SGI profits down, hurt from rough weather

Profits generated by SGI Canada, the arm of the provincial Crown corporation that sells insurance, were down at the end of 2013, compared to the previous year, due to expensive weather-related claims.
SGI Canada, which sells insurance products across the country, posted a $39.2 million profit in 2013.

Profits generated by SGI Canada, the arm of the provincial Crown corporation that sells insurance, were down at the end of 2013, compared to the previous year, due to expensive weather-related claims.

The company released it annual report Tuesday.

It said its profit for 2013 was $39.2 million and noted it was able to generate that profit even though it experienced a lot of expensive claims.

"[D]ue primarily to several major weather events, including summer storms and a protracted winter season with large snow loads causing roof ice dams in Saskatchewan, and extreme flooding in both Alberta and Toronto," the company said. SGI sells its insurance products across Canada.

The year before, in 2012, SGI made $82.2 million in profits.

The company also looks after Saskatchewan's no-fault automobile insurance business, which is designed to be revenue-neutral over time.

The dividend, to the province, for 2013 was $25.6 million.

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