Sagicor’s net profit jumps 380% | Local company


SAGICOR Financial Company yesterday announced a net profit of $91.2 million for the first nine months of its fiscal year 2021, an improvement of 380% compared to the loss of $32.6 million for the same period in 2020.

The Barbados-based financial services company, which is listed on the Toronto Stock Exchange, reported a 44% increase in total net revenue to US$1.72 billion for the reporting period. January to September 2021, compared to US$1.20 billion for the same period in 2020.

Sagicor has three main operating segments: Sagicor Life (includes the Southern Caribbean), Sagicor Jamaica (of which the Company owns 49.1% and which is consolidated by the Company) and Sagicor Life USA.

Sagicor Life USA recorded revenues of US$782.7 million for the first nine months of 2021, an increase of 104% over 2020. Sagicor Life and Sagicor Jamaica revenues both increased by 13% to reach US$374.5 million and US$516.3 million.

In terms of net profit, Sagicor USA reported US$40.2 million for the nine-month period, up 212% from the US$35.9 million loss for the first nine months of 2020. Sagicor Life’s net profit increased by 77%. to US$22.1 million, while Sagicor Jamaica reported an 11% increase to US$44 million from US$39.5 million.

Commenting on the results, Sagicor Group President and Chief Executive Officer, Dodridge Miller, said, “Sagicor is pleased to report an excellent quarter of profitability and growth.

“Once again, Sagicor Life USA had a very strong quarter, reflecting continued progress on our US strategy as this business expands to scale. new life insurance sales and a positive emergence of our actuarial reserves “Sagicor Life, our Southern Caribbean segment, generated good profitability despite the pandemic-related shutdowns in some markets.

“In addition to our strong performance, we reached a new milestone, with our total assets exceeding $10 billion for the first time in our group’s history. »

Sagicor said its board of directors has approved and declared a quarterly dividend of US$0.05625 per common share, to be paid on December 17, 2021 to shareholders of record at the close of business on November 26, 2021.

This is the eighth dividend payment Sagicor has paid to its shareholders since becoming a listed company on the Toronto Stock Exchange, the company said.

In a report on its outlook for the fourth quarter of 2021, Sagicor said the group’s financial results in the third quarter of 2021 reflect the continued normalization of operations in our markets, the positive emergence of our life insurance portfolios in vigour, as well as robust and continuous growth. in our US segment.

“The economies in which we operate are seeing positive signs of a return to normal economic activity, including a more positive outlook for tourism over the upcoming winter season,” the company said, adding, “However, it is unclear not when this recovery will fully mitigate the impact of the pandemic. We will continue to monitor the situation and plan to resume specific guidance on earnings targets when the timing of economic recovery becomes more certain. »

Sagicor said its share buyback program, called the normal course issuer bid in Canada, repurchased 2,334,900 shares in the third quarter of 2021 at a total cost of about US$11.6 million.

“Since the program began in June 2020, the company has repurchased 6,759,521 shares on the open market for cancellation for an aggregate purchase price of approximately US$32.2 million in the third quarter of 2021. The number of issued and outstanding common shares as of September 30, 2021 was 143,346,843,” the company said.

Sagicor also announced the retirement of Timothy Hodgson as Chairman of the Board, effective December 31, 2021. Hodgson assumed the role of Chairman following the Alignvest/Sagicor transaction in 2019. He will be replaced by an independent director, Mahmood Khimji, the founding director of Highgate, a property investment and hotel management company. Khimji is an independent director and currently chairs the capital allocation committee of the board.


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