ICBC Reports Obscene Profit
Even more. $1,538,000,000 to be precise.
According to ICBC’s Annual Report “ICBC’s corporate net income for the fiscal year, which ended March 31, 2021, was $1.538 billion, of
which $1.527 billion was attributed to ICBC and $11 million was attributed to non-controlling interest”
Remember when the BC Government and ICBC said they were a dumpster fire? Said your rights had to be taken away (they called taking your rights away “enhanced care”) in order to avoid financial calamity? Turns out it was all a lie.
In the fiscal year ending March 31, 2021 (a month before the no fault system even came into force) ICBC did not lose millions as the government claimed they were going to. They made over 1.5 billion.
The government told you there was a crisis. That your rights had to be stripped to avoid it. Turns out that was not true. But they got what they wanted.
If you are struck by a careless motorist now you don’t have any rights against them. But ICBC has billions.