Sagicor Group Jamaica Records Highest Profit in History for Financial Year Ending 2021
Press Release - March 4, 2022
Sagicor Group Jamaica has announced that the Group recorded net profit attributable to stockholders of $17.4B, which represents a 26% increase over its 2020 performance. This performance also tops the financial conglomerate’s last pre-pandemic profits in 2019 of $15.65B. In the final quarter of 2021, the group recorded net profits of $4.37 billion, a 27% increase over the prior year.
“As a Group, the team truly stepped up in 2021, especially coming off the heels of what was one of the most challenging years in business in our history in 2020”, said Christopher Zacca, President and CEO of Sagicor Group Jamaica.
Zacca added, “We are not fully out of the clear with the pandemic, and the future remains uncertain with emerging Covid-19 variants and geo-political factors at play, however as a business Sagicor continues to be proactive with our strategic vision, and business succession and continuity plans.”
Zacca commended his team at Sagicor noting that the Group’s strong performance is as a result of the dedicated and committed team members who continued to perform exceptionally well throughout what has been a challenging period.
“Without the hard work, talent, innovation and commitment to excellence from our team members, these results would not be possible”, Zacca said.
According to the Group’s financial report, Sagicor Life’s Individual Life Division continued its strong new business sales and portfolio growth, reporting net profits of $8.95 billion for the year, a 13% increase over the prior year. The report noted that the results were driven mainly by new business sales in Jamaica and Cayman which grew by 8% and 15% respectively compared to 2020.
Sagicor Life’s Employee Benefits Division reported a 12% increase in group health benefits compared to the prior year, partially offset by robust new business sales of annuity, group life and group health products, which were 30% higher than 2020. This helped to grow net premiums to $14.62 billion for the year. The Division’s net profits were however significantly impacted due to rising medical inflation, largely because of the effect of the Covid-19 pandemic on the global supply chain.
Sagicor Bank ended 2021 with a net profit of $3.27 billion, a 32% increase over 2020. The Bank saw significant increases in transaction volumes and demand for credit cards along with significant loan loss recovery in 2021, resulting in lower ECL and loan provisions.
Sagicor Investments recorded net profits of $3.34 billion, 20% higher than 2020. Sagicor Investments also maintained its status as one of the premier investment brokers in Jamaica with over 25% of the trading value on the market.
Zacca said overall he is pleased and happy with the Group’s performance for the year, and that he is optimistic that with the business plans and strategies in place for the Group, the companies will continue to grow, remain strong and profitable for the benefit of all of stakeholders.