The Co-operators group of companies announced improved financial results for 2003 at its annual general meeting today, with a return to profitability in the group’s p&c insurance operations.

The largest subsidiary of The Co-operators group of companies, Co-operators General Insurance Co, reported earlier this year net income in 2003 of $44 million, compared to a net loss of $1.1 million for 2002.

Consolidated net income for The Co-operators group of companies was $64 million for 2003, compared to $30 million in 2002. Consolidated revenue in 2003 grew 10.8% to $2.39 billion and assets increased 9.9% to $5.7 billion.

2003 also marked a successful year for Co-operators Life Insurance Co., which posted after tax net income of $41.7 million in 2003 and return on equity of 12.4%.

“We’re pleased the progress we are making in our areas of strategic focus is leading to improvements in our financial results,” said Kathy Bardswick, president and CEO of The Co-operators, in a news release “But I would caution that with a return on equity of 6.8% in our property and casualty operations, we need to continue to be diligent about controlling costs in order to secure long-term viability for our member-owners and rate stability for our clients.”