Manitoba Public Insurance profits nearly double compared to last year

WINNIPEG – Manitoba Public Insurance recorded a profit of almost $42 million in the first six months of the 2013 fiscal year.

That’s an increase of nearly $21 million over the same time period last year.

Heather Reichert, MPI’s vice-president of finance, says they’re heading into the fall and winter months in a stable financial position.

Investment income increased $20.5 million from the first six months of last year primarily due to gains on the sale of equities, offset by the impact of increasing interest rates.

Claims incurred for the six months, ending August 31, decreased by $4.5 million compared to last year due to a decrease of $11.2 million in bodily injury claims.

Earlier this year, MPI applied for a rate hike of 1.8 per cent.