2022-23 SGI CANADA Annual Report
2022-23 Financial Results
For the year ended March 31, 2023
Overview of operations
The Corporation's operating results for the year were strong, achieving a consolidated net income of $24.4 million,
and an annualized after-tax return on equity of 4.5%.
The Corporation's investment earnings were $42.5 million for the year, driven by positive equity and real estate returns.
Statement of Operations
Premium revenue
Saskatchewan
Alberta
Ontario
British Columbia
Manitoba
Gross premiums written
Premiums ceded to reinsurers
2023
(thousands of $)
2022
Change
739,554
675,879
63,675
202,751
196,283
6,468
173,773
138,944
34,829
78,393
73,232
5,161
62,926
58,392
4,534
1,257,397
1,142,730
114,667
(86,128)
(72,598)
(13,530)
(38,046)
(33,639)
(4,407)
1,133,223
1,036,493
96,730
Change in unearned premiums
Net premiums earned
Consolidated gross premiums written grew $114.7 million, or 10.0%, with growth occurring in all jurisdictions.
The Corporation's split of business in 2023 was 66.1% property and 33.9% auto, consistent with 2022.
Geographically, 41.2% (2022 - 40.9%) of gross premiums written were outside of Saskatchewan.
Gross premiums written in Saskatchewan increased 10.0% year-over-year, with all lines of business contributing to
the growth.
Alberta operations experienced growth of 3.3% year-over-year. Farm and personal lines saw year-over-year growth
which was offset by a decline in personal and commercial auto lines.
The increase in Ontario gross premiums written of 25.1% relates to growth in all lines of business.
In British Columbia, the 7.0% increase in gross premiums written was across all lines.
Gross premiums written in Manitoba increased 7.8% year-over-year, with all lines of business contributing to the growth.
The 18.6% increase in premiums ceded to reinsurers relates to the increase in premiums the Corporation is paying
to acquire reinsurance. In the last year, due to inflation and the increased severity and prevalence of catastrophic
storms, reinsurance rates increased substantially.
2022-23 SGI CANADA Annual Report 15View entire presentation