Full report - SGI Canada

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Table of contents VISION To be a company where every customer, employee, owner and business partner across Canada is proud to do business and work with us. VALUES Integrity ○○ Leading by example and being accountable for our actions. ○○ Following through on commitments. ○○ Providing honest, timely feedback. ○○ Explaining why a decision is taken. ○○ Giving credit to those who contribute to our success. ○○ Providing information openly without breaching confidentiality. ○○ Maintaining the privacy of personal data. Caring ○○ Acting in a manner that preserves the dignity of others. ○○ Valuing and actively supporting diversity. ○○ Acknowledging and validating the feelings of others. ○○ Actively seeking and listening to differing points of view. ○○ Responding to individual differences. Innovation ○○ Seeking solutions that recognize individual circumstances. ○○ Challenging the status quo for positive change. ○○ Pursuing alternatives which lead to business improvements. ○○ Continuously working to revitalize products and services. ○○ Preparing for the needs of the future. ABOUT SGI CANADA SGI CANADA is fully competitive, selling property and casualty insurance products such as home, farm, business and auto in seven Canadian provinces. It operates as SGI CANADA in Saskatchewan, SGI CANADA Insurance Services Ltd. in Manitoba and Alberta, the Coachman Insurance Company in Ontario and as a major partner in the Insurance Company of Prince Edward Island in Nova Scotia, New Brunswick and Prince Edward Island. Letter of transmittal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Minister’s message. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Chair’s message . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 President’s message . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 We’re here for customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 We’re here for brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 We’re here for the team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 We’re here to be good corporate citizens . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Five-year review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Management’s discussion and analysis . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Responsibility for financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 Annual Statement of Management Responsibility . . . . . . . . . . . . . . . . . . . . 58 Actuary’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Independent Auditors’ report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . 61 Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Consolidated Statement of Comprehensive Income . . . . . . . . . . . . . . . . . . . 63 Consolidated Statement of Changes in Province of Saskatchewan’s Equity . . . . . 64 Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Notes to the consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . 66 Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Glossary of terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 Board of Directors and Vice-Presidents . . . . . . . . . . . . . . . . . . . . . . . . . . 107 In memoriam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 Visit SGI CANADA at www.sgicanada.ca.
LeTTer of transmittal Regina, Saskatchewan March, 2011 To His Honour, The Honourable Dr. Gordon L. Barnhart, S.O.M., PhD Lieutenant Governor of the Province of Saskatchewan Your Honour, I am pleased to submit herewith the annual report of SGI CANADA for the year ended December 31, 2010, including the financial statements in the form required by the Treasury Board and in accordance with The Saskatchewan Government Insurance Act. Respectfully submitted, Honourable Tim McMillan Minister Responsible for Saskatchewan Government Insurance LETTER OF TRANSMITTAL 2010 | 3
Page 1: SGI CANADAANNUAL REPORT
Page 5 and 6: President’s message In the insura
Page 7 and 8: We’re here for brokers SGI CANADA
Page 9 and 10: We’re here to be good corporate c
Page 11 and 12: Five-year review ManaGEMenT’S dis
Page 13 and 14: Recent disasters around the world h
Page 15 and 16: The following table summarizes the
Page 17 and 18: 2010 2009 Source: SGI CANADA and MS
Page 19 and 20: All jurisdictions were profitable i
Page 21 and 22: Due to the strength of the capital
Page 23 and 24: The asset mix strategy is formally
Page 25 and 26: Impact of New Accounting Standards
Page 27 and 28: Off-Balance Sheet Arrangements SGI
Page 29 and 30: Distribution channel - broker partn
Page 31 and 32: ANNUal STATEMenT of management resp
Page 33 and 34: Consolidated sTatement of operation
Page 35 and 36: Notes to the consolidated financial
Page 37 and 38: Property, plant and equipment Prope
Page 39 and 40: As at December 31, 2010, the cost o
Page 41 and 42: Gross Type of unpaid claims The pro
Page 43 and 44: 13. Financial Risk Management The n
Page 45 and 46: Carrying amount The Corporation’s
Page 47 and 48: The asset allocation of the defined
Page 49 and 50: 19. Facility Association Participat
Page 51 and 52: National Policy 58-201 Corporate Go
Page 53 and 54:
National Policy 58-201 Corporate Go
Page 55 and 56:
oard of directors Vice- presidents
Page 57:
SGI CANADA head office 2260 - 11th
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Full report - SGI Canada

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