Manitoba Public Insurance 2003 Annual Report

	Statement of Cash Flows
	YEARS ENDED FEBRUARY 2 9 / 2 8

(IN THOUSANDS OF DOLLARS)	2004	2003

Cash Flows from (to) Operating Activities:
Net income (loss)	$ 37,263	$ (22,605)
Surplus distribution (Note 12)	-	525
Discontinued operations	(764)	(189)

Non-cash items:
Amortization of property and equipment and deferred development costs	7,875	7,639
Amortization of bond discount and premium	796	(794)
Gain on sale of investments	(9,195)	(15,669)
Write-down of investments	-	699

	35,975	(30,394)

Increase in cash and short-term investments from discontinued operations	63	59

Net change in non-cash balances:
Due from other insurance companies	(2,707)	887
Accounts receivable	(24,985)	(32,953)
Deferred policy acquisition costs	(3,940)	3,659
Reinsurers’ share of unearned premiums and unpaid claims	1,509	2,166
Due to other insurance companies	(1,513)	3,660
Accounts payable and accrued liabilities	(1,224)	4,743
Unearned premiums	18,645	23,592
Provision for employee current benefits	384	516
Provision for employee future benefits	13,325	9,075
Provision for unpaid claims	142,949	107,635

	142,443	122,980

	178,481	92,645

Cash Flows from (to) Investing Activities:
Acquisition of property and equipment net of proceeds from disposals	(5,256)	(5,053)
Purchase of investments	(504,625)	(407,661)
Proceeds from sale of investments	273,288	353,766
Deferred development costs incurred	(166)	(650)

	(236,759)	(59,598)

Increase (Decrease) in Cash and Short-Term Investments	(58,278)	33,047
Cash and short-term investments beginning of year	146,166	113,119


Cash and Short-Term Investments end of year (Note 4)	$ 87,888	$ 146,166

The accompanying notes are an integral part of these financial statements.