Regional insurance giant Sagicor Life Inc is reporting an $11 million drop in its net profit from $318.8 million in 2016 to $307.5 million last year.
However, the company, a wholly-owned subsidiary of the Barbados based Sagicor Financial Corporation which recently moved its corporate registration to Bermuda to avoid the effects of Barbados’ low credit rating drag, remains strong with balance sheet equity of $2.42 billion.
According to its published financial results for the year ending December 31, 2017, total assets for the company stood at $10.12 billion, including $7.98 billion in financial investments.
Those investments included bonds, debentures, mortgages, loans, deposits and equities. The financial conglomerate’s liabilities for 2017 totalled $7.70 billion of which $4.25 billion constitutes insurance and policy liabilities.
“Sagicor Life Inc Group experienced a good performance for the 2017 financial year. Group net income was $307.5 million compared to $318.8 million in the prior year.
“Total revenue increased to $2.15 billion compared to the prior year’s amount of $1.98 billion, an increase of $163.1 million,” chairman Stephen McNamara said.
The life insurance group, which is the dominant player in the region, said its expenses, including agents and brokers’ commission, stood at $681.8 million, compared to $641.3 million in 2016.
When it came to corporate social responsibility, Sagicor Life Inc contributed $600 million to hurricane relief following the devastating 2017 hurricane season in the Caribbean.
“Consistent with our vision to improve the lives of the people in the communities in which we operate, key initiatives include a school feeding programme, a mobile medical clinic and assistance to the regional airline LIAT.”