Sagicor Financial Company Ltd. Reports First Quarter 2021 Results Strong revenue growth and net income
Toronto and Barbados (May 14, 2021) – Sagicor Financial Company Ltd. (TSX: SFC, “Sagicor” or “Company”), a leading financial services provider in the Caribbean with a growing presence in the US, today announced its results for the first quarter ended March 31, 2021. All figures are in US$ unless otherwise stated.
Highlights
• Total net revenue of $431.5 million in Q1 increased 26% year over year
• Net insurance premiums of $276.1 million in Q1 decreased 13% year over year
• Net income to shareholders of $31.5 million in Q1
• Earnings per share of US$0.215 in Q1
• Return on shareholders’ equity (annualised) of 11.6%
• Total comprehensive loss to shareholders was $1.6 million in Q1
• Strong financial position with total capital available of $2,079.5 million and MCCSR of 246%
• Book value per share of US$7.52 or C$9.46
• Dividend of US$0.05625 per common share to be paid during the second quarter (US$0.225 annualized dividend)
Dodridge Miller, Group President and Chief Executive Officer, said:
“We are pleased with the performance of our company this quarter. We delivered meaningful revenue growth and strong net income to shareholders. Our results were positively impacted by strategic investments that supported the growth across all our main operating segments.”
“The results from our first quarter reflect continued normalization of our operations in our markets. While the global pandemic continues to affect lives around the world, and in particular several source countries of visitors to the Caribbean with uncertain resolution, we have pivoted well to working remotely where required, and remained nimble enough to make solid investments and take advantage of the recovery in the capital markets. After quarter end, we took advantage of favourable market conditions and were able to refinance our top company bonds with interest rate savings of over 3.5%. The new notes have the overall effect of significantly lowering our cost of capital and providing us with additional liquidity for growth. Our capital position remains strong and we are well positioned to progress our strategic initiatives.”
