Friday 3 April, 2020

Sagicor Group reports $15 billion profit for 2019

Sagicor Group Jamaica is led by President and CEO Christopher Zacca

Sagicor Group Jamaica is led by President and CEO Christopher Zacca

Sagicor Group Jamaica is reporting profits of $15.65 billion attributable to stockholders of the company for the year ending December 31, 2019.

This is equivalent to $4.01 per share, a 10 per cent improvement over the prior year.

Stockholders’ equity reached $91.25 billion, a 23 per cent increase for the year, after distributing dividends of $1.44 per share.

The company reported strong generic growth across major business lines and expansion in property and casualty insurance with the acquisition of a 60 per cent interest in Advantage General Insurance Company Limited (AGI) during the year.

Under its insurance unit, benefits accrued or paid to policyholders of $12.27 billion were higher than in 2018 as the business expanded.

The employee benefits segment saw revenue of $27.23 billion, 15 per cent higher than in 2018 as a result of premium income growth across all lines.

Meanwhile, its banking business, Sagicor Bank contributed a net profit of $3.04 billion which was seven per cent more than in 2018.

Revenues of $13.86 billion were 12 per cent more than the prior year, reflecting business expansion, trading gains and improved credit losses.

Sagicor Group also disclosed that in December 2019, regulatory approvals were obtained for the establishment of Sagicor Investments Cayman.

This new entity, the group indicated, will facilitate the geographic expansion of investments and wealth management business in 2020 and beyond.

The company already has general and life insurance companies in the Cayman Islands. 

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