Sagicor Financial Company Ltd. Reports Second Quarter 2023 Results

August 14, 2023

Toronto and Barbados (August 14, 2023) – Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in the Caribbean with a growing presence in the U.S., today announced its results for the second quarter ended June 30, 2023. All figures are in US$ unless otherwise stated.

Q2 Highlights
  • Revenues([1]) of $312.9 million
  • Insurance revenue of $165.9 million
  • Net insurance and investment result of $156.6 million
  • Net income to shareholders of $48.8 million
  • Estimated core earnings to shareholders(1) of $13.0 million
  • Total comprehensive income to shareholders of $43.4 million
  • New business CSM(1) of $48.4 million
  • Total net CSM(1) of $697.1 million
  • Shareholders’ equity and net CSM to shareholders(1) of $1,035.9 million
  • MCCSR ratio(1) of 286%
  • Dividend of US$0.05625 per common share to be paid during the third quarter of 2023 (US$0.225 annualised dividend)

Andre Mousseau, President and Chief Executive Officer, said:

Sagicor had a strong second quarter. We delivered solid core results in each of our segments. We also benefited from refinements to the inputs to our discount rates on liabilities which reduced the negative mark to market accounting volatility we observed in the first quarter of 2023.  We believe our estimated core earnings to shareholders(1) this quarter of $13 million to be a more accurate reflection of our underlying business performance.

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