Sagicor Financial Company Ltd Reports Second Quarter 2020 Results

August 14, 2020

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


  • Total revenue of $459 million, a decline of 2% in the quarter
  • Net insurance premiums of $310 million, a decline of 1% in the quarter
  • Net income from continuing operations attributed to shareholders was a loss $0.3 million in the quarter; excluding a $10.6 million after-tax reduction in net income due to a change in reserves related to an internal reinsurance transaction, this would have been net income of $10.3 million, down 7% from $11.1 million in Q2 2019
  • Earnings per share from continuing operations was a loss of $0.002 for quarter
  • Total comprehensive income to shareholders of $37.1 million as asset prices recovered losses from Q1
  • Strong financial position with total capital available of $2.1 billion and MCCSR of 264%
  • Book value per share was $7.21 (C$9.75), an increase of 2% from the first quarter

Dodridge Miller, Group President and Chief Executive Officer, said:
“While the pandemic continues to impact our new business growth, Sagicor delivered consistent top line revenue, demonstrating our resilience and ability to sustain the business in challenging times due to our diverse sources of income.”
“The outlook for the regions in which we operate remains uncertain given the unpredictable nature of the length and severity of the contraction of economic activity, which also continues to impact new business. However, the pandemic has accelerated the implementation of various innovations for meeting and exceeding the needs of our clients despite the challenges presented by COVID-19 and the ‘new norm’.  Sagicor also continues to pursue new, innovative ways of doing business that create value and the best possible service to its clients.”

 “We are also generally pleased that the underlying performance of our company demonstrates that our business can navigate such economic challenges. Many of the asset price declines we observed in March 2020 have substantially reversed themselves already in Q2. While new business generation will continue to be disrupted for the foreseeable future, as borders slowly reopen and when economies resume normally, we remain in a strong capital position to move forward our growth objectives.”   

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