http://autoinsurancereview.tk/wp-content/uploads/2016/07/iStock_19107228_LARGE-238x134.jpg
Manitoba Public Insurance release first quarter financial results
It reported a $19.3 million decrease in net income
Staff on July 18, 2016
Manitoba Public Insurance reported last Friday a net income of $3.7 million during the first quarter, marking a $19.3 million decrease over the same period last year.
The decrease includes the net $5 million loss to its Basic insurance line of business in the first quarter of the 2016/17 fiscal year.
The first quarter results cover the first three months of its fiscal year ending May 31, 2017. Total earned revenues over this period rose by $14.2 million from last year, driven mainly by motor vehicle premium revenue, said Manitoba Public Insurance.
Read: How Brexit will affect the insurance industry
“The overall financial picture was affected by an increase of $85.4 million in total claims costs – including a $58.2 million increase in bodily injury claims and a $15.3 million increase in physical damage claims compared to the first three months of the 2015/16 fiscal year,” said Heather Reichert, vice-president, finance and chief financial officer of Manitoba Public Insurance. “While the bodily injury increase is primarily due to an interest rate adjustment on unpaid claims, an increase of 1,380 collision claims over this period also negatively impacted claims costs. The Corporation remains committed to achieving its corporate goals and best serving our customers.”
In June 2016, the Crown Corporation applied to the Public Utilities Board for an overall increase of two per cent in Basic insurance premiums for the 2017/18 insurance year. If approved, this would be the third time in 10 years that the auto insurer has requested a rate increase.
Read: MPI seeks 2% increase in Basic Autopac rates
Manitoba Public Insurance release first quarter financial results
No comments:
Post a Comment