Results of Operations
Current Year and Last Year
Corporate
Corporate operating results show an improvement compared to last year. Net income of $37.3 million exceeds last year’s net loss of $22.6 million, by $59.9 million.

Total earned revenues for the year were $679.2 million, an increase of $44.1 million over last year. The growth in earned revenues is attributable to motor vehicles, which increased revenues by $38.3 million. Increases in the number and value of vehicles insured contributed to the increase.

Total claim costs, including claims, loss prevention and road safety expenses, increased from last year by $52.7 million to $662.2 million.

Claims frequency continued to grow. The number of claims reported for the year was 243,401 and represents an increase of 16,142 or 7 per cent over last year’s total of 227,259. In addition, total Autopac, basic and extension, claims severity, measured as the average cost per claim, also increased from $2,228 last year to $2,301, an increase of $73 or 3.3 per cent.

Total corporate expenses increased by $8.1 million to $109.4 million. Increases in earned revenues contributed to increases in commissions and premium taxes, which increased by $7.3 million.

The corporation’s positive bottom line was mainly generated on the strength of increased investment income. Corporate investment income increased from $57.6 million to $134.9 million, an increase of $77.3 million. Improvements in the corporation’s equity portfolio resulted in the realization of equity gains amounting to $50.4 million.

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