Manitoba Public Insurance suffers operating loss of $31.3 M

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Manitoba Public Insurance suffers operating loss of $31.3 M

Statement shows dramatic shift from last year’s $57.6 M profit

Canadian Press on May 27, 2016

A collapse in investment income is being blamed for an operating loss at Manitoba Public Insurance of $31.3 million for the year ending Feb. 29.

The figure is contained in an unaudited financial statement for the Crown auto insurer tabled Thursday in the legislature.

It follows a dramatic turnaround from the previous year’s profit of $57.6 million.

MPI earned more premium income last year and saw claims costs drop, but it lost $4.7 million on its investments, compared with a profit in that same category of just over $226 million the year before.

Details of the investment loss are expected later in the year when the corporation releases its annual report.

At the end of February, MPI had retained earnings of $346.7 million, compared with $378.1 million the year before.

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Manitoba Public Insurance suffers operating loss of $31.3 M