2022-23 SGI CANADA Annual Report
The investment policy was updated during the annual review to include an additional 5.0% allocation to mortgages
with a corresponding 5.0% decrease to short-term investments. The Corporation continues to monitor its fixed
income investments to ensure they remain relatively well matched to their associated liabilities.
Total liabilities
Key liability account changes:
Provision for unpaid claims
Provision for unpaid claims
March 31
2023
(thousands of $)
March 31
2022
Change
$
1,568,351 $
1,453,601 $
114,750
791,736
740,299
51,437
The provision for unpaid claims reflects the estimated ultimate cost of claims reported but not settled, along with
claims incurred but not reported. The process for determining the provision requires management judgment and
estimation as discussed in the following section, Critical Accounting Estimates.
The provision for unpaid claims increased $51.4 million, or 6.9%, from the end of the previous year. Key components
of the change in the provision for unpaid claims are discussed in the preceding section, Claims Incurred.
Total equity
Key equity account changes:
Retained earnings
Retained earnings
(thousands of $)
March 31
2023
March 31
2022
Change
$
554,027 $
529,323 $
24,704
474,027
449,323
24,704
The $24.7 million increase in retained earnings is attributable to the $24.4 million consolidated net income
plus $0.3 million other comprehensive income. No dividend was declared in the current year. The other
comprehensive income represents actuarial gains associated with the Corporation's defined benefit pension and
service recognition plans.
2022-23 SGI CANADA Annual Report 21View entire presentation