Responsibilityfor Financial
Statements
Auditors' Report &Actuary's Report
Statement of BasicInsurance Rate
Stabilization Reserve
& Retained Earnings
Statement ofCash Flows
5-6 ▪ 7 ▪ 8-9
10-12 ▪ 13-15
16-18
| Statement of Operations | ||
YEARS ENDED FEBRUARY 2 9 / 2 8 |
| (IN THOUSANDS OF DOLLARS) | |
2004
|
|
2003
|
|
||
|
|
|
|||||
| Revenue | |
|
|||||
| Premiums written | $ 680,265 |
$ 641,471 |
|||||
|
|
|
|||||
| Premiums earned (Note 8) | $ 663,966 |
|
$ 621,476 |
||||
| Service fees | 15,253 |
13,667 |
|||||
|
|
|
|||||
| Total earned revenues | 679,219 |
|
635,143 |
||||
|
|
|
|||||
| Claims Costs | |
||||||
| Claims incurred (Note 8) | |||||||
| Current year | 581,921 |
560,966 |
|||||
| Prior years (Note 7) | (2,998) |
(26,372) |
|||||
|
|
|
|||||
578,923 |
|
534,594 |
|||||
| Claims expense | 75,900 |
67,256 |
|||||
| Loss prevention/Road safety | 7,412 |
7,659 |
|||||
|
|
|
|||||
662,235 |
|
609,509 |
|||||
|
|
|
|||||
| Expenses | |
||||||
| Commissions | 38,719 |
32,810 |
|||||
| Operating | 48,378 |
47,690 |
|||||
| Premium taxes | 20,362 |
18,980 |
|||||
| Regulatory/Appeal | 1,931 |
1,783 |
|||||
|
|
|
|||||
109,390 |
|
101,263 |
|||||
|
|
|
|||||
| Total claims and expenses | 771,625 |
|
710,772 |
||||
|
|
|
|||||
| Underwriting loss | (92,406) |
|
(75,629) |
||||
| Investment income, net (Note 10) | 128,905 |
52,835 |
|||||
|
|
|
|||||
| Net income (loss) before the undernoted | 36,499 |
|
(22,794) |
||||
| Discontinued operations (Note 11) | 764 |
189 |
|||||
|
|
|
|||||
| Net income (loss) (Note 13) | $ 37,263 |
|
$ (22,605) |
||||
|
|
|
|||||
| The accompanying notes are an integral part of these financial statements. | |
|
|
||||
