The Insurance Corporation of British Columbia (ICBC) has reported total revenues of $1.83bn for the first half of 2010, an increase of 0.5% compared to $1.82m for the same period prior year.
Premiums earned for the first half of 2010 were $1.80bn compared with $1.79bn, while premiums written were $1.86bn compared to $1.85bn for the same term last year.
The company posted net income of $232m for the first half of 2010 compared to $277m for the same period last year.
ICBC president and CEO Jon Schubert said that the company has asked for permission to reduce basic insurance rates by 1.9%, which would be in addition to the 3.3% reduction in 2009 optional insurance rates its customers are currently benefiting from.
The company said that the operating costs is expected to increase in the second half of the year as it is upgrading its technology systems to increase efficiency.