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2007 Annual Report and 2008-10 Service Plan
Summary of financials
Balance sheet
as at December 31, 2007 ($ thousands)
| 2007
(fair value) | 2007
(smoothed) | 2006
(fair value) | |
|---|---|---|---|
| Assets | |||
| Receivables |
515,804 |
515,804 |
542,501 |
| Portfolio investments |
11,761,959
|
10,586,513 |
11,497,437 |
| Property, plant, and equipment |
165,054 |
165,054 |
148,559 |
| 12,442,817 |
11,267,371 |
12,188,497 |
|
| Liabilities, reserves, unappropriated balance, and
accumulated other comprehensive income |
|||
| Payables and accruals | 232,951 |
232,951 |
215,476 |
| Benefit liabilities | 8,751,988 |
8,751,988 |
8,765,301 |
| Total liabilities | 8,984,939 |
8,984,939 |
8,980,777 |
| Reserves | 1,430,000 |
1,430,000 |
840,000 |
| Unappropriated balance | 1,497,421 |
852,432 |
1,216,377 |
| Accumulated other comprehensive income | 530,457 |
— |
1,151,343 |
| 12,442,817 |
11,267,371 |
12,188,497 |
|
Statement of operations
for the year ended December 31, 2007 ($ thousands)
| 2007
(fair value) | 2007
(smoothed) | 2006
(fair value) | |
|---|---|---|---|
| Income | |||
| Premiums |
1,081,896
|
1,081,896
|
1,267,238
|
| Investments |
1,102,888
|
1,015,157
|
1,186,543
|
| Total income |
2,184,784 |
2,097,053 |
2,453,781 |
| Expenses | |||
| Claim costs | 1,153,255 |
1,153,255
|
1,309,862
|
| Operating and prevention costs |
|||
| Operating costs | 296,998 |
296,998 |
283,778 |
| Prevention costs | 56,362
|
56,362
|
47,546
|
| Total operating and prevention costs | 353,360
|
353,360
|
331,324
|
| Less: Claim administration payments | (192,875)
|
(192,875)
|
(182,999)
|
| Total expenses | 1,313,740 |
1,313,740 |
1,458,187 |
| Surplus from operations | 871,044 |
783,313 |
995,594 |
| Other comprehensive income Net unrealized gains (losses) on available-for-sale investments |
(620,886) |
— |
(24,813) |
| Total comprehensive income | 250,158 | 783,313 | 970,781 |
Statement of changes in unappropriated balance and accumulated other comprehensive income
for the year ended December 31, 2007 ($ thousands)
| 2007
(fair value) | 2007
(smoothed) | 2006
(fair value) | |
|---|---|---|---|
| Unappropriated balance — January 1 |
1,216,377
|
659,119
|
689,841
|
| Prior-period adjustment
|
—
|
—
|
(69,058)
|
| Unappropriated balance — January 1 restated |
1,216,377
|
659,119
|
620,783
|
| Surplus from operations | 871,044
|
783,313
|
995,594
|
| Appropriation to Capital Adequacy Reserve | (590,000)
|
(590,000) |
(150,000) |
| Appropriation to General Reserve | —
|
—
|
(250,000)
|
| Unappropriated balance — December 31 | 1,497,421 |
852,432 |
1,216,377
|
| Accumulated other comprehensive income — January 1 | 1,151,343
|
—
|
1,107,098
|
| Prior-period adjustment | — |
— |
69,058
|
| Accumulated other comprehensive income — January 1 restated | 1,151,343 |
— |
1,176,156
|
| Other comprehensive income (loss) | (620,886) |
— |
(24,813) |
| Accumulated other comprehensive income — December 31 | 530,457 |
— |
1,151,343 |