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Manitoba Public Insurance sees strong first fiscal quarter in 2020
Manitoba Public Insurance brought in more cash in its first fiscal quarter this year than it did last year — but returned its net income to drivers through rebates as financial relief during the spring amid the COVID-19 pandemic.The public insurer reported $110.1 million in net income in its first quarter, compared to $94.7 million in the same period last year.That $110.1 million was rebated to customers through May and June — with the average cheque around $140 to $160.At the time, the province’s municipal relations minister, Jeff Wharton, said MPI’s surplus is due to the fact there have been fewer claims during the novel coronavirus pandemic, combined with “strong year-end financial results.” Public Utilities Board approves MPI rebate