Insurance Corporation of British Columbia (ICBC) has reported total revenues of $899m for the first quarter of 2010, a marginal increase of 0.44% compared to $895m for the same quarter in 2009.
The company’s premiums written for the quarter were $860m which is an increase of 2% compared to $843m for the same period last year.
The company posted premiums earned of $885m for the first quarter of 2010, compared to $880m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted net income of $155m which is an increase of 32% compared to $117m for the same period last year.
Jon Schubert, president and CEO of ICBC, said: “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.
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.