Toronto and Barbados (March 13, 2025) – Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in Canada, the United States and the Caribbean, today announced its results for the fourth quarter and full year ended December 31, 2024. All figures are in US$ unless otherwise stated.

Highlights

• Core earnings⁽¹⁾ to shareholders of $28.0 million for Q4 increased 28% Y/Y, $90.9 million for 2024 increased 84% Y/Y
• Core basic earnings per share⁽¹⁾ (EPS) of 20.4₵ for Q4 increased 33% Y/Y, 64.9₵ for 2024 increased 87% Y/Y
• Core return on shareholders’ equity⁽¹⁾ of 11.7% for Q4, 9.6% for 2024
• Net income to shareholders of $52.4 million for Q4, $97.5 million for 2024
• New business CSM^([i]) of $39.3 million for Q4, $166.3 million for 2024
• Shareholders’ equity of $959.7 million, with book value per share of US$7.08 or C$10.19
• Shareholders’ equity plus net CSM to shareholders⁽1) of $2.0 billion, or US$15.02 or C$21.61 per share
• Financial leverage ratio⁽¹⁾ of 27.3%
• Group-LICAT⁽¹⁾ ratio of 139%
• Increase of 12.5% in quarterly dividend to US$0.0675 per common share to be paid during the second quarter of 2025 (US$0.27 annualised dividend)

Andre Mousseau, President and Chief Executive Officer, said:

“We are pleased to announce another solid quarter to end 2024. In our first full year of earnings including our Canadian segment, we recorded core earnings⁽¹⁾ to shareholders consistent with our guidance and reported net income to shareholders in excess of core earnings⁽¹⁾ to shareholders. Our annualized core ROE⁽¹⁾ in Q4 shows our potential for further earnings growth both in 2025 and in the medium term beyond. We continue to make meaningful progress on our strategic initiatives, including collaboration between our operating segments, refreshing our technology, and improving our access to and cost of capital, all with the aim to reduce costs, drive growth, and ultimately expand our return on shareholders’ equity⁽¹⁾.”

“We are also pleased to continue to expand our return of capital to shareholders. We repurchased 3.0 million shares in 2024 at a significant discount to book value, contributing to a 4% net reduction in share count for the year. This helped drive our book value per share higher than the rate of our retained earnings. Our increased projected core earnings,⁽¹⁾ robust capitalization and liquidity, and reduced share count are all enabling us to provide our shareholders with a 12.5% increase in our quarterly dividend. At this payment level we anticipate we will be at approximately the midpoint of our 30% to 40% target core dividend payout ratio⁽¹⁾ range for 2025. We are also issuing new guidance for 2025. While economic uncertainty may cloud certain macroeconomic variables, we believe our core initiatives will enable us to continue to grow our return on shareholders‘ equity⁽¹⁾ in 2025 and beyond.”