Territory Stories

Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009

Details:

Title

Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009

Other title

Tabled paper 822

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2007-02-22

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/283640

Citation address

https://hdl.handle.net/10070/410715

Page content

Summary of MAC Profit/(Loss), Solvency, Capital Adequacy and Minimum Capital Requirement Profit Projections MAC is projected to make profits (before tax) as detailed below. A forward estimate has also been included for 2010 and 2011 based on the budget. Six Year History___________________________________ Budget_________________ Estimate $m 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (A) (A) (A) (A) (A) (A) (B) (B) (B) (E) (E) 10.4 -10.3 -21.9 13.8 26.4 32.1 8.4 9.9 10.3 7.5 5.0 A graphical representation of anticipated profit results follow: MAC Net Profit/(Loss) It is important to note in comparisons to previous periods that: Actual 2002/03 - Large once-off increase in claims provisions to meet APRA standards 75% level of sufficiency Actual 2004/05 - $14.1 m release of claims provisions results in extraordinary profit Forecasts 2006/07 to 2008/09 - investment returns based on approx. 7.5% compared to 11.0% achieved in 2005/06 Forecasts 2006/07 to 2008/09 - assumes no premium increases in MAC over next 3 years due to exceeding 20% solvency MAC surplus in the forward estimate years of 2010 and 2011 - no premium increases are factored in for these years 6 Statement of Corporate Intent - MAC