The Co-operators Group’s life operations produced record earnings for the fourth year in a row. This helped offset a dismal year for property and casualty insurance.

Solid results in the group’s commercial operations further compensated for the continuing poor performance of auto insurance in all regions except Quebec.

The insurer said consolidated revenue grew by 4.7% to $2.156 billion in 2002. Asset grew byf 5.2% to $5.2 billion. Premium income for the group of companies grew by 9.8% to $2.25 billion.

In a statement, The Co-operators management noted that the groups’s 2002 net income was a modest $30.2 million. However, it says the p&c sector is poised for recovery, and it expects continued strong results from its life operations.

Co-operators Life Insurance Co. posted its most successful year in the company’s 57-year history with net operating income of $54 million, up from $33 million in 2001. Return on equity was 18.5%, up significantly from 13.5% in 2001.

Co-operators Investment Counselling Ltd saw its assets under management remain steady at $7 billion.

Co-operators Mutual Funds Ltd. increased its assets under management by over 100% to $78 million during the year.