KINGSTON, Jamaica – Sagicor Group Jamaica (SGJ) recorded net profit attributable to stockholders of $2.01 billion for the first quarter ended March 2026.

The Group says the quarter was characterised by strong insurance sales and continued balance sheet growth, despite increased global market volatility and an additional provision related to Hurricane Melissa, impacting its short-term insurance portfolio.

SGJ delivered strong insurance sales, evidenced by improvements in insurance revenues across both long-term and short-term insurance lines.

The Group ended the quarter with earnings per share attributable to stockholders (EPS) of $0.52 and Return on Equity (ROE) of 7 per cent.

President and CEO of Sagicor Group Jamaica, Christopher Zacca, said: “Against the backdrop of heightened geopolitical tensions, inflationary pressures, and continued market uncertainty, our first quarter performance reflects the resilience of our diversified business model and the strength of our core operations.”

Zacca added, “While market conditions impacted investment valuations during the period, we continued to see robust insurance sales, strong banking activity, and disciplined execution across the Group. Importantly, we remain well capitalised and focused on delivering long-term value for our shareholders, clients and wider stakeholders.”

Insurance revenue for the quarter increased by 0.90 billion, or 6 per cent, year over year, reflecting strong new business sales in both the long-term and short-term insurance lines.

Net investment income was $7.34 billion, which included significant realised and unrealised gains. Fees and other revenue of $4.59 billion were primarily driven by commercial banking activities.

The Long-Term Insurance segment, which includes products with contract boundaries exceeding one year and is measured under the International Financial Reporting Standards (IFRS) 17 framework, produced net profit of $2.08 billion.

The segment continued to report strong insurance revenue growth, benefiting from the release of Contractual Service Margin (CSM) of $1.63 billion and the generation of new business CSM of $1.72 billion. Insurance service results ended the quarter at $1.53 billion, reflecting an improvement over the prior year.

The Short-Term Insurance segment, which includes products with contract boundaries of less than one year and is measured using the Premium Allocation Approach (PAA) under IFRS 17, reported improved insurance revenue of $9.36 billion.

However, this was offset by higher insurance expenses net of reinsurance of $9.36 billion, which include the previously noted provisions for Hurricane Melissa.

The segment ended the quarter with a net loss of $0.02 billion. Group health and life products generated new business sales of $0.20 billion, primarily from the corporate client portfolio.

Commercial Banking produced a net profit of $0.83 billion. The segment recorded strong growth in revenue, supported by higher net interest income and larger transaction volumes on its card payment portfolios.

Loan portfolios continued to expand, with $12.46 billion in new loans written, contributing to a $0.56 billion increase in interest income.

Deposits and other funding liabilities grew by $8.65 billion during the quarter.

The Investment Banking segment recorded net profit of $0.12 billion.

Net investment income was $1.12 billion, primarily due to one-off trading gains recognised in the prior year period.

Global economic conditions in the first quarter of 2026 continued to be shaped by geopolitical tensions, inflationary pressures and heightened market volatility, particularly arising from conflict in the Middle East.

Rising energy prices, supply chain concerns, and uncertainty across global equity markets contributed to weaker investor sentiment during the period.

Locally, Jamaica has transitioned further into the reconstruction phase following Hurricane Melissa, supported by the restoration of utilities and improving economic activity. The Bank of Jamaica maintained its policy focus on inflation management and foreign exchange stability, while continuing to project economic growth for the fiscal year.

Zacca added, “While the operating environment remains dynamic, we are encouraged by the continued strength of our core businesses and the resilience of the Jamaican economy. Our focus remains on disciplined risk management, operational efficiency, innovation, and creating sustainable long-term value. We believe the Group remains well positioned to navigate uncertainty while continuing to support our clients and communities.”