MPI reports decreased net income

Manitoba Public Insurance (MPI) has reported a net income of Cdn$1.8 million for the nine months ended Nov. 30, 2008. This is down Cdn$15.4 million from the same period in 2007. Also, investment income dropped by Cdn$93.3 million, MPI reports in a release. Claims costs for the nine-month period increased by Cdn$7.7 million, to Cdn$580 million, over the same period in 2007. Claims costs for 2008 Q3 remained the same as the 2007 period, at Cdn$197 million.Physical damage claims incurred decreased by Cdn$23.8 million for the nine months ended Nov. 30. Premiums written for 2008 Q3 totalled Cdn$221 million, as compared to Cdn$209 million for the same three months in 2007. For the nine months ended Nov. 30, premiums written totalled Cdn$684 million as compared to Cdn$648 million for the same period in 2007. Underwriting losses for 2008 Q3 were Cdn$18 million, compared to a loss of Cdn$24 million in 2007. For the nine months ended Nov. 30, underwriting losses were Cdn$30 million, compared to Cdn$45 million for the same period the year prior. “Current projections indicate the corporation is expected to realize a net loss from operations of approximately [Cdn]$10.6 million during the current fiscal year,” according to MPI’s quarterly financial report.