For the first time since 2009, the Portage la Prairie Mutual Insurance Company showed a profit.

The 7.2 million dollars in 2015 was the highlight of the company's annual general meeting this morning.

President and CEO John Mitchell is very pleased, and says they're positive about the future. He stresses they've made some significant changes in the last 12 months.

"We moved out of some areas that were constantly causing us problems. We just recognized that we weren't going to be able to provide the policy-holders with the products that they required, at the pricing that we needed. And we started to really look at the areas where we could make money, and could sustain our pricing. So we did contract in some regions."

He feels 2015's results provide positive boost into 2016.

CEO John Mitchell talks about the success of 2015, and looks ahead to 2016

"And it's not something that you can really put your finger on, it's just...you can feel it. The staff worked really hard to allow us to get to this position. But one year, in our industry, can change so quickly. We've had a good start in the first quarter, but we know that the storms are coming in the summer. The challenges will exist through a whole year."

Board Chair Toby Trimble delivers his report on 2015Board Chair Toby Trimble adds it's been a long time since they were in the black.

"Everybody's quite happy that we've turned the corner. A lot of work went into it, but also Mother Nature was on on our side last year, and hopefully, that will continue."

Portage Mutual also plans a comprehensive review of their strategic plan in 2016.