Sagicor Financial Corporation posts 44% increase in Q1 profit

Friday, May 18, 2018

Print this page Email A Friend!

Sagicor Financial Corporation Ltd posted an overall group net income of US$38.9 million for the quarter ending March 31, 2018, a 44 per cent increase over the same period last year, the company reported this week.

The solid Q1 performance was boosted by improved total revenue over 2017, the company said in a news release.

“Shareholders saw increases in net income from US$16.7 million in Q1, 2017 to US $19.9 million in Q1, 2018. Total revenue was US$296.6 million from US$282.5 million, an increase of five per cent over the same period last year. Net premium increased from US$167.7 million to US$187.3 million, an increase of 12 per cent,” the company said.

It also reported that comprehensive income was less than the same period last year, mainly caused by market-to-market losses on its international bond portfolio.

“Group total equity increased by 13 per cent, from US$827.5 million to US$931.7 million. Shareholders' equity increased from US$553.5 million to US$622.9 million, an increase of 13 per cent,” the company said.

“Equity increased in all key segments in the Sagicor Group, with Sagicor Jamaica recording the highest percentage increase of 14 per cent, followed by Sagicor Life Inc with an eight per cent increase over Q1 2017. Group book value per share moved from US$1.82 to US$2.03,” the company stated.

“The Caribbean economy remains challenging; however, I am confident that Sagicor will continue to grow through innovation, efficiency, and continuous improvement in client service,” the release quotes Dodridge Miller, group president and CEO of Sagicor Financial Corporation Limited. “Our results are based on the support of our customers, and the commitment and dedication from our board, management and team.”

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon