Sagicor Financial reports full-year financials

The company declares 7% increase in dividends

Sagicor Financial reports full-year financials

Insurance News

By Jonalyn Cueto

Sagicor Financial Company Ltd. has announced its financial results for the fourth quarter and full year ending December 31, 2023. The company reported a net income to shareholders of US$532.1 million for 2023, compared to a loss of US$164.4 million in 2022.

The headline figure was boosted by the ivari bargain purchase gain and transaction costs. Excluding that deal, net income to shareholders landed at US$99.1 million for the period.

Andre Mousseau, president, and CEO of Sagicor Financial Company Ltd., expressed his appreciation to the company’s team.

“2023 was a monumental year for Sagicor,” he said. “Our team worked tirelessly to complete the conversion to IFRS 17, bring ivari into our corporate structure, and regain our investment grade status while driving forward on other initiatives that will drive value in the years to come.”

Sagicor announced a significant 7% increase in its quarterly dividend to US$0.06 per common share, marking the 17th consecutive dividend payment since its listing on the Toronto Stock Exchange. This dividend will be paid during the second quarter of 2024.

According to a Press release, the financial results for the year were marked by strong performances across Sagicor’s segments and the successful integration of ivari. Sagicor Canada (ivari) and Sagicor Life USA contributed US$122.1 million and US$41.1 million, respectively, to the net income to shareholders. Sagicor Jamaica also delivered solid results, contributing to the company’s overall performance.

What’s driving Sagicor’s performance?

In the fourth quarter of 2023, Sagicor saw a significant increase in its financial results, primarily driven by the ivari acquisition and strong performances from its subsidiaries.

Sagicor reported that its capital position during the fourth quarter was strengthened, with shareholders’ equity doubling to US$970.9 million. The company also reported an MCCSR ratio of 301% and a debt to capital ratio of 26.6%.

Looking ahead, Sagicor has revised its guidance for key measures, including core net income to shareholders and new business CSM for 2024. The company asserted its aim to achieve sustainable growth while maintaining a targeted dividend payout ratio over the medium term.

It will host a conference call on April 3, 2024, to discuss its financial results and outlook with analysts and investors. The company also noted a quarterly dividend will be paid on April 30, 2024, to shareholders of record at the close of business on April 10, 2024.

Sagicor Financial Company Ltd. is a financial services provider with a history spanning over 180 years in the Caribbean, over 90 years in Canada, and a growing presence in the United States. The company offers a range of products and services, including insurance, banking, pensions, investment management, and real estate.

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