SGI brings in $59.4M in profits over fiscal year

While profits have dipped from the previous year, Saskatchewan Government Insurance says it showed strong financials in the last fiscal year.

Profits dip by almost $6M from last year, storm claims down

SGI has reported profits of $59.4 million in the last fiscal year. (CBC)

While profits have dipped from the previous year, Saskatchewan Government Insurance says it showed strong financials in the last fiscal year.

The Crown insurance corporation posted profits of $59.4 million in 2017-2018, a $5.8 million decrease from the previous year.

SGI's auto fund paid $937 million in gross premiums, and paid back $144.2 million in customer discounts through its Safe Driver Recognition program.

The company increased money made from the fund's investment earnings, taking in $162 million.

"Overall we are very pleased with the performance and service of the Saskatchewan Auto Fund," Minister Responsible for SGI Joe Hargrave said in a news release. "Our goal of having the safest roads in all of Canada is an ambitious one, but we are committed to this work."

Despite a Saskatoon hailstorm that cost the company $15.9 million in claims, the total amount for claims dropped by $6.9 million from the previous year.

The amount of money paid to the province through the Crown Investments Corporation also dipped slightly from last year, sitting at $35.8 million, or 60 per cent of SGI Canada's net income.

The corporation said highlights from this year include selling property and car insurance in Ontario, as well as launching a special Farm Business Unit to specialize to agricultural customers.