ICBC reports decline in Q3 net income

ICBC’s net income for the first nine months of 2009 was Cdn$422 million, down Cdn$15 million from the same period last year.
Total claims and expenses increased from Cdn$2.6 billion in the first nine months of 2008 to Cdn$2.7 billion in the first three quarters of 2009.
Underwriting income dropped from Cdn$152 million in the first nine months of 2008 to Cdn$67 million during the same period of 2009.
Investment income, on the other hand, increased from Cdn$360 million in the first nine months of 2008 to Cdn$431 million in 2009.
The insurer’s minimum capital test score also rose from 208.6% in 2008’s first nine months to 231.8% in the same period of time during 2009.
“We thank our customers for driving safely, which continues to contribute to the positive trends we are seeing in the number and total cost of injury claims,” said John Schubert, ICBC’s president and CEO.
“We are managing our businesses and investment portfolio well during these tough times, which has put us in a healthy financial position to keep overall basic rates unchanged and reduce our optional rates for 2009 by an average of three per cent.”