Sagicor’s net profit jumps 33% | Local company

SAGICOR Financial Company Ltd, which is listed on the Toronto Stock Exchange, yesterday reported net income to shareholders of US$41.8 million for its first quarter ended March 31, 2022. This represents a 33% increase over US$31.5 million she earned. in the first quarter of 2021.

Sagicor recorded revenue of $680.6 million in the quarter ended March 31, 2022, an increase of 58% from $431.5 million generated in the same quarter of 2021.

The company’s net insurance premiums, which were US$556.4 million in the first quarter, were up 102% year-over-year.

Commenting on the company’s first quarter performance, Sagicor Group Chairman, Dodridge Miller, said, “Sagicor continued 2022 where it left off from its 2021 record with excellent revenue growth and profitability continuing. continue during the quarter.

“During the first quarter of 2022, we generated net income of $42 million for our shareholders. We remained focused on executing our growth strategy in our key markets.

“In the United States, which now represents the majority of our assets and revenues, we have experienced continued growth fueled by sales of multi-year guaranteed annuities, and in the Caribbean, we are excited to announce the upcoming launch from our digital bank in Barbados. we continue to evolve the best way to serve our customers and find new avenues for growth.

Some 54.7% of Sagicor’s first-quarter revenue came from its US operations.

In a company outlook press release yesterday, Sagicor said: “The group’s first quarter 2022 financial results continue to reflect stable emergence from our in-force life portfolios and robust growth in our American segment.

“We are still operating below full potential in our Caribbean markets due to the continued effects on our policyholders of reduced economic activity over the past two years due to the pandemic.

“In 2022, the economies in which we operate are seeing positive signs of a return to normal economic activity, including an improving outlook for tourism. However, rising global inflation rates and geopolitical instability are contributing to the uncertainty surrounding the resumption of a full economic recovery in our markets.

“We expect to resume specific guidance on earnings targets when the timing of economic recovery becomes more certain.”

The company said it repurchased 284,400 shares in the first quarter of 2022 at a total cost of approximately US$1.4 million. The company launched a share buyback program in June 2020. Since then, Sagicor has repurchased 7,215,121 shares on the open market for cancellation for a total purchase price of approximately US$34.5 million.

The number of common shares issued and outstanding as of March 31, 2022 was 142,922,585.

Sagicor Financial’s Board of Directors has approved and declared a quarterly dividend of US$0.05625 per common share. The quarterly dividend will be paid on June 15, 2022 to shareholders of record at the close of business on May 25, 2022.