Sagicor reports net profit of $3.82 B for Q1 2022

May 18, 2022

via Our Today

Sagicor reports net profit of $3.82 B for Q1 2022

Sagicor Group Jamaica has announced revenue of $23.76 billion and a net profit of $3.82 billion attributable to stockholders for the first quarter of 2022. The increase in profit represents a 31% growth when compared to the comparative period last year. 

“This strong performance continues to show Sagicor’s resilience and strength in the financial services and speaks volume to the tremendous output by our team, as we continue to manage expenses and maximum our operational efficiencies”, said Christopher Zacca, President and CEO, Sagicor Group Jamaica.

The Group reported that its core business lines continue to see steady results quarter over quarter, with the Individual Life insurance segment producing net profits of $2.19 billion, an outstanding 89% increase on the prior year. 

“Our individual life insurance portfolio continues to contribute strongly to the Group’s profit and continues to be the dominant player in the life insurance market”, Zacca said.

The Group’s Employee Benefits Division reported net profits of $1B, while the commercial banking and investments arms reported profits of $389.13 million and $308.22 million respectively.

“Overall, all business lines performed creditably, and we remain positive about the Group’s future performance”, Zacca added.

Zacca also highlighted the Group’s continued goodwill through its corporate social responsibility initiatives noting that through the Sagicor Foundation the Group raised $52 million for the Kingston Public Hospital through the staging of 24th Sagicor Sigma Corporate Run. 

“Sagicor has a great team, and we remain committed to continued growth with a focus on our clients, team members, shareholders and all our other stakeholders”, Zacca said.

 

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