Statement of Retained Earnings |
| Years ended February 29/28 |
2008 |
2007 |
|
| |
(in thousands of dollars) |
|
 |
|
 |
|
| |
Basic Insurance |
|
|
|
|
|
|
| |
Rate Stabilization Reserve |
|
|
|
| |
Balance beginning of year |
$ 128,122 |
$ 136,071 |
|
| |
Transition adjustment (Note 4) |
(22,693) |
-- |
|
| |
Net income (loss) from annual operations after surplus distribution
(Note 13 and Note 14) |
6,475 |
(11,869) |
|
| |
Transfer from Immobilizer Incentive Fund |
15,218 |
3,920 |
|
|
|
|
|
|
| |
Balance end of year |
127,122 |
128,122 |
|
|
|
|
|
|
| |
Immobilizer Incentive Fund |
|
|
|
| |
Balance beginning of year |
33,143 |
37,063 |
|
| |
Transfer to Rate Stabilization Reserve |
(15,218) |
(3,920) |
|
|
|
|
|
|
| |
Balance end of year (Note 18) |
17,925 |
33,143 |
|
|
|
|
|
|
| |
Balance Basic Insurance Retained Earnings end of year |
145,047 |
161,265 |
|
|
|
|
|
|
| |
|
|
|
|
| |
Competitive Lines |
|
|
|
| |
Retained Earnings |
|
|
|
| |
Balance beginning of year |
110,983 |
90,378 |
|
| |
Transition adjustment (Note 4) |
(255) |
-- |
|
| |
Net income from annual operations (Note 13) |
28,400 |
20,605 |
|
| |
Transfer to Extension Development Fund |
(35,389) |
-- |
|
|
|
|
|
|
| |
Balance end of year |
103,739 |
110,983 |
|
|
|
|
|
|
| |
Extension Development Fund |
|
|
|
| |
Balance beginning of year |
-- |
-- |
|
| |
Transfer from Retained Earnings |
35,389 |
-- |
|
|
|
|
|
|
| |
Balance end of year (Note 19) |
35,389 |
-- |
|
|
|
|
|
|
| |
Balance Competitive Lines Retained Earnings end of year |
139,128 |
110,983 |
|
|
|
|
|
|
| |
Balance Retained Earnings end of year |
$ 284,175 |
$ 272,248 |
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
