ICBC Projects Almost $1 Billion in Net Income From 2012-2015: Government Plans $539 Million Profit Scoop
The BC Government’s 2013-2014 Budget has just been released. Included in the documents is ICBC’s Service Plan for 2013-2015 which reports robust net profit expectations. Below I reproduce the Crown Corporation’s Summary Financial Outlook. It is noteworthy that this current projection is up over 200 Million from ICBC Projections for 2012-2014 released last year.
The Government also reports a planned $539 Million profit scoop for ‘core government services’ with the Budget and Fiscal Plan reporting as follows:
Insurance Corporation of British Columbia – ICBC’s net income outlook is forecast at
$257 million in 2013, $222 million in 2014 and $205 million in 2015. The outlook
assumes average annual growth of 1.5 per cent in the number of insured vehicles and
a 3.6 per cent average annual increase in claims costs. Over the fiscal plan period,
ICBC is forecast to remit $539 million of its excess Optional insurance capital to the
consolidated revenue fund to support core government services.