Toronto and Barbados (May 15, 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 first quarter ended March 31, 2023. All figures are in US$ unless otherwise stated.

Highlights

• Revenues(1) of $418.3 million
• Insurance revenue of $166.2 million
• Net insurance and investment result of $88.2 million
• Total comprehensive income to shareholders of $6.6 million
• Total comprehensive income of $19.1 million 
• New business CSM(1) of $28.2 million
• Total net CSM(1) of $690.5 million
• Shareholders’ equity and net CSM to shareholders(1) of $994.9
• MCCSR ratio(1) of 308%
• Dividend of US$0.05625 per common share to be paid during the second quarter of 2023 (US$0.225 annualised dividend)

Andre Mousseau, Group President and Chief Executive Officer, said: 
“Sagicor’s underlying business economics remained strong as we transitioned to the new accounting standard at the start of Q1. Our results this quarter were affected by mark to market gains on investments across all segments, more than offset in some cases by revaluation of liabilities under IFRS 17. We remain well capitalized and committed to executing on our strategic priorities for the remainder of the year, including closing the transformational ivari acquisition which we expect to complete in Q3.”