Sagicor Financial Company Ltd. Renews its Normal Course Issuer Bid

June 22, 2021

Toronto and Barbados (June 22, 2021) – Sagicor Financial Company Ltd. (TSX: SFC, “Sagicor” or “Company”) today announced that the Toronto Stock Exchange (the “TSX”) has accepted Sagicor’s notice of intention to renew its normal course issuer bid (“NCIB”) through which Sagicor may purchase up to 9,131,133 of Sagicor’s common shares (the “NCIB Shares”) during the 12-month period commencing June 24, 2021 and ending June 23, 2022. The number of shares authorized for purchase represents 10 percent of the public float. Sagicor had 145,654,793 issued and outstanding common shares (“Common Shares”) as of June 16, 2021. Under the NCIB, purchases may be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and applicable securities laws. However, Sagicor may establish a maximum price and/or maximum block trade size from time to time.

In connection with the renewal of its NCIB, Sagicor has also extended the term of its automatic share purchase plan (“ASPP”) in relation to purchases made in connection with the NCIB to allow it to purchase the NCIB Shares under the NCIB when Sagicor would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Sagicor will provide instructions during the non-blackout periods to its designated broker, which instructions may not be varied or suspended during the applicable blackout period. Purchases by Sagicor’s designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP, and all purchases made under the ASPP will be included in computing the number of NCIB Shares purchased under the NCIB. The ASPP has been pre-cleared by the TSX.

The actual number of Common Shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Sagicor. The average daily trading volume through the facilities of the TSX during the 26-week period ending June 16, 2021 was 8,574 Common Shares. Daily purchases made by Sagicor through the TSX may not exceed 2,143 common shares, representing 25% of the average daily trading volume, other than block purchase exceptions. Common Shares purchased under the NCIB will be cancelled. The NCIB is not being made to shareholders resident in any jurisdiction where it would not be in compliance with local laws.

Sagicor believes that the underlying value of the Company may not be accurately reflected at times in the market price of the Common Shares, and that purchasing its own shares represents an attractive opportunity that is in the best interests of Sagicor and its shareholders, as well as providing liquidity for its shareholders who may wish to dispose of their shares.

The Company’s previous NCIB commenced on June 22, 2020 and expired on June 21, 2021 (the “Previous NCIB”). Under the Previous NCIB, the Company obtained the approval of the TSX to purchase up to 8,000,000 Common Shares. As at June 16, 2021, the Company had purchased through the facilities of the TSX and/or alternative Canadian trading systems an aggregate of 4,424,621 Common Shares at a weighted average purchase price of $6.05 per Common Share, and total cash consideration of $26,768,757.