press releases

Toronto and Barbados (November 13, 2023) – Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in the Caribbean and Canada, with a growing presence in the U.S., today announced its results for the third quarter ended September 30, 2023. All figures are in US$ unless otherwise stated.

Q3 Highlights

• Revenues^([1]) of $291.2 million
• Insurance revenue of $181.3 million
• Net insurance and investment result of $97.9 million
• Net loss to shareholders of $3.5 million
• Estimated core earnings to shareholders⁽¹⁾ of $9.0 million
• Total comprehensive loss to shareholders of $11.0 million
• New business CSM⁽¹⁾ of $25.7 million
• Total net CSM⁽¹⁾ of $698.6 million
• Shareholders’ equity and net CSM to shareholders⁽1) of $1.0 billion
• MCCSR ratio⁽¹⁾ of 259%
• Dividend of US$0.05625 per common share to be paid during the fourth quarter of 2023 (US$0.225 annualised dividend)

Andre Mousseau, President and Chief Executive Officer, said:

“We are pleased to have delivered another solid quarter in Q3. Our estimated core earnings to shareholders⁽¹⁾ of $9 million were slightly below our forecasts and included some adverse experience in the quarter. Our net loss to shareholders of $3.5 million included one-time costs relating to IFRS 17 and our ivari acquisition, non-cash accounting charges associated with rising interest rates, and the results of our annual review of our actuarial assumptions. We believe our year-to-date net income to shareholders of $47 million through nine months represents a more accurate approximation of our earning power of our prior legacy business.”