BCAA celebrates successes in 2008, predicts softer results in 2009
BURNABY, BC, Jan. 22 /CNW/ – The British Columbia Automobile Association (BCAA) achieved new highs in membership, home insurance policies and operating revenues, making 2008 the most successful year in the association’s 102-year history.
Consolidated net revenues climbed to a record $130 million for the fiscal year ended September 30, 2008, an increase of 3.3 per cent over the fiscal 2007 figure of $126 million. Membership in the association reached 793,104, a two per cent rise over the previous record set in 2007.
Despite softening travel revenues, BCAA’s net income exceeded last year’s figure, due primarily to higher insurance revenues, lower than expected claims costs, mild weather conditions, and careful cost management. Net income for 2008 was $10.1 million compared to $5.7 million a year earlier.
President and CEO Bill Bullis says while BCAA had plenty to celebrate in 2008, the celebration has been short lived as the Association experiences the impact of a global economic downturn. “There’s no question that 2009 is going to be very different from 2008,” says Bullis. “Like many other businesses, BCAA will be challenged in 2009 to match our recent growth and financial performance. Nonetheless, we’re confident that what we’ve built over the past few years puts us in a very good position to continue meeting the needs of members and customers, and to respond quickly to opportunities as they arise.”
http://www.newswire.ca/en/releases/archive/January2009/22/c9689.html