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ICBC reports increased net income for 2010 Q1


May 19, 2010   by Canadian Underwriter


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ICBC reported a net income of $155 million for 2010 Q1, an increase from $117 million in 2009 Q1.
An increase in premiums written – up to $860 million in 2010 Q1 from $843 million 2009 Q1 – was a contributing factor to the corporation’s improved results.
The insurer’s underwriting income, however, decreased from $19 million in 2009 Q1 to $15 million in 2010 Q1.
Claims costs – despite a decrease in frequency – remained consistent with 2009 Q1 costs: $733 million for 2010 Q1 and $735 for 2009 Q1.
“The economy has managed to recover substantially if we compare the first quarter of 2010 with the first quarter of 2009 but we also need to be cautious when looking at results that are just for the first three months of the year,” Jon Schubert, president and CEO of ICBC said in a release.
“As the year progresses we will have a fuller picture of what will happen with our rates but early indications are that we would not expect them to increase in 2010.”


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