Toronto and Barbados (March 27, 2023) – Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in the Caribbean with a growing presence in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2022. All figures are in US$ unless otherwise stated.

Highlights

• Total revenue of $531.2 million for Q4 decreased 16% Y/Y, $2,540.3 million, for 2022 increased 8% Y/Y
• Net premium revenue of $352.4 million for Q4 decreased 21% Y/Y, $2,048.1 million, for 2022 increased 20% Y/Y
• Net income to shareholders of $13.1 million in Q4, $115.6 million for 2022
• Total comprehensive income to shareholders of $56.3 million for Q4, loss of $16.6 million for 2022
• Earnings per share of US$0.092 or C$0.125 in Q4, US$0.809 or C$1.053 for 2022
• Return on shareholders’ equity (annualised)(1) of 5.0% in Q4, 11.0% for 2022
• Book value per share(1) of US$7.59 or C$10.28 in Q4
• Dividend of US$0.05625 per common share to be paid during the second quarter of 2023 (US$0.225 annualised dividend)

Dodridge Miller, Group President and Chief Executive Officer, said: “2022 was another strong year for Sagicor, with the Group delivering $116 million of net income to our shareholders, Profitability during the year was supported by strong performances by our operating segments. The macroeconomic backdrop and asset volatility in 2022 allowed us grow top line premiums and invest in higher yields, particularly in the U.S. We continued to execute on our growth plan for Sagicor Life USA, growing that segment to $1.3 billion of revenue and $140 million of net income to shareholders. We recently announced the appointments of Andre Mousseau as Group President and CEO, and Kathryn Jenkins as Group CFO. Andre has worked very closely with me over the last four years, and I am excited as he leads Sagicor through the next phase of its development.” 

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