Sagicor Financial Corporation Limited posts 44% increase in profits in Q1 2018
Wildey, Barbados: Sagicor Financial Corporation Limited posted an overall Group net income of US$38.9 million for the quarter ending March 31, 2018, a 44% increase over the same period last year. The solid Q1 performance was boosted by improved total revenue over 2017. Shareholders saw increases in net income from US $16.7 million in Q1, 2017 to US $19.9 million in Q1, 2018. Total revenue was US $296.6 million from US $282.5 million, an increase of 5% over the same period last year. Net premium increased from US $167.7 million to US $187.3 million, an increase of 12%.
Comprehensive income was less than the same period last year, mainly caused by marked-to-market losses on its international bond portfolio.
Group total equity increased by 13%, from US $827.5 million to US $931.7 million. Shareholders’ equity increased from US $553.5 million to US $622.9 million, an increase of 13%. Equity increased in all key segments in the Sagicor Group, with Sagicor Jamaica recording the highest percentage increase of 14%, followed by Sagicor Life Inc with an 8% increase over Q1 2017. Group book value per share moved from US $1.82 to US $2.03.
Dodridge Miller, Group President and CEO of Sagicor Financial Corporation Limited said that, “the Caribbean economy remains challenging; however, I am confident that Sagicor will continue to grow through innovation, efficiency, and continuous improvement in client service. Our results are based on the support of our customers, and the commitment and dedication from our board, management and team”.
About Sagicor Financial Corporation
Sagicor is the leading financial services provider in the Caribbean, operating in 23 countries including the USA and Latin America, dating back to 1840. With total assets of US $6.9 billion, and US $932 million in capital, Sagicor Financial offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities and real estate, and has an insured base of approximately two (2) million. A widely-held publicly-traded company, with over 37,000 Shareholders, Sagicor is listed on the stock exchanges of Barbados, Trinidad & Tobago and London.
Additional information about Sagicor can be obtained by visiting Sagicor.com.