Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009
Tabled paper 822
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
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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