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Results of Operations
Current Year and Last Year
SPECIAL RISK EXTENSION
Net income decreased $1.3 million to $16.0 million.
Total claims costs, including claims expense and loss prevention and road safety expenses, increased by $1.4 million to $37.0 million. Physical damage claims increased by $2.2 million due to both increased frequency and severity. Liability claims decreased by $1.3 million due mainly to decreased severity. Increased claims expense and loss prevention and road safety costs of $0.5 million also contributed to the total rise in claims costs.
Special Risk Extension’s share of corporate investment income decreased by $0.9 million to $8.4 million as its share of the funds available for investment declined.
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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| SRE FIVE YEAR STATISTICS |
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| Premiums Written |
55,673 |
56,824 |
55,418 |
53,436 |
48,705 |
| Claims Incurred |
33,491 |
32,585 |
39,842 |
31,074 |
18,404 |
| Claims Expense |
3,371 |
3,017 |
3,563 |
2,678 |
2,602 |
| Other Expenses |
12,207 |
12,016 |
11,315 |
11,863 |
11,019 |
| Net Income |
16,049 |
17,370 |
10,938 |
12,449 |
25,904 |
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...Results of Operations > Current Year and Expected > Investment Income, Retained Earnings
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