Manitoba Public Insurance reports solid Q1

Manitoba Public Insurance has reported a net income of Cdn$64.8 million for 2007 Q1, spurred by a growing vehicle fleet and solid investment income. Earned revenues increased by Cdn$10.5 million over 2006 Q1, due to an increase in number and value of insured vehicles, while investment income was up Cdn$10 million from 2006 Q1 to Cdn$76.1 million. Claims costs for the first three months increased Cdn$8.1 million to Cdn$173.2 million, while the number of claims reported by Manitobans during the quarter decreased by 3,000 to 60,613, Barry Galenzoski, vice president corporate finance and CFO, said in a release. He added that physical damage claims increased by Cdn$3.5 million mainly because of an increase in average cost per claim, while injury claims increased by Cdn$2.7 million. Were pleased with the first quarter results, Galenzoski said. At the same time, rising claim costs are a reminder to motorists that they influence their rates through their driving behaviour.The company mailed cheques to policyholders in this quarter amounting to Cdn$59.8 million as part of a basic premium rebate ordered by the Public Utility Board. This is the third time in the last five years that residents have received rebates, a release noted.