Thu | Jun 24, 2021

Sagicor revenues ramp up in USA, Ja

Published:Friday | June 7, 2019 | 12:26 AM

Sagicor Financial Group, based in Barbados, announced that revenues jumped 80 per cent for its March 2019 first-quarter led by increased activity in the USA and Jamaica, according to an earning update.

Shareholders in Sagicor will vote next month on whether to sell a majority stake to Canada-based Alignvest, an investment firm. The earning update was released in the Canadian market, ahead of general release in the Caribbean.

“We are pleased with our performance in the first quarter, which exceeded our internal targets and delivered meaningful book value growth to our shareholders. We remain confident in our strategic plan for this year and 2020, and look forward to further engaging with our shareholders upon release of our full quarterly results,” Sagicor Group CEO Dodridge Miller stated in the earnings update to the Canadian market.

Sagicor Financial will host a scheme meeting scheduled for June 4, 2019, at the Hilton Barbados Resort in Bridgetown, Barbados.

Revenue grew to US$524 million, up 80 per cent from US$291 million a year earlier. Net income, however, dipped to US$15 million from US$19.5 million a year earlier. The dip in net income came as the company booked a one-off gain in the 2018 financial quarter.

The company stated that revenue growth was driven primarily by the USA business segment which generated meaningful premium growth, amplified by its strategic decision to cease reinsuring premiums to third parties. Revenues grew year-over-year in the Sagicor Jamaica and Sagicor Life business segments as well, stated the release without disaggregating the data.