Friday, November 13, 2009

ICBC Posts Third Quarter Financials

Click on to enlarge image.
Earns $422,000,000.00 To Date

ICBC has posted a $422 million net income on a gross income of $2,813 million ($2.8 billion) at the end of the third quarter for 2009.

A few simple calculations make you wonder if their customers (that's you and I) might be out of line asking for a roll back in our premiums.

$422 million represents a net bottom line of 15% of gross sales, (some businesses would kill for that kind of margin) which is pretty much consistent with last years statments.

On their website they say they put $50 million into road safety projects and theft reduction programs which in the end yields fewer claims and of course all drivers benefit.

However, if they reduced their margin to a meager 5% they would still have a net income of $140 million which would mean they still would have $90 million for other investments.

It would also mean they could roll back our premiums by 10% which I think would be most popular with the average driver. Of course it would make little difference to government employees and chief executives of places like ICBC, since they spend that much on a good smoozers lunch anyway. :^)


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