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SGI POSTS STRONG FINANCIAL RESULTS IN 2003

Released on April 19, 2004

SGI CANADA and the Saskatchewan Auto Fund each had a strong year financially, as outlined in its 2003 Annual Reports tabled in the Legislative Assembly today. The Crown corporation also tabled annual financial statements for its pension plan and subsidiaries.

Following a challenging year in 2002, SGI CANADA experienced a financial turnaround. SGI CANADA posted a consolidated profit of $21.2 million in 2003 - a turnaround of $30 million in one year. Each company on the competitive side of the business was profitable in 2003. Most dramatically, Coachman Insurance Company in Ontario made a profit of over $320,000 in 2003, following a net loss of $11.3 million in 2002.

"In 2001 and 2002, the insurance industry across Canada suffered two of its worst financial years on record," Minister Responsible for SGI Maynard Sonntag said. "Poor underwriting results, increased reinsurance costs and less than average investment income hit the industry hard. SGI CANADA met these challenges head on, and reported the close to record profit due to its strategic business planning."

The Saskatchewan Auto Fund posted an $11.5 million surplus in 2003, increasing the balance in the Rate Stabilization Reserve (RSR) to $14.4 million. The Saskatchewan Auto Fund is the compulsory auto insurance program administered by SGI on behalf of the people of Saskatchewan. The Fund operates on a break-even basis over time, and a positive balance in the RSR helps to keep auto rates low for Saskatchewan motorists.

"In a year where auto insurance premiums rose by an average of 22 per cent across the country according to Statistics Canada, SGI did not increase rates last year and has not done so since 2000," Sonntag said. "In fact, SGI's auto insurance rates remain among the lowest in Canada. This was accomplished while also increasing the maximum discount provided under the Safe Driver Recognition program, putting $22 million in premiums back into the pockets of Saskatchewan vehicle owners last year."

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For More Information, Contact:

Julianne Jack
SGI Communications
Regina
Phone: (306) 775-6907

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