Basic
Operations reported net income of $3.4 million compared to a net loss of $30.1 million last year, an improvement of $33.5 million.

Total earned revenues increased by $27.0 million to $563.2 million. The positive growth in earned revenues is due to motor vehicle earned revenue resulting from increases in the number and value of vehicles insured. The number of policies in force increased from 809,223 to 824,930.

Total claim costs, including claims, loss prevention and road safety expenses, rose from last year’s total of $533.8 million to $587.4 million, an increase of $53.6 million.

Where your premium dollar has gone

Physical damage claims costs increased by $16.8 million from last year. Collision costs rose by $12.9 million relating to an increase in the number of collision claims from 114,340 last year to 124,102 this year. Comprehensive costs increased by $3.6 million. A rise of 966 theft claims, to 12,085 from 11,119, contributed to the increase in comprehensive costs.

Injury claims costs increased by $29.0 million from last year. The severity of the average Personal Injury Protection Plan (PIPP) claim rose from $2,631 to $3,472, an increase of 32 per cent. Contributing to the increase in severity of PIPP claims was a significant rise in the number of serious losses experienced in 2003.

YEARS ENDED FEBRUARY 2 9 / 2 8
		2004		2003		2002		2001		2000
Type of Claim
Chronic pain		66		73		173		205		351
Fatal		139		142		152		148		161
Brain damage		97		63		50		64		52
Quadriplegic		3		3		2		6		2
Paraplegic		8		7		1		9		8
Broken bones		811		640		688		669		660
Whiplash		12,249		9,425		8,749		7,309		8,285
Bruising/lacerations		871		636		756		598		1,023
Other		1,449		4,432		3,987		3,864		2,399
Total		15,693		15,421		14,558		12,872		12,941

Basic’s share of the corporate investment income increased by $64.4 million to $108.5 million. The positive growth relates to the gains realized from the corporation’s equity portfolio.

YEARS ENDED FEBRUARY 2 9 / 2 8
(IN THOUSANDS OF DOLLARS)		2004		2003		2002		2001		2000
Basic Autopac Five Year Statistics
Premiums written		558,378		537,235		506,722		464,275		460,806
Claims incurred		513,548		467,715		433,873		378,137		352,743
Claims expense		67,043		58,944		56,159		50,400		52,457
Other expenses		87,768		83,849		76,201		80,108		78,700
Income (loss)		3,358		(30,135)		(11,707)		38,100		40,513

...Results of Operations > Current Year and Last Year > Extension