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MPI 'pleased' with $38.9M first-quarter profit

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Manitoba Public Insurance recorded a profit of $38.9 million in the first three months of its fiscal year after boosting car insurance rates by an average of 3.7 per cent.In a news release Friday, MPI said the first-quarter profit was $31.4 million higher than for the same period last year, when it ultimately lost $85.2 million.Last fall, MPI sought a 4.3 per cent interest-rate hike, its highest since the mid-1990s but the Public Utilities Board of Manitoba granted the Crown insurer the 3.7 per cent.In June, MPI announced that it had applied to the PUB for a further 2.7 per...
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