada’s National Adaptation Strategy through
an advisory table, cross-sector coalitions, a comprehensive submission of our recommendations,
and 1:1 meetings.
Page 71
13.2 – Our advocacy efforts are geared toward integrating climate solutions, resilience and action
into Canada’s economy and policies.
Pages 65
and 71
13.3 – We sent 65,589 Weather Alerts to clients to help them prepare and protect their property
in advance of extreme weather events.
14.2 – Through Addenda Capital, we have signed on as a partner and sit on the advisory board
of the Valuing Water Finance Initiative, a global investor-led effort, facilitated by the NGO Ceres, to
engage companies to value and act on water as a financial risk and drive the necessary large-scale
change to better protect water systems, including protection of freshwater and coastal ecosystems.
15.1 – Addenda Capital signed on as a participatory investor of Nature Action 100, which aims to
mobilize investors to increase company action to stem nature and biodiversity loss.
Page 65
16.7 – We launched a Reconciliation Strategy in 2023.
Page 98
17.17 multi-stakeholder
partnerships
17.17 – Through our advocacy work and community investments, we build multi-stakeholder,
cross-sector partnerships that can build imaginative solutions to pressing environmental,
social and financial challenges.
Pages 65,
71 and 114
*The impact does not result solely from our investments, but depicts the total impact achieved by the projects and initiatives in which we invest. Because of reporting
periods, this value is for fiscal 2021 and 2022.
146 Co-operators
Our 2023 strategic performance
Note: If the target is due in 2026, terminology is “above expectations”, “on track”, or “below expectations”. If the target is due in
the current reporting year, terminology is “exceeded”, “achieved”, or “not achieved”.
Co-operative identity
Strategic KPI
Target
Description
2023
Status
Discussion
Co-operative business
volume*
$1.6 billon by the
end of 2026
Member engagement
N/A
Premiums and deposits from
clients who do business with
us through a Member Benefits
Program (includes Creditor
Business through CUMIS),
Co-op Guard, or other products
where the co-operative may
not be part of our member
organizations.
The level of relationship
effectiveness as evaluated
by delegates and corporate
contacts.
$1.46
billion
On track
93%
On track
Community
contributions
4% to 4.5% of net
income before
taxes each year
4.1%
Achieved
The amount of pre-tax profits
(attributable to members)
contributed to communities
through Canadian co-operatives,
non-profits and charities.
Calculation uses current year
contributions and average pre-tax
profits from the prior five years.
Total Co-operative Business Volume is above plan
in 2023 after rebounding from a shortfall in 2022.
Growth was driven by proactive retention of member
corporate accounts, a focus on broker and advisor
communication, and active promotion of the
Member Benefits Program (MBP) which helped
bring our MBP book to over 178,000 households.
Feedback provided by members informs our action
plan to improve their experience and engagement.
Since the 2021 survey, we have seen turnover in
delegates and management at our member
organizations. We supplied marketing toolkits
for the Member Benefits Program and involved
members in our strategy through tailored workshops
at key events like the Member Experience Summit,
Region Committee Meetings, and the Annual
General Meeting.
Our Social Impact Framework is focused on
building community well-being and resilience.
We contributed $1.6 million more than 2022,
with total community investment surpassing
$12 million. Our community impact is amplified
through close partnerships with other co-ops
and like-minded organizations.
*Metric includes growth associated with individuals who are members of one of our member organizations, including growth related to identifying these individuals
within our existing client base.
2023 Integrated Annual Report 147
Client engagement
Strategic KPI
Target
Description
2023
Status
Discussion
Co-operators brand
awareness
Within 5% of
Insurance & Wealth
Competitor
Average by the
end of 2026
The national brand health
tracking survey conducted by
Northstar tells us how aware
consumers are of our brand,
compared to our peers.
Omni channel client
experience
Top 5 amongst our
peer group by the
end of 2026.
Relationship NPS measures how
likely clients are to recommend
Co-operators to a friend or
relative. Result is the average
of quarterly results compared to
competitors in the home and
auto segment.
Awareness:
47%
On track
Tied for 3rd On track
Our brand awareness score is within 5% of the
competitor average. We refreshed our brand
advertising to reinforce our position as a holistic
provider of financial services that offers both
investment and insurance solutions.
Our strong relationship NPS reflects our client
experience leadership position and commitment
to ensuring a positive experience however
clients choose to interact with us across
our Guided Omni channel.
Profitability and growth
Strategic KPI
Target
Description
2023
Status
Discussion
Operating revenue
growth
$7.7 billion by the
end of 2026
Wealth AUM/AUA growth $7.9 billion by the
end of 2026
Insurance revenue plus other
income measures our top line
from both insurance and
non-insurance services.
Assets under management (AUM)
and Assets under Administration
(AUA) are indicators of business
volume. Includes segregated
funds, mutual funds,
and investment contracts.
Excludes Addenda and Aviso.
$5.81
billion
Above
expectations
Growth exceeded expectations this year due
to higher average premium and strong client
growth across most business lines. Maintaining an
appropriate balance between rate and unit growth
will be key to realizing our strategic goals.
$5.79
billion
Above
expectations
Our wealth management operations benefited from
record-high deposits in our Mutual Funds offering
and strong performance in financial markets.
Client growth
1.07 million clients
by the end of 2026
The total number of clients within
our Guided Omni Channel.
982,547
clients
Above
expectations
Our Guided Omni channel now serves over
32,000 more Canadians than it did a year ago.
Client growth was exceptional across personal
P&C lines of business, including the recreational
vehicles segment.
148 Co-operators
Strategic KPI
Target
Description
2023
Status
Discussion
CGL operating revenue
growth excluding private
passenger
$5.4 billion by the
end of 2026
Operating revenue excluding
private passenger auto.
Includes revenue from all
distribution channels.
$4.04
billion
Above
expectations
Advisors’ operating
revenue growth excluding
private passenger
$345 million by the
end of 2026
Advisors’ operating revenue,
excluding private passenger auto.
This is revenue for advisors and
an expense for CGL.
$287
million
On track
P&C expense ratio
At or better than
industry by the end
of 2026
The ratio of all expenses
to insurance revenue.
Excludes Sovereign.
30.3%
On track
104.4%
Below
expectations
22.2%
Below
expectations
P&C combined ratio
95.7% by the end
of 2026
Life general
expense ratio
17.5% by the end
of 2026
Life return on equity
(shareholder)
13% to 17%
each year
CGL return on equity
10% to 12%
each year
The ratio of all expenses,
plus claims and adjustment
expenses, to insurance revenue.
Excludes risk adjustment and
discounting. Includes Sovereign.
The ratio of general expenses
to net earned premium plus
fees and other income.
Excludes income from
investments in Aviso
and Allianz.
Total ROE excluding participating
policyholders, non-controlling
interest, and accumulated other
comprehensive income.
Total ROE excluding participating
policyholders, non-controlling
interest, and accumulated other
comprehensive income.
Adjusted for impact of
invested assets at CFSL.
17.2%
Exceeded
Life operations performed well this year due to
experience gains and less new business strain
than anticipated.
5.3%
Not achieved
Overall profitability decreased since 2022 and fell
short of expectations largely due to unfavourable
underwriting results from P&C operations. We anticipate
achieving a result just below our long-term target in
2024 led by appropriate rate increases and continued
expense management.
Revenue excluding private passenger auto (PPA)
exceeded expectations and grew alongside total
revenue due to higher average premium and
strong client growth across most business lines.
Our performance reflects efforts to diversify and
become less reliant on PPA in the future.
Financial Advisors’ revenue excluding PPA is aligned
to expectations and grew slightly more than for
Co-operators overall. Our performance reflects efforts
to diversify the Financial Advisor network to become
less reliant on PPA in the future.
Our 2023 expense ratio (Q4 YTD) improved over prior
year, and, as of Q3 2023 (most current industry data
available), was 0.3 percentage points better than
industry. We launched initiatives to reduce spend
and realize efficiencies across the organization.
We also benefited from extraordinary expense
savings in 2023 that are not expected to persist.
A result above 100% is unfavourable and reflects
an underwriting loss from P&C operations.
Current accident year claims increased, and we
experienced unfavourable claims development
in many lines of business.
Our general expense ratio is higher than expected
due to salaries and benefits exceeding plan. We expect
to see a gradual improvement to our general expense
ratio as we continue to profitably grow our
life operations.
2023 Integrated Annual Report 149
Description
2023
Status
Discussion
We are developing new
capabilities and partnerships
in the embedded insurance
marketplace to help navigate
evolving client preferences and
ensure a positive experience
however Canadians choose to
interact with us.
We are pursuing new
opportunities adjacent to our
core business that contribute to
building resilience for Canadians
and Canadian communities.
N/A
N/A
N/A
N/A
We launched our first embedded insurance application
programming interfaces (API) for events and tenant
insurance. An API allows for communication between
our IT infrastructure and that of our partners, enabling
them to seamlessly embed the insurance experience
directly into their app, platform, or website.
We invested in HomePorter, a company with an
innovative home management platform that seeks
to make homeowners’ lives easier and more resilient.
Homeowners are connected with trained professionals
to receive unbiased advice and quality services to
support them throughout the homeownership journey.
Business capabilities
Strategic KPI
Emerging business
models
Target
N/A
Adjacent business models
N/A
Workforce capabilities
Strategic KPI
Target
Description
2023
Status
Discussion
Global Diversity,
Equity, and Inclusion
Benchmarks (GDEIB)
Overall GDEIB of
“Progressive” (4.0)
by the end of 2026
Employee engagement
score
At or above financial
services industry
average.
The Global Diversity, Equity,
and Inclusion Benchmarks
(GDEIB) is the leading indicator
globally for measuring and
advancing diversity, equity,
and inclusion.
Pulse surveys conducted by
Glint to measure how happy
employees are working at
Co-operators and if they
recommend it as a great place
to work. Re
sult is the average
of pulse surveys conducted in
the year.
3.93
On track
Our inclusion, diversity, equity and accessibility (IDEA)
program built more precise metrics to guide future
actions and made significant progress through
expanded learning and development. We launched our
Reconciliation Strategy and established the GDEIB as a
key metric for the advancement of IDEA.
78%
Exceeded Our engagement score is better than the financial
services industry average of 76%. Areas of strength
include respectful treatment and manager feedback,
whereas well-being and recognition are emerging areas
of concern. We are focused on supporting leaders as
they build action plans specific to their team’s results.
Advisor engagement
score
55% to 60% by the
end of 2026
Annual survey to measure advisor
engagement and satisfaction.
44%
On track
We understand the degree of change we are asking
advisors to make to support our strategy and the
challenges that have come along with it. We are
committed to supporting the advisor retail sales
network and appreciate our advisors’ dedication
to achieving our purpose.
150 Co-operators
2023 financial statements
Income statement summaries
As a result of the retrospective adoption of new accounting
standards, IFRS 17 and IFRS 9, on January 1, 2023, all 2022 figures
have been restated.
The Co-operators Group Limited
Consolidated Statement of Income
Year ended December 31
P&C operations direct written premium by lines of business
Direct written premium in our P&C operations increased 11.2%,
primarily due to higher average premiums in all lines of business
as well as strong policy growth in all lines except for home.
Life operations premiums and deposits by lines of business
Our life operations’ total premiums and deposits grew 13.9% in
2023 led by continued strong growth in our wealth management
line of business, and solid growth in our group benefits, travel,
and individual Insurance lines. The wealth management line was
driven by a 57.8% increase in mutual fund deposits.
Net investment income and gains
Our investment results continue to be impacted by the volatility of
interest rates and equity markets. The overall favourable movement
in the results was mainly driven by the general stabilizing monetary
policy in the current year compared to rapid interest rates hikes in
the prior year which were made to combat inflation. In 2023,
the decrease in interest rates positively impacted the fair value
of our bond portfolio and conversely, in 2022, the rising interest
rates negatively impacted the fair value of our bond portfolio.
Common equity markets were positive in 2023 compared to
significant decreases in 2022, while the preferred equity market
was flat in 2023 compared to a decrease in 2022.
(in millions of dollars)
Insurance revenue
Insurance service expenses
Net expenses from reinsurance contracts
Insurance service result
Net investment income and gains (losses)
Movement in investment contract liabilities
2023
2022
(Restated)
5,627.7
5,320.1
(4,884.2)
(4,204.4)
(171.6)
571.9
835.6
(8.0)
(194.0)
921.7
(869.3)
(5.6)
751.1
(16.6)
Net finance income (expense) from insurance contracts
(477.5)
Net finance income (expense) from
reinsurance contracts
37.7
Net investment and insurance finance result
387.8
(140.4)
Fees and other income
Other operating expenses
Other operating income and expenses
Income before income taxes
Income tax expense
Net income
Net income attributable to:
Members
Participating policyholders
Non-controlling interest
Net income
186.5
(835.6)
(649.1)
310.6
(61.9)
248.7
200.9
36.8
11.0
248.7
142.4
(743.4)
(601.0)
180.3
(38.2)
142.1
105.8
25.7
10.6
142.1
Summarized consolidated statement of
financial position
As a result of the retrospective adoption of new accounting
standards, IFRS 17 and IFRS 9, on January 1, 2023, all 2022 figures
have been restated.
Our balance sheet position remains strong, with almost $4.9 billion
in capital. Our regulatory capital positions, as measured by the
Minimum Capital Test (MCT) and the Life Insurance Capital Adequacy
Test (LICAT), also remain strong with our ratios well above regulatory
requirements. Invested assets increased by 8.7% in the year as a result
of the decrease in interest rates – which increases the fair value of our
bond portfolio - as well as the strong, albeit volatile, equity markets
throughout the year. Our bond portfolio makes up 58.6% of the
portfolio and is well-diversified geographically and by sector
with over 97% of bonds considered investment grade.
2023 Integrated Annual Report 151
The Co-operators Group Limited
Summarized consolidated Statement of Financial Position
As at December 31
(in millions of dollars)
ASSETS
Invested assets
Segregated fund assets
Other assets
Total assets
LIABILITIES
Insurance and investment contract liabilities
Segregated fund liabilities
Other liabilities
Total liabilities
EQUITY
Member equity
Participating policyholder account equity
Non-controlling interests
Total equity
Total liabilities and equity
2023
2022
(Restated)
12,344.6
11,359.5
3,766.0
3,008.2
3,595.3
2,738.9
19,118.8
17,693.7
8,906.9
3,766.0
1,583.7
8,102.3
3,595.3
1,470.0
14,256.6
13,167.6
3,789.0
3,504.2
863.7
209.5
813.1
208.9
4,862.2
4,526.2
19,118.8
17,693.8
152 Co-operators
Invested asset mix
We invest our assets responsibly
for our stakeholders
How we invest our assets influences our financial stability, as well as our investment returns. Bonds make up the majority
of our asset portfolio, which have a lower risk profile relative to other investments.
Bonds (58.6%)
Stocks (15.4%)
Mortgages (9.4%)
Short-term
investments (4.3%)
Other (12.3%)
Bonds — consists of Canadian government debt instruments and corporate bonds diversified
both geographically and by sector. The credit quality of the portfolio is as follows:
AAA
AA
A
26.9%
30.4%
24.9%
14.9%
BBB
Below BBB 2.6%
Not rated 0.3%
Stocks — consists largely of publicly traded common and preferred shares and is
diversified by geography, sector and issuer:
Canadian 55.9%
Canadian Preferred 25.9%
U.S. 13.5%
International 4.7%
Mortgages — primarily in a diversified portfolio of Canadian commercial properties.
0.01% loss ratio for the last 5 years.
Ratings
External rating agencies rate our companies and recognize our strong capital position along
with our strong brand recognition in the industry and diversified operations. All ratings are
investment grade (BBB-/bbb- or better). Information on Issuer Credit Rating and Financial
Strength Rating can be found online at cooperators.ca.
2023 Integrated Annual Report 153
Capital tests
Our strong capital position provides financial
security in challenging times
Our capital allows us to protect our policyholders through volatile insurance and economic environments, to meet regulatory
and rating agency expectations, to invest into strategic initiatives to achieve our short and long-term goals, to continuously
invest into communities through the Corporate Venture Capital (CVC) fund or other programs, and to pursue business
opportunities as they arise. At year end, we remain well-capitalized and strongly positioned to face future uncertainty.
Note: The Minimum Capital Test (MCT) and the Life Insurance Capital Adequacy Test (LICAT) are ratios we calculate and monitor to ensure we have sufficient
capital to support our regulated businesses. The MCT applies to property and casualty insurers (CGIC Consolidated), and the LICAT applies to life insurance
companies (CLIC Consolidated). We hold capital beyond the minimum regulatory requirements for both companies.
Co-operators General Insurance Company Consolidated Minimum Capital Test (MCT)
239%
2021*
251%
2022*
236%
2023
The Office of the Superintendent of
Financial Institutions Supervisory MCT
Target: 150%
Co-operators Life Insurance Company Consolidated Life Insurance Capital Adequacy Test (LICAT)
159%
2021*
158%
The Office of the Superintendent of
Financial Institutions Supervisory LICAT
Target: 100%
148%
2022*
2023
*Prior year MCT and LICAT ratios are not restated as filed under IFRS 4. The 2022 LICAT ratio is restated based on the final filing.
154 Co-operators
Risk management
We manage risk through a robust
and continuous process.
We continuously and effectively balance the risk-reward trade-off of our enterprise, while remaining consistent with our
co-operative vision and values. This preserves our ability to thrive within our overall appetite for risk. To do so, we use
sophisticated modelling to support decision-making in setting risk-based capital targets, which are essential to our
strength and our clients’ financial security. We view risk management as a shared responsibility of all business lines
and all employees across our co-operative.
1. Identify
We identify risks through internal
surveys, interviews and discussions
with all departments across our
enterprise. Through a variety of
environmental research scans and
emerging risk surveys, we identify
new and/or evolving risks.
4. Monitor and report
Our ERM team continuously monitors
and regularly reports on these risks
to the board’s Risk Committee,
management and regulators.
2. Assess
We rank the top risks to our
organization and assess their
potential impacts. We consult with
risk advisors for input on plans to
manage these risks and insight on
how these risks are trending.
3. Quantify
We quantify risk exposures using
various measurements, models and
tools, including stress-testing and
sensitivity-testing.
Our enterprise risk
management program
Our enterprise risk management
team undertakes an annual
structured and integrated
assessment to independently
identify key risk factors that may
impact our ability to achieve our
strategic goals and objectives.
The results and discussions that
stem from this assessment inform
our business and strategic planning
processes, operations and decision-
making. In addition, with the support
of our capital modelling teams,
we annually evaluate our capital
management plans alongside our
evolving risk profile to ensure we
have appropriate capital levels
to responsibly manage the risks
we accept.
2023 Integrated Annual Report 155
We manage and anticipate risks to
prepare for an uncertain future.
To understand and prepare for the risks and opportunities in the world around us, we follow a rigorous process. An effective risk
management function allows us to transform our business strategy, operations and decision-making to meet the needs of our
members, clients and communities; not just today, but long into the future.
How we define our risk appetite
Our risk appetite defines the types and amount of risk we are willing and able to responsibly accept, while earning
an appropriate return and fulfilling our strategic goals and objectives. It describes the risks we will avoid, the risks
we are prepared to assume and the limits we place on assumed risks. We develop and establish our enterprise risk
appetite through a collaborative culture between ERM and other departments across our organization.
Our risk universe
We categorize the top risks and monitor and manage them through our risk universe.
Risk type
Top risk in 2023
Investment and financial risks
Includes credit risk, market fluctuations in
terms of equity markets, interest rates and
foreign exchange, and liquidity risk.
Rising interest rates
As a co-operative, we have limited access to capital. It’s imperative that our
capital is both protected and working as efficiently as possible. Rising interest
rates have had a negative impact on our capital levels. We continue to monitor
and manage both our equity market risk tolerance and bond portfolio impacts
in an inflationary environment. Our management team is prepared to execute
a variety of mitigating strategies as needed to protect against the potential
downside risk to our regulatory capital ratios.
Insurance risk
Includes risk of financial loss from
claims and/or paid benefits that are
higher than expected when initially
priced. This includes exposure to
catastrophic perils that would impede
our ability to meet business goals,
including climate-related catastrophes.
It also includes risks related to our life,
health and travel insurance lines
of business.
Extreme weather and climate change
As we experience more extreme weather activity, we face increasing risk
that our property insurance products will fail to remain affordable over the
long term. To mitigate against this possibility, we continue to expand our
offering of innovative and sustainable insurance solutions, and to advocate
for the importance of addressing climate-change risks. Our Climatic Hazards
and Advanced Risk Modelling (CHARM) team has made significant
investments in research and development to provide strategic insights
based on advanced modelling and analytics, including the quantification
of our portfolio accumulations across regions.
156 Co-operators
Operational risk
Includes risks to prolonged interruption
in business operations after a disruption,
risks associated with executing on
projects effectively, risks of legal and
regulatory compliance, risks associated
with technological gaps and data
security, and more.
Rising inflation risks
Inflation is detrimental to P&C claim costs, particularly this pandemic-driven,
pent-up demand environment, which has resulted in property insurers paying
much higher settlement amounts as a result of supply chain constraints relative
to the general Consumer Price Index.
Future of work
We face ongoing uncertainties around the new hybrid workplace model,
particularly when it comes to how we will foster a growing resilient and agile
workforce that embraces transformational change and aspires to a continuous
improvement mindset. This includes setting efficient processes, enabling
technology and overcoming project management complexities.
Strategic risk
Includes risks of not understanding
client preferences and behaviours, risks
posed by changes in the competitive
market, and risks presented by business
landscape changes.
Shifting client preferences and behaviours
Social expectations for products, services and digital purchasing preferences
are shifting quickly and significantly. This shift is driving an accelerated pace of
technological change and product/service re-design. If we fail to adequately
respond to these shifting preferences and behaviours, it could inhibit our
ability to deliver on our strategic priorities.
We engage in regular dialogue with our key stakeholders throughout the year to
understand and respond to issues that are important to them, and to ensure our
strategy and plans adequately anticipate, address and solve for these challenges.
We have committed significant resources to developing the service tools to be a
leader in client engagement.
Reputation risk
Includes risks resulting from activities,
decisions or actions that impair our
integrity in the community.
Cyber security risk
The evolving nature of sophisticated cyber attacks globally are growing, putting us
at increased risk if we fail to stay current in addressing vulnerabilities. Data privacy
breaches could result in disruption to our clients and impact our organization
materially through both financial losses and reputational impacts.
In recent years, we’ve made a significant investment to modernize our technology
platforms and protect against cyber vulnerabilities, while leveraging new
technologies to provide a much higher level of service, adaptability and affordability
for our clients. We have partnered with leading cyber security firms, which give us
real-time access to cyber threat intelligence blogs, feeds and regular dialogues to
discuss threat actors and activity. Our Center for Security Operations integrates
this intelligence into our incident and activity monitoring tool for prevention,
early detection, and to strengthen our mitigating response strategies.
2023 Integrated Annual Report 157
Report materiality process
We engage with key stakeholders to
connect with what matters
Throughout the year, we stay in touch with the people, organizations and institutions that are most integral to our purpose.
Key stakeholder
How we engage them
Clients: Canadians and Canadian businesses,
co-operatives, community-based and
non-profit organizations
Surveys, focus groups, usability studies and our
Community Advisory Panel
Members: The co-operatives, credit union centrals,
representative farm organizations and other like-minded
organizations who govern us
Annual general meeting, region committee meetings,
surveys, and in-person and virtual meetings
Employees: The people we employ across the country
Employee surveys, town halls, intranet, internal social
platforms and focus groups
Financial Advisors and their staff: The people who
serve our clients in communities across Canada
Town halls, annual sales congresses, surveys,
webinars and in-person and virtual meetings
Communities and community partners: The people
and places that connect our key stakeholders
Surveys, research, events, speaking engagements,
forums, in-person and virtual collaborations
Government and regulators: Elected and
non-elected decision makers who legislate
and regulate our industry
Agenda-setting, meetings and consultations,
advocacy and industry associations
How we validated priority
reporting issues with key
stakeholders in 2023
We engaged members, clients, employees,
Financial Advisors and others to validate
material reporting issues throughout the year.
This helped us determine what information to
include in our Integrated Annual Report.
In 2023, we engaged our board Sustainability
Committee in a discussion on report
materiality validation to gain feedback
and insights on the relevance of our 2023
material reporting issues. We also conducted
a survey with our members, have an on online
survey available on our external website
for stakeholders, and have external reviews
done on our report. Feedback validated
our current list of material reporting issues.
Other feedback from these actions that
guided 2023 content include: progress
on our purpose, Indigenous reconciliation,
diversity, equity and inclusion, governance
achievements and climate resilience.
158 Co-operators
Priority reporting issues validation process
In 2019, to determine the material reporting issues for our Integrated Annual Report, we identified key stakeholders to prioritize,
validate and analyze the issues that mattered most to our organization and to our stakeholders. Through research and internal
consultation, we uncovered the primary issues and concerns that were most relevant to The Co-operators Group Ltd. for reporting
purposes. We then mapped and prioritized our findings and tested them against information gathered from our stakeholders
to identify any gaps. Through internal and external interviews and surveys, we engaged with our stakeholders and their proxies
to identify and validate our material reporting issues. We then applied criteria to prioritize the ranking of top material reporting
issues and obtained senior management review and input. Each year since 2019, we regularly gather input from our stakeholders
to evolve and refine our top priority reporting issues.
Additional priority
reporting issues
• Sustainable practices and
operational impacts
• Diversity, inclusion and
equal opportunity
• Client and member experience
and satisfaction
• Stakeholder trust and relationships
• Co-operative identity and our
democratic governance structure
Top priority reporting issues (ranked)
1. Client and member financial security and resilience
How we support our clients and members to help them achieve prosperity and resilience in a world of
increasing uncertainty and volatility, including financial literacy and planning, and access and affordability
of insurance, to protect against evolving risks
2. Climate change and the low-carbon transition
How we respond to the causes and impacts of climate change, through climate mitigation and resiliency efforts,
risk management processes, investments, carbon footprint, advocacy and climate-related disclosures
3. Workforce engagement, development and well-being
How we engage and protect the mental, emotional and physical well-being of our employees and Financial
Advisors, and how we engage, attract, retain and develop an inclusive and diverse talent pool
4. Innovation and digital trust
How we embed innovation within our business and culture, from change management, products and services,
and responses to emerging business models and global trends. How we maintain clients’ trust through
increased interaction within digital markets and new technologies
5. Investing for positive impact
How we use our capital to help build environmentally, socially and financially resilient communities for future
generations through our sustainable and impact investing decisions
6. Community resilience, development and well-being
How we contribute to the resilience, development and well-being of our communities amid increasingly volatile
environmental, social and economic conditions
7. Financial performance and competitiveness
How we ensure the financial health, resilience and competitiveness of our organization, and the steps we take to
deliver value and returns to our members, while ensuring the efficiency, competitiveness and sustainability of
our business
2023 Integrated Annual Report 159
About The Co-operators Group Limited
We’re a group of companies
that provide financial strength
and security
As a leading Canadian financial services co-operative with $63.0 billion in assets
under administration, The Co-operators Group Limited provides property and
casualty (P&C) insurance, life insurance, investment management, institutional
asset management and brokerage operations.
160 Co-operators
The Co-operators Group Limited
Learn more about our group of companies and how we meet the needs of clients across the country.
Addenda Capital Inc.
Provides discretionary investment management
services to a wide range of organizations,
foundations, endowments and individuals, as well
as the companies of Co-operators Group Limited.
Co-operators General Insurance Company
Provides home, auto, farm, and business
insurance across Canada and distributes life
insurance and wealth management products
for Co-operators Life Insurance Company.
Co-operators Life Insurance Company
Provides life and health insurance, as well as wealth
management products for individuals
and groups across Canada.
Co-operators Financial Investment Services Inc.
Distributes third-party mutual funds through our
exclusive Financial Advisor network across Canada.
CUMIS General
Provides insurance-related products and services,
including travel insurance, for Canadian credit
unions, caisses populaires and their members.
The Edge Benefits Inc.
Provides simplified disability insurance products
to Canadians, with a focus on the self-employed
marketplace.
Duuo by Co-operators
An embedded insurance leader with a focus on
partnership distribution.
Federated Agencies Limited
Provides personal, commercial and financial
services products for strategic business partners.
Technicost
Provides credit software solutions to credit unions
across Canada.
The Premier group of companies
Offers professional liability, specialty casualty,
and general property coverage through a network
of brokers and Co-operators Financial Advisors.
The Sovereign General Insurance Company
Provides tailored risk solutions for Canadian
business through multiple distribution channels.
Smart Employee Benefits Inc.
Provides benefits processing software, solutions
and services to employers and plan sponsors.
Additional information about our workforce
Our employees are our greatest strength
The people we employ in our group of companies are essential in bringing our strategy to life, and they work from communities
across the country to meet the needs of our members, clients and communities.
2023 Integrated Annual Report 161
Total number of employees*
7,245
Gender representation of
total workforce**
62%
Women
38%
Men
Number of full and
part-time employees
by province
Northwest Territories:
full-time 6 / part-time 0
British Columbia:
full-time 297 / part-time 29
Alberta:
full-time 696 / part-time 20
Saskatchewan:
full-time 601 / part-time 20
Manitoba:
full-time 29 / part-time 2
Ontario:
full-time 4,162 / part-time 55
Quebec:
full-time 649 / part-time 28
New Brunswick:
full-time 544 / part-time 2
Prince Edward Island:
full-time 7 / part-time 0
Nova Scotia:
full-time 43 / part-time 1
Newfoundland and Labrador:
full-time 54 / part-time 0
*Includes employees of CU Agencies Alliance Ltd., Les Systems de gestion Technicost Inc., Premier group of companies, Smart Employee Benefits Inc. and The Edge Benefits Inc. Non-financial reporting items for
these entities have not been included in this report, unless otherwise noted. **Although we cannot currently report the result for ‘non-binary’, we are working toward including this in our reporting.
162 Co-operators
Public Accountability Statement
Our 2023 Integrated Annual Report provides our key stakeholders with information
and data related to our economic, social and environmental performance.
In compliance with the Public Accountability Statement requirements under the
Insurance Companies Act, this report includes relevant activities of Co-operators
General Insurance Company, which has equity exceeding $1 billion, along with
the activities of some of our regulated companies owned by The Co-operators
Group Limited, including:
• The Sovereign General Insurance Company (Sovereign Insurance)
• Co-operators Life Insurance Company (Co-operators Life)
• Federated Agencies Limited (Federated)
• Addenda Capital Inc. (Addenda)
• CUMIS General Insurance Company
• Co-operators Financial Investment Services Inc. (CFIS)
For more information on these organizations, visit cooperators.ca.
The information, data and content found in these pages focuses on our larger
operations outlined above. Unless noted, non-financial reporting items from a
number of smaller companies are excluded from this report, based on size or
Co-operators ownership interest. These organizations include, but are not limited to:
Aviso Wealth Limited Partnership; AZGA Service Canada Inc.; CU Agencies Alliance Ltd.;
Duuo Insurance Services Inc.; HB Group Insurance Management Ltd. (HB Group);
Premier group of companies; Smart Employee Benefits Inc.; Les Systemes de gestion
Technicost Inc.; The Edge Benefits Inc.; and UNIFED Insurance Brokers Limited.
Our Integrated Annual Report captures the activities of The Co-operators Group
Limited and its major subsidiaries, unless otherwise stated, for the 2023 calendar year.
This report can be found in English and French at integratedreport.cooperators.ca.
To obtain a printed copy, or for more information, email us at service@cooperators.ca.
Our report validation process
To enhance validation mechanisms, our Internal Audit department has assessed the
data integrity of several key financial and non-financial measures and statements in this
report. The specific measures and statements that were included in the data integrity
assessment completed by Internal Audit were based on a risk ranking. We incorporate
our internal audit department’s recommendations on reporting controls where
applicable, and future reports will continue to do so. Through a separate process,
our consolidated financial statements are subject to an annual external audit.
Several key financial figures arising from this process have been included in
this report.
Data Governance
To ensure data quality and accountability, we employ a centralized system
of record for key quantitative results. The system requires that results be
documented, validated and approved.
2023 taxes paid/payable (recovered/recoverable)1
(in thousands of Canadian dollars)
Income
and capital
taxes
Premium
taxes
Total
Federal
64,345
-
64,345
Provincial
Alberta
British Columbia
Manitoba
New Brunswick
Newfoundland and Labrador
Nova Scotia
Ontario
Prince Edward Island
Quebec
Saskatchewan
Territories
Total Provincial
Total
Other taxes2
6,631
5,149
1,108
1,571
1,805
1,591
48,181
17,239
4,200
4,754
7,737
7,116
54,812
22,388
5,308
6,325
9,542
8,707
22,795
86,108
108,903
546
3,410
2,296
312
1,867
10,742
8,497
1,063
2,413
14,152
10,793
1,375
47,214
197,504
244,718
111,559
197,504
309,063
128,040
437,103
Total taxes paid/payable (recovered/recoverable)
1All amounts may contain accrued tax estimates.
2Other taxes includes commodity, property and business, payroll, and other
miscellaneous taxes.
2023 debt financing*
The Company is committed to making debt financing available to
businesses across Canada.
$0 to $24,999
$25,000 to $99,999
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $4,999,999
$5,000,000 and greater
Number of
authorizations
Authorized
24
5
33
21
6
35
11
$10,642
$445,287
$5,205,470
$7,836,471
$4,354,085
$77,267,784
$82,711,778
Total
135
$177,831,518
For reasons of confidentiality, a provincial breakdown of the number of
authorizations and amount authorized is not included.
*Debt financing includes mortgage loan issuances and other private
commercial loans.
Supplementary disclosures
• Governance disclosures
• Co-operators Management Group profiles
• Co-operators Sustainability Policy
• UNEP FI Principles for Sustainable Insurance
-
-
annual disclosure of progress
• Our carbon footprint
• Carbon footprint of our investment portfolios
• Sustainability related insurance and wealth
products and services
• Ethics and privacy
• Sustainable investing and impact investing
policies
• Credit ratings
• Workforce disclosures
• Memberships, affiliations and partnerships
Co-operators, 130 Macdonell Street, Guelph, ON N1H 6P8
Phone: 519-824-4400 | cooperators.ca | service@cooperators.ca
Available in French ~ Disponible en français
Released May 07, 2024 | COR1063 (05/24)