David Noel, former CEO of Scotia Group Jamaica, was appointed COO – Caribbean at Sagicor Financial Company Limited on September 8, overseeing Caribbean operations and joining the executive committee .

Sagicor Life Inc saw an 8% rise in insurance revenue to US$83.96 million and a strong Q2 net profit increase to US$20.61 million, driven by improved pricing and insurance experience .

Sagicor Group Jamaica reported a 15% insurance revenue rise and 60% net profit growth in Q2; SFC’s consolidated net profit improved to US$28.54 million with core income to shareholders expected to reach US$120-130 million in 2025 .

David Noel, former president and chief executive officer (CEO) of Scotia Group Jamaica Limited (SGJ), has been appointed as an executive vice-president and chief operating officer (COO) – Caribbean at Sagicor Financial Company Limited (SFC).

“In his new role at Sagicor, David will be responsible for driving operational strategy, execution, and performance across the Caribbean region. In this capacity he will work closely with the teams of Sagicor’s Caribbean subsidiaries, including Sagicor Life Inc and Sagicor Group Jamaica Limited, each of whose chief executives will continue to report to Mr Mousseau. Mr Noel will be a member of Sagicor’s executive committee,” the SFC release stated.

Noel’s appointment took effect on September 8 where he will oversee the Caribbean operations of SFC. Noel served as SGJ’s head between November 2017 to December 2020 before returning to Canada to lead Scotiabank’s Atlantic region. According to a June 2025 Wealth Professional publication, Noel was the COO of Canadian banking and was set to transition to vice-president of Canadian banking operations. Noel joined Scotiabank Jamaica in 2001 and took on new roles in Canada and the Caribbean in subsequent years.

“We are excited to welcome David to Sagicor. His leadership experience in our core markets combined with his broad expertise developed in a complex organisation in Canada prepare him well to lead Sagicor’s strategic efforts to use global best practices to transform our Caribbean operations. David’s work with our teams will help drive our continued growth in the Caribbean,” said Andre Mousseau, president and CEO of SFC, in the news release.

Sagicor Life Inc, SFC’s Eastern Caribbean business, saw an eight per cent rise in insurance revenue to US$83.96 million as the short-term insurance business benefited from price adjustments while the long-term insurance business had an improved insurance experience. These two improvements contributed to the segment’s best quarter under the new IFRS 17 accounting standard.

Sagicor Life’s consolidated net profit for the second quarter moved from US$2.22 million to US$20.61 million, but core earnings to shareholders improved 89 per cent from US$8.2 million to US$15.5 million after adjusting for market experience gains and losses. Robert Trestrail is the president and CEO of Sagicor Life Inc.

Sagicor Group Jamaica Limited (SJ), SFC’s 49.11 per cent-controlled subsidiary, reported a 15 per cent increase in insurance revenue to $15.13 billion which was largely attributed to a 21 per cent rise in health insurance net premium, product re-pricing for its short-term business and release of reserves.

SJ’s consolidated net profit grew 60 per cent from $3 billion to $4.79 billion due to realised gains and unrealised gains during the second quarter. As per SFC’s report, core earnings to shareholders improved 54 per cent from US$9.5 million to US$14.6 million. Christopher Zacca is the president and CEO of Sagicor Group Jamaica.

SJ will pay a $0.89 dividend totalling $3.48 billion will be paid on October 16 to shareholders on record as of September 19. SFC’s subsidiaries will collect $1.71 billion from this dividend payment.

SFC’s consolidated insurance revenue improved three per cent to US$737.19 million due to improvements by its Caribbean subsidiaries for the six months period. Due to a reduction in finance costs and improvement in investment income, SFC reported a consolidated net profit of US$28.54 million compared to a net loss of US$934,000. However, net profit attributable to shareholders was US$250,000 with the remainder attributable to non-controlling interests. Sagicor Life USA and Sagicor Canada (Ivari) reported lower earnings for the period.

Despite the low net profit attributable to shareholders, core income attributable to shareholders improved by 95 per cent from US$38.9 million to US$75.7 million. SFC updated its guidance and expects to report core income attributable to shareholders of US$120 million to US$130 million for 2025. SFC is also projecting to report new business CSM (contractual service margin) of US$155 million to US$175 million for 2025. New business CSM was US$85.3 million for the six months period.

“We really are pleased with another solid quarter. It does reflect our continued progress on our strategic priorities. We do remain on track with our North American growth initiatives. It’s particularly gratifying to see the strong insurance performance coming out of our Caribbean operating segments. Many of the initiatives there that have contributed to this turnaround have long cycle times around the analysis, product redesign, repricing, often regulatory approval, and so it can take a long time, and a lot of what we’re observing here in 2025 reflects the hard work that was done in 2023 and 2024,” Mousseau closed.