VICTORIA, B.C. — The Insurance Corp. of B.C. (ICBC) has rebounded from a dismal year in 2001, recording a net profit of $39.6 million in the second quarter of this year.

That’s up from $8.5 million over the same quarter last year. Meanwhile net income was $9.2 million during the quarter, compared to a net loss of $30.6 million over the same period last year.

The numbers indicate ICBC’s cost-cutting measures implemented last year are paying off for the Crown Corp. Controllable costs were down 22.5 per cent over the same period last year. Another key was that investment income was up $22 million over last year, thanks to the rebounding economy.

However, not everything is rosy for ICBC. The trend of increasing claims continues to be a cause of concern with the frequency and severity of crashes on the rise this year. Car thefts are also up 14 per cent over last year.

And despite the apparent resurrection of the Crown Corp. (which was rumored to be on the brink of dismantlement last year) ICBC’s president and chief executive officer has decided to resign. Kevin Benson has been with the company for less than a year, but he’s decide to leave ICBC to pursue a business opportunity in Ontario.

He will be replaced by ICBC chairman, Nick Geer.