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SGI POSTS STRONG FINANCIAL RESULTS IN 2004

Released on April 12, 2005

SGI CANADA and the Saskatchewan Auto Fund each had a strong year financially, as outlined in its 2004 Annual Reports tabled with the Legislative Assembly today. The Crown corporation also tabled annual financial statements for its pension plan and subsidiaries.

SGI CANADA had its best year on record in 2004, posting a consolidated profit of $42 million – nearly double that of last year – and as a result, paid a dividend to the province of $27 million. SGI CANADA's success in 2004 resulted from ensuring rates accurately reflect risk through disciplined underwriting. Good investment earnings and the absence of severe summer storms were also major contributors.

"SGI CANADA continued to expand its presence beyond Saskatchewan's borders and each subsidiary posted a profit in 2004," Minister responsible for SGI Maynard Sonntag said. "Out of province operations continue to spread SGI's insurance risk, earn profits, and create jobs in Saskatchewan."

The Saskatchewan Auto Fund posted a $125 million surplus in 2004, resulting in a $140 million balance in the Rate Stabilization Reserve (RSR). 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 insurance rates the lowest in Canada.

"This year SGI had one of its most successful years ever financially," Sonntag said. "The Auto Fund's strong showing in 2004 is due in large part to an external actuary's lowered estimate of unpaid claims from prior years, increased investment earnings, and lower than average summer storm damage claims."

"Saskatchewan customers continued to benefit from the lowest automobile insurance rates in Canada in 2004," Sonntag said. "While maintaining the lowest rates in the country, SGI provided its customers with many new and innovative solutions in 2004, such as the Business Recognition Program, simplifying the vehicle registration system, a single licence plate system, the Deductible Payment Plan, the Auto eClaim registration service and a special licence plate for Saskatchewan veterans."

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For More Information, Contact:

Deanne Cairns
SGI Communications
Regina
Phone: (306) 751-1347

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