The profits of Sagicor Financial Company continue to rise, as the company revealed it has hit a record US$10 billion in assets for the first time in the company’s history.
The announcement came this week as the financial services company which is listed on the Toronto Stock Exchange but was birthed in Barbados in 1840, reported third quarter total net revenue of US$781.9 million. This is a massive 94 per cent increase over the comparable period last year.
Group president and chief executive officer Dodridge Miller told shareholders: “Sagicor is pleased to announce an excellent quarter of profitability and growth. Once again, Sagicor Life USA posted a very strong quarter reflecting continued progress in our Untied States strategy as that business grows towards scale.”
Commenting on the Caribbean operations specifically for the review period ending September 30, Miller said Sagicor Jamaica also grew when compared to the third-quarter results of 2020 and this was “underpinned by new life insurance sales and positive emergence from our actuarial reserves”.
The Barbadian CEO added: “Sagicor Life, our southern Caribbean segment, delivered good profitability despite lockdowns from the pandemic across select markets.
“In addition to our strong performance, we reached yet another milestone as our total assets surpassed US$10 billion for the first time in our Group’s history.”
Of the Group performance, Sagicor revealed that net insurance premiums jumped 135 per cent during the quarter to reach US$23.5 million, while net income to shareholders for the quarter was US$50.4 million.
Shareholders of Sagicor will receive a quarterly dividend payout of US$0.05 per common share, and the payment will be made on December 17.
Offering an outlook for the rest of the year, the regional insurance and financial services giant said the results of the quarter “reflect continued normalisation of operations in our markets, positive emergence from our in-force life insurance portfolios, as well as continued robust growth in our United States segment”.
The company, however, sounded a note of caution, telling shareholders: “The economies in which we operate are seeing positive signs of returns to normal economic activity, including a more positive outlook for tourism in the upcoming winter season.
“However, it is unclear when that recovery will fully mitigate the impact of the pandemic. We will continue to monitor the situation and anticipate resuming specific guidance with respect to earnings targets when the timing of economic recovery becomes more certain. (IMC1)
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