Sagicor Financial Corporation posts 44% increase in Q1 profit

Friday, May 18, 2018

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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.”

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