Manitoba Public Insurance’s 2005/06 annual report focuses on leveraging change to build more value for Manitobans while highlighting improvements to driver and vehicle licensing services and auto theft prevention.

• Manitoba Public Insurance reported net income from annual operations of $105.8 million, due almost exclusively to higher investment revenue
  • This was reduced to $47.8 million after the corporation provided customers with a $58 million premium rebate
  • In all other respects, operations performed as expected
    
• Manitoba Public Insurance reported 253,080 claims last year, a decrease of 2,724 claims from 2004/05.
  • However, claims incurred increased to $616.6 million – a 13.8 per cent increase from $541.7 million the previous year – because claims were more severe.
    
• The corporation paid out 93 cents of every premium dollar to Manitobans in the form of claims benefits.
  • This is significantly better than the Canadian industry average of 65 to 70 cents of every $1.
• Corporate operating costs remained at about 50 per cent of the Canadian industry average.
• Last year Manitobans filed an average of 1,012 claims every working day.
  • This represents payments of about $2.3 million every day or $577 million in total Autopac claims incurred.
• Investment income in 2005/06 was nearly double that of the previous year, climbing to $175.7 million, which reduced the cost of the average premium by $181.
• The Basic Autopac Rate Stabilization Reserve (RSR) is $136 million as of Feb. 28, 2006. Strong investment revenue was the main reason for the RSR growth.