In an opinion column, Alberto L. Martín Rivera analyzes the fiscal year ended June 30, 2026 of COSSEC, the Puerto Rico Public Corporation for the Supervision and Insurance of Cooperatives, whose purpose is to protect insured shares and deposits and contribute to the stability of the cooperative movement. He writes that COSSEC increased its income, strengthened its net position, improved the ratio between its equity resources and insured products, and recognized a significant reduction in estimated system losses.
Net position reached $305.16 million, versus $258.74 million in 2025 and $229.81 million in 2024, both adjusted: an increase of $46.42 million (about 17.9%) in a year and $75.35 million (32.8%) over 2024. Insured shares and deposits grew about 0.63% between 2025 and 2026. The reserve for estimated losses fell from about $62.35 million in 2025 to $46.60 million in 2026, composed of about $8 million in known losses and $38.6 million in unknown losses.
According to the financial statement notes, the drop in known losses stems mainly from reduced accumulated losses of the Cooperativa de Ahorro y Crédito de los Agentes de la Lotería de Puerto Rico, which is under receivership. Compared with $239.35 million in 2018, the reserve is down about 80.5%. Martín Rivera says the size of the reduction deserves careful evaluation, given a low-growth economic outlook with risk of contraction cited from Estudios Técnicos projections reported by Sin Comillas.
He notes the $15.96 million recognized from the provision reduction is about 35% of the change in net position before capital contributions. He also flags portfolio maturity concentration, interest rate sensitivity, growing operating expenses and updating pension obligations as matters needing attention.