2022-23 SGI CANADA Annual Report
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Presentation and disclosure: IFRS 17 introduces changes to the way in which the Corporation will present and
disclose financial results. Insurance contract liabilities will be presented in the Consolidated Statement of
Financial Position as a single line item and will consist of premiums receivable, deferred policy acquisition cash
flows, unearned premiums, onerous loss component (if applicable), discounted and risk adjusted claim liabilities,
and other related liabilities. Reinsurance contract assets will be separately presented in the Consolidated
Statement of Financial Position and will include amounts expected to be recovered from reinsurers and an
allocation of the reinsurance premiums paid. The reclassification of amounts on the Consolidated Statement of
Financial Position are expected to result in a reduction in assets and liabilities of the Corporation.
The Consolidated Statement of Operations will no longer include premiums written, instead it will include an
insurance service result comprised of insurance revenue and insurance service expenses. Reinsurance results
will be separately presented from direct insurance activities and presented as a single line item. Insurance finance
income or expense will be presented within investment result. The Corporation will present the impact of changes
in discount rates as finance income or expenses.
IFRS 17 requires extensive new disclosures related to amounts recognized in the financial statements, including
detailed reconciliations of contracts, and commentary regarding significant judgements made when applying IFRS 17.
4. Cash and Cash Equivalents
(thousands of $)
2023
2022
$
25,750 $
23,890
17,316
29,602
$
43,066 $
53,492
Money market investments
Cash, net of outstanding cheques
Total cash and cash equivalents
The average effective interest rate on money market investments is 4.6% (2022 - 0.6%).
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