MPI posts more than $30M operating loss

Manitoba Public Insurance had a corporate net loss of $31.3 million last year after claiming financial strength last summer.

MPI confirmed the losses for the year ending Feb. 29.

Brian Smiley, MPI spokesperson, said in an email that the primary factor in the losses were a volatile investment market,"which resulted in losses on bonds and impairment of equities."

An increase in comprehensive claims of about $52 million from hailstorms last summer also contributed, Smiley said.

Last June, the Crown auto insurer requested no overall rate increases after reporting net income from operations of $57.6 million.

In the second quarter financial results released in October, MPI reported a net income of $16.5 million for the first six months of its fiscal year ending Aug. 31, 2015