Thursday 27 February, 2020

Business as usual for Scotia Life as Sagicor agreement is discontinued

Scotia Group Jamaica says it will continue the operations of Scotia  Jamaica Life Insurance Company (SJLIC) following last Friday's announcement that Scotia and Sagicor Financial Group would no longer proceed with a 20-year distribution agreement.

Sagicor and Scotia last year announced an agreement through which an enhanced suite of market-leading insurance products and solutions, underwritten by Sagicor, would be offered to Scotiabank customers in Jamaica.

“Scotiabank Jamaica and Sagicor have mutually agreed not to proceed with the 20-year distribution agreement for insurance products and solutions in Jamaica. As a result, the sale of Scotia Jamaica Life Insurance Company will also not proceed. There is no staff impact as a result of this decision," Scotiabank told Loop News.

Scotia noted that the life subsidiary, SJLIC “has continued to operate the business responsibly and the business remains strong and profitable.”

The company, it noted, yielded a 20 per cent increase in insurance policies sold year-over-year as at the third quarter of 2019.

“We remain focused on increasing sales and serving our customers and we will continue to move forward with a strong start to fiscal 2020,” Scotia told Loop News.

The company added, “We want to assure customers that Scotia Jamaica Life Insurance Company (SJLIC) continues to operate business as usual. Scotiabank remains committed to providing the highest levels of customer service and high-quality insurance solutions to our customers as we continue to grow our insurance business in Jamaica.”

Scotiabank disclosed that its life unit made net income after taxes as of December 2018 of $2.971 billion. Total assets as at December 2018 stood at $60.4 billion.

SLJIC has a staff complement is 100 (including contract staff).

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