Sagicor Financial Company Ltd Reports Fourth Quarter Full Year 2019 Earnings Results and Dividend

April 27, 2020

Highlights

  • Total revenues, including premiums, grew 12% in the quarter to US $472 million and 35% for the full year to US $1.9 billion, driven by growth in life and annuity business in the Caribbean and the US
  • Net income from continuing operations attributed to shareholders was US $12 million in the quarter and US $44 million for the full year driven by strong growth across all business segments, offset by US $43 million of cash and non-cash costs relating to the transaction with Alignvest Acquisition II Corporation
  • Net income from continuing operations attributed to shareholders, excluding non-recurring transaction costs, was US $55 million in the quarter and US $87 million for the full year 
  • Earnings per share from continuing operations of US $0.54 for the full year
  • Strong financial position with total capital available of US $2.3 billion, an increase of 40% over year end 2018, and an MCCSR of 253%
  • Return on equity of 6.8% at year end, 14% excluding non-recurring transaction costs
  • Book value of per share of US$7.81
  • Quarterly dividend of US$0.05625 per common share to be paid in the second quarter of 2020

Dodridge Miller, Group President and Chief Executive Officer, said:
“We delivered strong results in the fourth quarter and full year driven by solid growth across all business segments.  2019 was a transformative year and the listing on the Toronto Stock Exchange marked yet another milestone in the long history of Sagicor. The additional equity raised from the business combination between Sagicor and Alignvest enhanced our already strong capital position.  While it is still early to assess the global impact from COVID-19, we are well-positioned to move forward our organic and growth initiatives, adapting to varying situations just as we have done in the past with other circumstances that were beyond our control.”   

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