Crown Investments Corporation of Saskatchewan (CIC)

Canada · North America · Founded 1947 · State holding company · Not an IFSWF member

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Focus

CIC: what it invests in

Infrastructure and utilitiesEnergy: oil and gasTelecoms and mediaFinancial servicesSportsentertainment and gaming

Strategic state holdingsFixed incomeCash and money markets

Geography Mainly domestic

Scale

CIC: how big it is, and on what basis

C$26,852.8M

Total assets (balance sheet)As of 2026-03-31

In US dollars: about USD 19.3B. Converted at 1.3935 Canadian dollars per US dollar on 31 March 2026.

Return on equity 2025-26 2.5% (7.6% in 2024-25)

Transparency

CIC: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Consolidated total assetsS1: C$26.85B (about USD 19.3B, 31 Mar 2026); As of 2026-03-31
Province's equityS1: C$6.90B; As of 2026-03-31
Crown capital spending 2025-26S1: C$2.6B; As of 2026-03-31
Dividends to province 2025-26S1: C$68.0M; As of 2026-03-31
Return on equity 2025-26S1: 2.5% (7.6% in 2024-25); As of 2026-03-31
Debt ratioS1: 66.4% (consolidated); As of 2026-03-31

At a glance. CIC is the Saskatchewan government's holding company for its commercial Crown corporations, including SaskPower, SaskTel, SaskEnergy and SGI CANADA. Its consolidated balance sheet held C$26.85 billion of assets at 31 March 2026, about USD 19.3 billion, mostly power, gas and telecom networks. It sets Crown sector policy, approves capital plans and passes dividends to the province. S1

Key points

Owns six commercial Crown corporations and one wholly owned subsidiary, CIC Asset Management Inc. S1
Utilities make up 91.0 percent of assets; SaskPower alone is 59.6 percent. S1
Crowns spent C$2.6 billion on infrastructure in 2025-26, including C$1.6 billion at SaskPower. S1
Paid C$68.0 million of dividends to the province and C$187.0 million to SaskPower for customer rate relief in 2025-26. S1
Consolidated net earnings were C$173.3 million in 2025-26, a return on equity of 2.5 percent. S1
CIC itself carries no debt; the Crowns borrow in their own names, with a consolidated debt ratio of 66.4 percent. S1

Interesting facts

CIC began in 1947 as the Government Finance Office and took its current name in 1978. S2
SaskTel reports 5G coverage for 94 percent of Saskatchewan. S1
The Crown sector employs more than 11,000 people. S1

Mandate and goals

Under The Crown Corporations Act, 1993, CIC is the holding company for all subsidiary Crown corporations and the agency that makes and administers investments for the Government of Saskatchewan. S1

Provide strategic shareholder direction and manage Crown sector performance. S1
Keep Crown utilities reliable and affordable while funding reinvestment. S1
Return dividends to the provincial General Revenue Fund. S1
Keep debt levels in the Crown sector sustainable. S1

How it invests

Industries	Infrastructure and utilities, Energy: oil and gas, Telecoms and media, Financial services, Sports, entertainment and gaming S1
Asset classes	Strategic state holdings, Fixed income, Cash and money markets S1
Stages	Infrastructure S1
Geography	Mainly domestic. Saskatchewan; SGI CANADA also writes insurance in Alberta S1
Direct / through funds / co-invest	Yes / No / No S1
Ticket size	No ticket size is published; investment happens through subsidiary capital plans. S1
External managers	Not described S1
Co-investment programme	No co-investment programme at CIC level S1

Asset mix: SaskPower 59.6%, SaskEnergy 15.3%, SaskTel 14.5%, SGI CANADA 7.6%, Other 3.0% (as of 2026-03-31) S1

Sector weights: Utilities 91.0%, Insurance 7.6%, Entertainment 1.2%, Other 0.2% (as of 2026-03-31) S1

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
Not published	SaskPower. Provincial power utility; 59.6 percent of consolidated assets and C$1.6 billion invested in the grid in 2025-26. S1	Direct investment	Infrastructure and utilities	Infrastructure	C$16,004.8M assets	100%
2026	SaskPower Lanigan generating station. A 370 megawatt natural gas power plant near Lanigan, more than halfway built at the report date. S1	New company or platform	Energy: oil and gas	Infrastructure	Not published
Not published	SaskEnergy. Natural gas delivery utility; 15.3 percent of assets and C$84.4 million of net earnings. S1	Direct investment	Energy: oil and gas	Infrastructure	C$430M capex 2025-26	100%
Not published	SaskTel. Telecom provider extending fibre and 5G; 14.5 percent of assets and C$104.7 million of net earnings. S1	Direct investment	Telecoms and media	Infrastructure	Not published	100%
Not published	SGI CANADA. Property and casualty insurer in Saskatchewan and Alberta with 978,080 active policies; C$75.7 million of net earnings. S1	Direct investment	Financial services	Not stated	Not published	100%
Not published	Lotteries and Gaming Saskatchewan. Largest earner in 2025-26 at C$240.0 million; pays out 90 percent of earnings as dividends. S1	Direct investment	Sports, entertainment and gaming	Not stated	Not published	100%
Not published	SaskWater. Water utility that added 68 km of pipelines in 2025-26; C$7.9 million of net earnings. S1	Direct investment	Infrastructure and utilities	Infrastructure	Not published	100%

Case studies

Capital allocation across the Crowns S1

What: CIC sets a payout rate for each Crown: SaskPower 10 percent, SaskEnergy 35, SaskTel 40, SaskWater 60 and LGS 90.
When: 2025-26
Size: C$2.6B capex; C$68.0M dividends
Why: Cash goes first to reinvestment, then debt reduction if needed, then dividends.
Outcome: C$187.0M of dividends redirected to SaskPower rate relief.

Funding the provincial grid build S1

What: SaskPower invested C$1.6B in 2025-26 and is building a 370 MW plant near Lanigan.
When: 2025-26
Size: C$1.6B
Why: Growing demand needs new generation and grid capacity.
Outcome: Lanigan plant more than halfway complete.

Investment process

A board of cabinet ministers oversees CIC. CIC approves the Crowns' capital plans, sets dividend payout rates and reports to the Standing Committee on Crown and Central Agencies. S1

Committee	Role
CIC Board of Directors	Provincial ministers; chaired by the Minister responsible for CIC S4

Each Crown proposes a capital spending plan for CIC to authorise. S1
CIC applies its Subsidiary Dividend Policy to set payout rates. S1
Dividends flow to CIC, which pays the General Revenue Fund under the CIC Dividend Policy. S1
Equity advances or repayments adjust Crown capital when needed. S1

How to approach: No external intake route; suppliers deal with each Crown directly. S5

Size and returns

Headline size: C$26,852.8M (Total assets (balance sheet), as of 2026-03-31) S1
In US dollars: about USD 19.3B. Converted at 1.3935 Canadian dollars per US dollar on 31 March 2026.
Province's equity: C$6,901.3M (Net assets or equity, as of 2026-03-31) S1
Financial investments incl. securities lent: C$3,073.9M (Portfolio value, as of 2026-03-31) S1
Return, 2025-26: 2.5 percent (consolidated return on equity; 7.6 percent in 2024-25) S1
Staff: More than 11,000 employees across the Crown sector S1
Size over time (CAD million): 2025-03-31 25,198.4, 2026-03-31 26,852.8 S1

Leadership

Name	Title	Since
Kent Campbell	President and Chief Executive Officer S1	Not published
Jeremy Harrison	Minister responsible for CIC and Chair S1 S4	2024-11
Ken Cheveldayoff	Vice-Chair S1	2025-12

Governance and transparency

Legal basis: The Crown Corporations Act, 1993 S1
Oversight: Standing Committee on Crown and Central Agencies; Provincial Auditor of Saskatchewan S1
Auditor: KPMG LLP, with the Provincial Auditor S1
Not an IFSWF member. S3
Board members are provincial cabinet ministers. S1
Governance and disclosure modelled on listed company practice where it can apply. S1

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, long-term returns, geographic or sector split, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S4
Partly published: asset allocation, holdings or deal list. S1

History

Date	Event
1947-04-02	Government Finance Office created by Order in Council. S1 S2
1978	Renamed Crown Investments Corporation. S2
1993	The Crown Corporations Act sets the current mandate. S1
2024-11-07	Jeremy Harrison becomes Chair. S1
2026-03-31	Year end: assets C$26.85B; capex C$2.6B. S1

For family offices

CIC does not invest alongside private capital and has no external programme. Its relevance is as owner of the province's utilities, which buy from local and Indigenous suppliers. S1

Supplying the Crowns, which prioritise local and Indigenous suppliers. S1

Reports

Annual Report 2025-26: https://www.cicorp.sk.ca/pub/Reports/CIC%20Annual%20and%20Quarterly%20Reports/2025-26%20Reports/cic-2025-26-annual-report.pdf S1

Common questions

Is CIC a sovereign wealth fund?

It is a provincial holding company whose C$26.85 billion balance sheet is mostly utility assets. Its own financial investments are about C$3.2 billion. S1

Who runs CIC?

Kent Campbell is President and CEO; Jeremy Harrison is Chair. S1 S4

How much does it pay the province?

C$68.0 million of dividends in 2025-26, plus C$187.0 million paid to SaskPower for rate relief. S1

Which Crowns does it own?

SaskPower, SaskTel, SaskEnergy, SaskWater, SGI CANADA, Lotteries and Gaming Saskatchewan and CIC Asset Management Inc. S1

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All sovereign wealth funds in North America · All state holding companys · All funds in Canada

Sources

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