SGI CANADA says it had a profit of $84.5 million despite flooding and forest fires over the last 2015/16 year.
SGI says both sides of operations, SGI CANADA and the Saskatchewan Auto Fund saw strong results.
“SGI CANADA’s profitability is due to both favourable underwriting results and investment earnings,” minister responsible for SGI Don McMorris said.
“In addition, SGI CANADA achieved growth in all provinces where it operates, despite economic downturns in Alberta and Saskatchewan. This growth is a direct result of the positive partnerships SGI CANADA has built with its broker partners across the country.”
SGI CANADA saw $46 million in investment earnings, $42.4 million in underwriting profit, $797 million in premium written, $235 million of premium written outside the province and $55.1 million in claim losses due to summer storms and wildfires in Northern Saskatchewan.
SGI also saw $47.3 million dividend paid to Crown Investments Corporation.
SGI says they had relatively low damage and injury claims which resulted in positive underwriting results and they say the mild winter and recent traffic safety initiatives helped.
“Early signs show traffic safety initiatives such as the dedicated traffic enforcement unit in the central and southeast regions of the province, the photo speed enforcement pilot in high-volume highway corridors and school zones, and motorcycle engine size restrictions for new riders, are having a positive impact on road safety in our province,” McMorris said.
SGI also saw 121 fatalities and they say it is the lowest number they had in quite some time.
SGI CANADA is the competitive arm of SGI and sells property and casualty insurance in Saskatchewan, Alberta, Manitoba, Ontario and British Columbia.
To see the complete SGI CANADA annual report, go to www.sgicanada.ca. To see the complete Saskatchewan Auto Fund annual report, go to www.sgi.sk.ca.
