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MPI reports positive net income, rebates likely
WINNIPEG - An early spring and a decrease in bodily injury claims have combined to give Manitoba Public Insurance a healthy bottom line for the first quarter of 2010.
MPI reported this afternoon that its net income ending May 31 was $102.9 million.
Don Palmer, MPI vice president of corporate finance and chief financial officer, said the financial picture was largely the result of a significant decrease in bodily injury claims and a short winter, which resulted in a decrease in physical damage claims.
Palmer said the decrease in claims costs is not expected to be continued throughout the year.
"Traditionally, the first two quarters of the corporation’s fiscal year generate a profit, which is then offset by an increase in claims during the winter months," Palmer said in a prepared statement distributed this afternoon.
MPI reported its claims costs for the first quarter decreased $85.2 million to $105.4 million — most of the decrease resulting from a $78.2 million decrease in bodily injury claims.
Motorists can expect an average premium rebate of $115 next spring if MPI’s basic insurance rate application to the Public Utilities Board is approved. MPI is seeking a 4 per cent reduction in its basic insurance rate, which would amount to a premium rebate of $92.2 million.
MPI said if the rate application is approved, it would mark the 12th time in 13 years that the average rate for auto insurance had remained the same or declined. MPI made its application last month and the PUB should issue a ruling in the fall.
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Updated on Wednesday, July 14, 2010 at 4:57 PM CDT:
Removes extra word.
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