Manitoba Public Insurance completes first nine months of 2015 with net income of $10.9 million

Manitoba Public Insurance (MPI) completed the first nine months of the 2015 fiscal year with a net income of $10.9 million and total earned revenues that were $51.1 million higher than over the same period last year.

“The positive financial picture can be attributed to a number of factors including growth in the volume and value of motor vehicles insured, and because of ongoing efforts to reduce corporate operating costs,” MPI said in a statement on Friday.

“We are pleased to remain in a good financial position heading into the final quarter of the fiscal year,” said Heather Reichert, vice president, finance and chief financial officer, MPI. “However, it’s important to keep in mind that the winter months can be unpredictable in terms of the frequency and severity of claims.”

Reichert said that MPI is “determined to keep rates low and stable for all Manitobans” and will continue to focus on controlling its operating costs, while working with the Public Utilities Board to “ensure automobile insurance rates in Manitoba continue to remain stable and predictable into the future.”

Earlier this year, the Public Utilities Board approved MPI’s request for no overall rate increase for 2016-17 – making it the 12th time in the past 15 years that Manitoba’s public auto insurer has not requested a rate increase. During that time, the cumulative rate decrease for Manitobans has been 9.7%.