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.
“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.”
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.
A path to net zero in our operations
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.
Operational emissions intensity in 2023
3.2 tonnes CO2e/$1 million revenue2022: 4.5*
Operational carbon emissions ** tonnes of carbon dioxide (tCO2e)
*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.
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.
Employee Engagement Pulse Survey Results
Average 2023 Engagement Index ScoreFinancial Industry Benchmark: 76
75 Average 2023 IDEA Index Score
72 Average 2023 Well-being Index Score
79 Average 2023 Culture Index Score
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.
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.
“I’m inspired about the depth of opportunities ahead as we continue building our bridge to the future.”
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.
Workforce salaries
$604.8 millionWorkforce benefits
$121.0 millionWorkforce incentive programs
$79.3 millionCEO-to-average worker pay ratio (2022)
19:1Benchmark: 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)