2022-23 SGI CANADA Annual Report
The Corporation's equity investments are classified as fair value through profit and loss and any unrealized changes
in their fair value are recorded in the Consolidated Statement of Operations. No derivative financial instruments have
been used to alter the effects of market changes and fluctuations.
Liquidity risk
Liquidity risk is the risk that the Corporation is unable to meet its financial obligations as they fall due. Cash resources
are managed on a daily basis based on anticipated cash flows. The majority of financial liabilities, excluding certain
unpaid claim liabilities, are short-term in nature and due within one year. The Corporation generally maintains
positive overall cash flow through cash generated from operations and investing activities.
The following tables summarize the estimated contractual timings of cash flows on an undiscounted basis arising
from the Corporation's financial assets and liabilities:
Financial assets
(thousands of $)
March 31, 2023
Carrying
amount
Total
No
stated
maturity
More
0-6
7-12
months months
1-2
years
3-5
years
than 5
years
Cash and cash
equivalents
$ 43,066 $
Accounts receivable
324,399
43,066 $
324,399
$ 43,066 $
259,207
$
$
$
56,525
2,653
3,265
2,749
Investments
1,461,881 1,461,881 539,312
156,916
295,390
384,154
86,109
Unpaid claims
recoverable from
reinsurers
27,432
27,117
11,204
6,774
5,437
2,177
1,525
$1,856,778 $1,856,463 $ 539,312 $470,393 $
63,299 $ 303,480 $389,596 $
90,383
Financial liabilities
Accounts payable and
accrued liabilities
$
Premium taxes payable
86,099 $ 86,099 $
10,517 10,517
58,745 $ 27,354 $
10,517
$
$
Amounts due to
reinsurers
48,764
48,764
48,764
Accrued pension
liabilities
10,248
10,248
10,248
Provision for unpaid
claims
791,736
781,685
Lease liability
9,108
9,664
235,409
1,183
122,528
1,064
115,201
3,344
171,765 136,782
2,503
1,570
$ 956,472 $ 946,977 $ 68,993 $323,227 $ 123,592 $ 118,545 $ 174,268 $ 138,352
72 2022-23 SGI CANADA Annual ReportView entire presentation