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SGI shows $48 million profit in 2018-19 annual report

Provincial insurer SGI says it's received more than 2,500 claims following last week's wind storm in Saskatchewan.
SGI Canada made $48 million in profit in 2018-19, announced in their annual report released on Tuesday. File / Global News

Saskatchewan Government Insurance (SGI) described how it’s doing with two words – “financial stability.”

In the Crown corporation’s 2018-19 report released on Tuesday, SGI Canada was shown to have made a profit of $48 million with a return on equity of 9.8 per cent before tax.

“I’m very proud of how this Saskatchewan-based company continues to earn profits and achieve growth in an industry where it competes with many national and international insurers,” Minister Responsible for SGI Joe Hargrave said.

SGI Canada wrote $919.4 million in premiums which included $371.4 million (40.4 per cent) written outside Saskatchewan.

READ MORE: SGI announces rate decrease application in annual report

They operate from selling property and casualty insurance in Saskatchewan, Alberta, Manitoba, Ontario and British Columbia.

The Saskatchewan Auto Fund is the insurance plan administered by SGI on behalf of the province.

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Their highlights this year include $894.9 million in claims, $956.5 million in gross premium written and $149.1 million in discounts to customers through the safe driver recognition (SDR) and business recognition programs.

“Saskatchewan residents now enjoy, on average, the lowest overall personal vehicle insurance rates in Canada,” Hargrave said.

READ MORE: Saskatchewan drivers underinsured: report

“Our government and the Auto Fund remain committed to a continued focus on traffic safety, and a number of initiatives implemented over the past year will make Saskatchewan’s roads safer for everyone who uses them.”

Other Saskatchewan Auto Fund highlights are $26.2 million net storm claims and $135.8 million in investment earnings.

New impaired driving legislation, new mandatory training standards for commercial semi drivers, ride-sharing were also introduced in 2018-19.

SGI also announced that photo speed enforcement would be here to stay.

To see SGI Canada’s and Saskatchewan Auto Fund’s full report, visit www.sgi.sk.ca and www.sgicanada.ca.

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