Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.
Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.
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Released on April 15, 2013
2012 was an extremely successful year for SGI CANADA, with record underwriting profits outside Saskatchewan enabling the corporation to pay an unprecedented dividend to the province.
Though the Saskatchewan Auto Fund’s financial results improved significantly from 2011, the Rate Stabilization Reserve was still drawn down in 2012.
SGI released its financial and operational highlights today when the 2012 annual reports for both SGI CANADA and the Saskatchewan Auto Fund were tabled in the Legislative Assembly.
SGI CANADA is the competitive arm of SGI, selling property and casualty insurance in seven provinces. The Saskatchewan Auto Fund is the self-sustaining, compulsory auto insurance plan administered by SGI on behalf of the province. It is a public fund for motorists, cannot pay dividends and is not intended to earn profits.
SGI CANADA posted a consolidated profit of $82.1 million, with a record $18.7 million coming from operations outside Saskatchewan. SGI CANADA and its subsidiaries were profitable in every jurisdiction in 2012.
“This is a real accomplishment for SGI CANADA, especially since the company achieved this success while operating in a highly competitive marketplace,” Minister responsible for SGI Donna Harpauer said.
Strong underwriting results, combined with improved investment income, contributed to the successful results. SGI CANADA’s underwriting profit of $55.6 million is the highest in the corporation’s history, resulting in a record dividend of $52 million to its shareholder.
While SGI CANADA experienced normal summer storm activity, the Saskatchewan Auto Fund felt the impact of high claim costs in the fourth quarter of 2012 due to poor winter driving conditions. This contributed to the Auto Fund drawing down the Rate Stabilization Reserve (RSR) by $11.5 million.
The RSR balance of $127.1 million at the end of 2012 puts it below its target range for capital adequacy. SGI currently has a proposal before the Saskatchewan Rate Review Panel that includes a surcharge to help replenish the RSR.
In addition, 2012 proved to be a good year for customers with safe driving records, with SGI providing $108.8 million in discounts through the Safe Driver Recognition and Business Recognition programs. SGI also promoted safe driving through its traffic safety efforts.
“SGI partners with law enforcement across the province to promote monthly traffic safety blitzes targeting distracted driving, impaired driving, seatbelt use and other key road safety issues,” Harpauer said. “The SGI Safe Ride app makes it easy for Saskatchewan motorists to plan a safe ride home by keeping track of taxi and designated driving services, bus routes and even a personal list of designated drivers.”
The complete SGI CANADA annual report can be found at www.sgicanada.ca. The complete Saskatchewan Auto Fund annual report can be found at www.sgi.sk.ca.
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For more information, contact:
Kelley Brinkworth
Saskatchewan Government Insurance
Regina
Phone: 306-751-1837
Email: kbrinkworth@sgi.sk.ca
Cell: 306-535-6207
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