The Insurance Corp. of B.C. says its finances remain healthy despite a sick economy and a drop in the number of premiums being sold.
The company says its first quarter net income was $117 million, up from $102 million for the same period in 2008.
Claims in the first quarter were down by $26 million with the company crediting good weather and improved claims-handling procedures.
One problem on the horizon is a drop in the number of people buying insurance on vehicles, with the value of premiums falling by $17 million in the quarter compared to last year.
The company says the slowdown is the result of a recession and could have a bigger effect on ICBC's finances as the year progresses.
Still, ICBC President Jon Schubert says he's pleased with the company's financial results given the tough economic times, and the drop in the cost of injury claims is good news.
