The Co-operators Group Ltd. heralded a milestone year with continued financial strength, expansion of its co-operative membership, forays into new markets and support for Canadian communities at its Annual General Meeting which wrapped up today in Montreal.

Consolidated revenues for the group of companies reached a record $2.7 billion in 2005, up from $2.6 billion the previous year. Net income was down slightly from 2004 to $138 million, with a return on equity of 15.4%. Its healthy financial position allowed The Co-operators to share $10.6 million with its co-operative and credit union members and invest more than $3.4 million to support charities, emerging co-operative organizations and community safety programs.

“Despite paying out an additional $55 million in claims related to catastrophic storms and reducing auto insurance rates across the country by up to 17% in 2005, our finances are in very good shape,” said Kathy Bardswick, president and CEO of The Co-operators, in a release. “Our strong performance allows us to continue to provide financial security for Canadians and our communities.”

In 2005, The Co-operators Group Limited, parent organization of the property and casualty and life insurance companies, welcomed three new members: Mountain Equipment Co-op; Access Communications Co-operative; and La Fédération des coopératives du Nouveau-Québec. The additions expanded the membership’s regional and sector diversity, bringing the number of Canadian member-owners to 32.

The Co-operators also celebrated its continued active involvement with the co-operative sector in Canada and abroad. The $3.4 million that was invested in communities in 2005 included financial support for 12 emerging and expanding Canadian co-operatives and contributions to help rebuild foreign co-ops devastated by natural disasters.

The Co-operators became full members of the Canadian Association of Mutual Insurance Companies and Bardswick was elected chair of the International Co-operative and Mutual Insurance Federation.

The Annual General Meeting’s keynote speaker was world-renowned Swedish scientist Dr. Karl- Henrik Robèrt, who initiated the global environmental movement “The Natural Step.” The Co-operators will incorporate Dr. Robèrt’s innovative principles of sustainability into its strategic planning initiatives to operate in a more socially and ecologically sustainable manner.