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.

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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.

Photo of Colette Taylor

“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.”

Colette Taylor
Executive Vice President and Chief Operating Officer Sovereign Insurance

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 revenue

2022: 4.5*

Operational carbon emissions ** tonnes of carbon dioxide (tCO2e)

2019 32,126 19,441 17,679 20,440 21,311 2020 2021 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.

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.

Photo of Laura Mably

“I’m inspired about the depth of opportunities ahead as we continue building our bridge to the future.”

Laura Mably
Executive Vice President and Chief Human Resources Officer

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 million

Workforce benefits

$121.0 million

Workforce incentive programs

$79.3 million

CEO-to-average worker pay ratio (2022)


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)

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.

Read our special feature