President and CEO of Sagicor Group Jamaica (SGJ), Christopher Zacca, has reaffirmed the Group’s strength and solvency at the Group’s recently held 7th Annual General Meeting (AGM). In his address, Zacca noted that despite the impact of the COVID-19 pandemic, the Group’s J$13.78B net profit is testament to the company’s resilience and commitment to high performance.
According to the Group’s 2020 financial statements, the Group’s Insurance businesses continued to show remarkable performance, evidenced by net premium income being 8% above the prior year. Sagicor Life Individual Life Division continued its strong performance, posting improved net profits of $7.95 billion compared to $5.37 billion in 2019. Net premium income of $28.23 billion was 7% higher than the comparative 2019 period.
Sagicor Life Employee Benefits Division produced profits of $4.15 billion. The investment arm of the Group, Sagicor Investments contributed $2.78 billion to net profit, the Sagicor Bank contributed $2.46 billion.
With a positive outlook for the future, Zacca said, “The Group maintains a confident and optimistic outlook as we will rebound from the pandemic even stronger and Jamaica will continue its pursuit of fiscal responsibility.”
Zacca added that “Consistent performance, innovation, execution and a bold pioneering philosophy are the reasons we are optimistic about our future. We shall overcome as we double efforts to spur growth on our national journey to recovery.”
“The Group’s 2020 results exhibited a robustness, which is attributable to the dedicated, hardworking, and passionate team members who remained resolute and committed to serving our clients throughout the period”, Zacca said.
During his presentation, the President and CEO shared the following as some key highlights across the Group in 2020:
• Launch of Sagicor Bank’s ‘Bank on Wheels’
• Sagicor Bank Online Portal to Open Accounts
• Sagicor Life Child Protector Plan-critical illness insurance for children
• Sagicor Life allocated over $60 million to help pensioners impacted by COVID-19
• Sagicor Life launched its insurance plan for tourism workers
• Sagicor Investments won the coveted Jamaica Stock Exchange Chairman’s Awards
• Sagicor Investments raised $3 billion from Private Bonds Placement for Supreme Ventures
In 2020, the Group also continued its commitment to its corporate social responsibility programmes, investing over $60 million in cash and kind to educational initiatives. The company’s signature charity event, Sagicor Sigma Corporate Run also raised record funds of $55.3 million in cash and kind for the three beneficiaries – Savanna-lar-Mar Hospital, Bustamante Children’s Hospital and Clifton Boys Home.
The Group’s COVID-19 response was also robust, investing over $30 million – in cash and kind, in the fight against the virus, on both a national and community level.
According to Zacca, the Group remains focused on delivering on its key strategic objectives which operate on five pillars:
1. Digitally transform the business
2. Generate and grow revenue in new ways
3. Build client intimacy and loyalty through effective relationships
4. Improve team member engagement
5. Expand geographical footprint