Solid performance from Sagicor

AN excellent third quarter!
That’s how Dodridge Miller, Group President and Chief Executive Officer of Sagicor Finance Company summed up the performance of financial services firm for the third quarter to September 30, 2021.
He hailed the fact that Sagicor which is listed on the Toronto Stock Exchange, had reached another milestone in its history by surpassing an asset base of US$10 bil- lion.
Miller said that the Group had an excellent third quarter of prof- itability and growth. “In addition to our strong performance, we reached yet another mile- stone as our total assets surpassed US$10 billion for the first time in our Group’s history,” the offi- cial said.
Reporting on the performances of the Group’s business segments, Miller said that first of all Sagicor Life USA posted a strong (third) quarter reflecting contin- ued progress in its USA strategy as the business grew towards scale.
Sagicor Jamaica also grew compared to third quarter 2020 and that was underpinned by new life insurance sales and positive emergence from their actuarial reserves.
“Sagicor Life, our southern Caribbean seg- ment, delivered good profitability despite lock- downs from the pandemic across select markets,” Miller said. Barbados is part of the Southern Caribbean segment.
The results show that total net revenue includ- ing premiums of US$781.9 million in- creased 94 per cent in the quarter under review compared to the corresponding period a year ago.
Net insurance pre- mium revenue increased by 135 per cent to $623.5 million from $264.9 mil- lion “largely due to sig- nificant growth of annu- ities business in our USA segment,” the Company reported.
Overall Group net in- vestment income was sta- ble at $103.2 million.
In addition, net income to shareholders of $50.4 million during the quar- ter was a significant im- provement over the net loss of $3.0 million recorded in the third quarter of 2020.
According to the re- sults, “profitability dur- ing the third quarter was bolstered by strong sales of annuities and im- proved asset spreads in our USA segment and a strong top line perform- ance from Sagicor Jamaica overall sup- ported by positive emer- gence from the actuarial reserves following their annual review.
It was revealed further that Sagicor Life was profitable despite contin- ued economic headwinds in the Southern Caribbean.
Gains on the company’s shareholding in Playa Hotels and Resort N.V. also contributed $8.6 mil- lion of net income to shareholders in the quar- ter.
Total capital of $2 233 million decreased five per cent.
Based on the strong re- sults the Directors of Sagicor Finance Company approved and declared a quarterly div- idend of US$0.05625 per common share, Miller said.
That dividend will be paid be paid on December 17, to shareholders on record at the close of busi- ness on November 26.
It will be the eighth dividend payment by Sagicor to shareholders since the Company be- came a public listed com- pany on the Toronto Stock Exchange. (JB)