Despite challenges, SGI in stable financial position: Annual report

Despite challenges like a record-setting storm and the COVID-19 pandemic, SGI remains in a stable financial position.

That’s according to the company’s annual reports, which were tabled in the provincial Legislature and released publicly Tuesday.

SGI’s Auto Fund did well over the last year, earning $108.7 million through investments. The Auto Fund, the compulsory auto insurance plan administered by SGI on behalf of the provincial government, was able to return money to drivers through a rebate program for the second consecutive year.

The latest round of rebates added up to $89.3 million, with $100 going to the owner of each registered vehicle.

A massive storm at the end of August caused widespread flooding, as well as hail and wind damage. According to SGI, most of the damage was covered by its reinsurance program, meaning reserves weren’t greatly affected despite an influx of “thousands of storm-related vehicle damage claims.”

The Auto Fund wrote $1 billion in gross premiums over the past year, the report said, and offered more than $160 million in discounts to drivers through its Safe Driver Recognition and Business Recognition programs.

The company’s competitive insurance side, SGI CANADA, generated $81.9 million in net income for an overall growth rate of 7.1 per cent.

“SGI delivers value to the people of Saskatchewan by offering affordable insurance, leading traffic safety initiatives and providing a dividend back to the province,” Don Morgan, minister responsible for SGI, said in a statement accompanying the report.

“Even in times of uncertainty, SGI remains on track.”