2022-23 SGI CANADA Annual Report
Quarterly Consolidated Financial Highlights
The following table highlights quarter-over-quarter results for the Corporation:
(thousands of $)
2022-23
2021-22
2023
2022
Q4
Q3
Net premiums written
Net premiums earned
202,953
286,839
Net claims incurred
138,325
Net income (loss)
62,912
31,800 (50,245)
Q2
315,332 331,509 321,475
292,220 283,460 270,704
178,511 229,908 154,448
(20,020)
Q1
Q4
Q3
Q2
Q1
1,171,269
1,133,223
197,873
282,103
296,283
293,873
1,070,132
262,635
701,192
153,366
140,573
24,447
(19,299)
49,267
265,482 255,839 252,537 1,036,493
184,712 115,738 594,389
(13,270)
65,074
81,772
Cash flow (used in) from
operating activities
(25,652)
Investments
1,461,881
70,960
1,447,640 1,380,244 1,355,998
8,418
53,696
107,422
(24,819)
1,351,320
113,214
1,435,201 1,350,691 1,318,768
35,325
52,890
176,610
Provision for unpaid
claims
791,736
809,343
817,585 753,235
740,299
714,755 735,347 640,777
Minimum Capital Test
233%
207%
204%
238%
242%
254%
253%
281%
The following points are intended to assist the reader in analyzing trends in the quarterly financial highlights:
.
•
Claims incurred typically peak in the second quarter due to catastrophe claims for events such as hail storms,
flooding and forest fires that can occur.
With the exception of the fourth quarter, the Corporation typically generates positive cash flow from operations.
Cash is typically low during that quarter as the Corporation pays its annual premium taxes to the provincial
jurisdictions in March. Operating cash flows are generally strong throughout the remaining nine months of the
year and during these months excess cash generated is directed to investments.
Related Party Transactions
The Corporation is related in terms of common ownership to all Government of Saskatchewan ministries, agencies,
boards, commissions, Crown corporations and jointly controlled and significantly influenced corporations and
enterprises. Routine operating transactions with related parties are recorded at the exchange amount, which is the
amount of consideration established and agreed to by the related parties. Further details regarding these related
party transactions are disclosed in note 20 of the consolidated financial statements. Details of other significant
related party transactions are disclosed in the consolidated financial statements.
The Corporation acts as the administrator of the Auto Fund on behalf of the Province of Saskatchewan.
The Corporation incurs administrative and claim adjustment expenses on behalf of the Auto Fund, which are
charged to the Auto Fund directly or on the basis of specific distributions. Amounts incurred by the Corporation and
charged to the Auto Fund were $257.8 million (2022 - $207.5 million).
Off-Balance Sheet Arrangements
The Corporation, in its normal course of operations, enters into certain transactions that are not required to be
recorded on its Consolidated Statement of Financial Position - commonly referred to as the balance sheet. These
items include litigation, structured settlements and long-term contracts. These items are discussed below and in
note 23 to the consolidated financial statements.
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