TORONTO, Canada – Sagicor Financial Company Ltd. (Sagicor), a leading financial services provider in the Caribbean with a growing presence in the United States, has announced revenue of US$781.9 million in the third quarter, a 94 per cent increase year over year.
Image courtesy of SagicorAccording to the figures released here, the company reported net insurance premiums of US$623.5 million during the period, an increase 135 per cent year over year, while the net income to shareholders of US$50.4 million.
It said earnings per share of US$0.349 and that total comprehensive income to shareholders was US$50.7 million in the third quarter. The dividend of US$0.05625 per common share will be paid during the fourth quarter.
“Sagicor is pleased to announce an excellent quarter of profitability and growth. Once again, Sagicor Life USA posted a very strong quarter reflecting continued progress in our U.S. strategy as that business grows towards scale,” said Dodridge Miller, the Group’s president and chief executive officer.
“Sagicor Jamaica also grew compared to Q3 2020 underpinned by new life insurance sales and positive emergence from our actuarial reserves. Sagicor Life, our southern Caribbean segment, delivered good profitability despite lockdowns from the pandemic across select markets.
“In addition to our strong performance, we reached yet another milestone as our total assets surpassed US$10 billion for the first time in our Group’s history,” he added.
Sagicor considers its business within three main operating segments: Sagicor Life includes southern Caribbean, Sagicor Jamaica of which the company owns 49.1 per cent and Sagicor Life USA.
In its outlook, Sagicor said the Group’s financial results in the third quarter this year, reflect continued normalization of operations in its markets, positive emergence from the in-force life insurance portfolios, as well as continued robust growth in the US segment.
“The economies in which we operate are seeing positive signs of returns to normal economic activity, including a more positive outlook for tourism in the upcoming winter season. However, it is unclear when that recovery will fully mitigate the impact of the pandemic. We will continue to monitor the situation and anticipate resuming specific guidance with respect to earnings targets when the timing of economic recovery becomes more certain.”
Meanwhile, Sagicor has announced the retirement of Timothy Hodgson as chair of the Board of Directors. His retirement is effective December 31, 2021. He will be succeeded by independent director, Mahmood Khimji, who joined the Board in 2019.
