ICBC reports $256 million profit for first half of ’07

The Insurance Corporation of British Columbia (ICBC) has reported a net income of Cdn$256 million for the first half of 2007, an increase from Cdn$110 million from the same period in 2006.
Insurance premiums earned in the first six months of 2007 increased to $1.7 billion from Cdn$1.57 billion for the first half of 2006, an ICBC statement says.
The growth in earned premiums is the result of a 3.4% increase in the number of insured vehicles on B.C. roadways and strong sales of optional coverage, the release says.
Net claims costs for the 6 months ended June 30, 2007 were Cdn$1.31 billion, which is consistent with the $1.33 billion reported for the same period in 2006.
Claims costs for 2007 have trended upwards, ICBC said.
The strong B.C. economy means there are more vehicles being insured and our customers are opting for better levels of coverage, Paul Taylor, ICBCs president and CEO, said in a statement.
As well, ICBCs investment income is strong and our operating costs continue to be lower than industry benchmarks, he added.