Special Risk Extension
Operating results reported net income of $25.1 million, an increase of $21.1 million from the $4.0 million net income reported last year.

Total claim costs, including claims, loss prevention and road safety expenses, decreased by $9.4 million to $21.6 million. Liability claims costs decreased by $6.2 million primarily due to favourable development on claims that occurred in prior years. Physical damage claims costs declined by $3.0 million due to a drop in the claims severity.

Special Risk Extension’s share of the corporate investment income increased by $6.8 million to $11.5 million. This 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
SRE Five Year Statistics
Premiums written		48,705		42,742		36,124		31,171		29,708
Claims incurred		18,950		28,202		23,902		16,194		13,424
Claims expense		2,601		2,789		2,433		2,150		2,181
Other expenses		11,019		9,833		8,695		7,872		10,373
Income (loss)		25,140		4,049		6,821		14,658		14,179

...Results of Operations > Current Year and Expected > Corporate, Basic, Extension, Special Risk Extension