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Results of Operations
Current Year and Last Year
EXTENSION
Extension net income of $24.1 million was offset by a $11.7 million loss resulting from the operation of driver and vehicle licensing functions. Operations reported net income of $12.4 million, $9.1 million more than reported last year.
During 2007/08, the corporation incurred expenses of $31.9 million to operate driver and vehicle licensing services, integrate administrative functions and prepare for customer service improvements. A $21.0 million recovery from the Province of Manitoba was received to partially offset these costs.
Earned revenues from the sale of extension products increased by $9.7 million to $109.3 million. All products contributed to the increase. Total claims costs – including claims benefits, claims handling, loss prevention and road safety expenses – decreased $1.2 million to $68.7 million. Physical damage claims costs increased by $0.7 million, exhibiting the same trends as the Basic line of business. Injury claims decreased by $2.0 million due primarily to decreased severity.
Higher gains on the corporation’s equity portfolio increased Extension’s share of the corporate investment income by $1.7 million to $9.2 million.
Years Ended February 29 / 28 |
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2008 |
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2007 |
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2006 |
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2005 |
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2004 |
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| EXTENSION FIVE YEAR STATISTICS |
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| Premiums Written |
110,618 |
100,754 |
92,205 |
85,751 |
73,182 |
| Claims Incurred |
59,621 |
60,925 |
55,786 |
53,449 |
46,425 |
| Claims Expense |
7,988 |
7,868 |
7,854 |
7,120 |
6,255 |
| Other Expenses |
58,710* |
55,144* |
49,753* |
29,377* |
18,015 |
| Net Income |
12,351 |
3,235 |
9,168 |
7,129 |
8,001 |
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*Includes expenses related to driver and vehicle licensing functions, which were transferred to Manitoba Public Insurance from the Manitoba government in October 2004.
...Results of Operations > Current Year and Last Year > Special Risk Extension
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