Statement of Operations |
| Years ended February 29/28 |
2008 |
2007 |
|
| |
(in thousands of dollars) |
|
 |
|
|
| |
Revenue |
|
|
|
|
|
|
| |
Premiums written |
$ 842,053 |
$ 812,378 |
|
|
|
|
| |
Premiums earned (Note 9) |
$ 828,121 |
|
$ 798,811 |
|
| |
Service fees |
20,558 |
18,387 |
|
| |
Driver licencing operations recovery (Note 17) |
21,000 |
 |
20,475 |
|
|
|
|
| |
Total earned revenues |
869,679 |
|
837,673 |
|
|
|
|
| |
Claims Costs |
|
|
|
|
| |
Claims incurred (Note 9) |
|
|
|
| |
Current year |
680,859 |
688,952 |
|
| |
Prior years (Note 8) |
(62,460) |
(60,582) |
|
|
|
|
| |
|
618,399 |
|
628,370 |
|
| |
Claims expense |
84,505 |
79,850 |
|
| |
Loss prevention/Road safety |
25,771 |
23,469 |
|
|
|
|
| |
|
728,675 |
|
731,689 |
|
|
|
|
| |
Expenses |
|
|
|
|
| |
Commissions |
59,040 |
55,148 |
|
| |
Operating |
83,864 |
79,849 |
|
| |
Premium taxes |
23,466 |
20,803 |
|
| |
Regulatory/Appeal |
2,738 |
2,221 |
|
|
|
|
| |
|
169,108 |
|
158,021 |
|
|
|
|
| |
Total claims and expenses |
897,783 |
|
889,710 |
|
|
|
|
| |
Underwriting loss |
(28,104) |
|
(52,037) |
|
| |
Investment Income, net (Note 11) |
125,544 |
120,425 |
|
|
|
| |
Net income (loss) from annual operations (Note 13) |
97,440 |
68,388 |
|
| |
Surplus distribution (Note 14) |
(62,565) |
(59,652) |
|
|
|
|
|
|
|
| |
Net income (loss) after surplus distribution |
$ 34,875 |
|
$ 8,736 |
|
|
|
|
| |
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
