Sagicor Financial : Reports First Quarter 2024 Results
May 15, 2024 at 09:06 am EDT
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Toronto and Barbados (May 14, 2024) - Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in the Caribbean and Canada, with a growing presence in the U.S., today announced its results for the first quarter ended March 31, 2024. All figures are in US$ unless otherwise stated.
Q1Highlights
Net income to shareholders of $26.2 million
New business CSM([1])of $40.1million
Shareholders' equity of $964.4 million, with book value per share of US$6.84 or C$9.27
Shareholders' equity plus net CSM to shareholders(1)of $2.1billion, or US$14.97 or C$20.29 per share
Debt to capital ratio(1)of 26.7%
MCCSRratio(1)of 303%
Group-LICAT(1)of 136%
Dividend of US$0.06 per common share to be paid during the second quarter of 2024 (US$0.24 annualised dividend)
Andre Mousseau, President and Chief Executive Officer, said:
"Sagicor is pleased to report another solid quarter in Q1 2024. Net income to shareholders was slightly ahead of plan as we benefited from positive asset price movement in aggregate, in particular in our U.S. segment. We continue to make progress on a number of strategic initiatives including integration of our new Canadian subsidiary and optimizing our balance sheet to take advantage of our new investment grade ratings."
[1]Represents a non-IFRS or other financial measure. See the Non-IFRS and Other Financial Measures section in this document and in our MD&A for relevant information about such measures.
Read the full news release.
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Sagicor Financial Company Ltd. is a financial services provider. The Company offers a range of products and services, including life, health, and general insurance, banking, pensions, annuities, investment management, and real estate. Its segments include Sagicor Life, Sagicor Jamaica, Sagicor Life USA, and Sagicor Canada. The Sagicor Life segment conducts life, health insurance, property & casualty insurance, pensions, annuities, and asset management services in Barbados, Eastern Caribbean, Dutch Caribbean, Bahamas, Belize and Trinidad and Tobago. The Sagicor Jamaica segment offers life, health, annuity, property and casualty insurance, pension administration services, retail and commercial banking, investment banking, real estate investment services and cambio and remittance services. Sagicor Life USA segment offers Annuities, Periodic premium, and Single premium life. Sagicor Canada offers life insurance and annuities, health and casualty insurance in Canada.