BUSINESS MONDAY: POSITIVE RESULTS FOR SAGICOR

DESPITE a marginal dip in revenue, Sagicor Financial Corporation has reported favourable results for the third quarter ended September 2020.

Dodridge Miller, Group President and CEO of the region's leading financial services firm, gave his report on the performance of Sagicor against the background of a worsening global pandemic, which has affected businesses across all economic sectors.

"Our balance sheet remains strong and we are able to withstand changing economic conditions while supporting business growth," Miller said.

He also revealed that while their new business generation is improving, the outlook for the region where Sagicor operates remains uncertain. He put this down to the duration and extent of the contraction of economic activity from the pandemic, which remains unpredictable.

"We have shown resilience by demonstrating our ability to navigate through these critical times," he remarked.

Revenue of $402.2 million was down two per cent year on year; net insurance premium of $265.0 million was up one per cent; there was a $3.0 million net income loss to shareholders, as well as a loss of $0.02 on earnings per share.

However, among the other bright spots were a positive $3.3 million comprehensive income to shareholders, a strong financial position with total capital available of $2.1 billion, book value per share which was US$7.24 (or Cn$9.65) and dividends of US$0.05625 per common share. That dividend will be paid to shareholders on record on December 16, this year. 

Miller said that Sagicor continues to generate stable revenues while maintaining strong service levels to customers. He noted that the Group's teams have stepped up their innovation in providing new products that meet evolving needs such as the Health Care Heroes suite of products in the Caribbean. 

This is also being done by "leveraging our differentiated technology solutions to more efficiently reach our customers," said the Sagicor Group President and CEO.

Miller indicated further that their experience at Sagicor has shown that insurance, such as life and health, is "coverage that our customers choose to maintain, or enhance, especially during times of crisis".