Sagicor Financial Company Ltd. Reports Third Quarter 2020 Results

November 13, 2020

Sagicor Financial Company Ltd. (TSX: SFC, “Sagicor” or “Company”) today announced its results for the third quarter ended September 30, 2020.

  • Total revenue of $402.2 million declined 2% Y/Y, a solid result in the context of a difficult operating environment
  • Net insurance premiums of $264.9 million, up 1% Y/Y
  • Net income to shareholders was a loss of $3.0 million
  • Earnings per share was a loss of $0.02
  • Total comprehensive income to shareholders was positive $3.3 million
  • Strong financial position with total capital available of $2.1 billion and MCCSR of 250%
  • Book value per share was US$7.24 or C$9.65
  • Dividends of US$0.05625 per common share to be paid in the fourth quarter (US$0.225 annualized dividend)

Dodridge Miller, Group President and Chief Executive Officer, said:
“As demonstrated this quarter, Sagicor continues to generate stable revenue while maintaining strong service levels to our customers against the ongoing backdrop of the global pandemic.  Our teams have stepped up innovation in providing new products that meet evolving needs such as the Health Care Heroes suite of products in the Caribbean and by leveraging our differentiated technology solutions to more efficiently reach our customers.  Our experience has shown that insurance, such as life and health, is coverage that our customers choose to maintain or enhance, especially during times of crisis.” 

 “Our balance sheet remains strong and we are able to withstand changing economic conditions while supporting business growth.  Our new business generation is improving, however the outlook for the regions in which we operate remains uncertain given the duration and extent of the contraction of economic activity stemming from the pandemic remains unpredictable.  We have shown resilience by demonstrating our ability to navigate through these critical times.”

Read the full press release.