Sagicor Life continues robust performance

Sagicor Life Inc. sustained its total revenue and net premium position in 2020 despite the difficult environment created by the COVID-19 pandemic. This was confirmed by chairman of Sagicor Life, Stephen McNamara, in his review accompanying the annual financial statements of the region’s largest life insurer, for the year ending December 31.

McNamara said Sagicor Life, which offers life, annuity, health, property, and casualty insurance, as well as financial services, including pension management, asset management, and banking,
had generated total revenue of BBD $2. 27 billion. This compared to the marginally better figures of BBD $2.55 billion in 2019.

When it came to net premium revenue, Sagicor Life Inc closed out its financial year at BBD $1.49 billion. This was slightly under the BBD $1. 52 billion in net premium revenue of the prior year of the company, which is a wholly owned subsidiary of Sagicor Financial Company Ltd., the parent company of the Sagicor Group.  According to McNamara, Sagicor Life Inc’s financial results for the year were affected by the COVID-19 global pandemic, which was declared by the World Health Organisation on March 11, 2020.

He noted that while the pandemic overshadowed the operating environment from early in the year, the Sagicor team “swiftly responded to the emergence of the virus by placing our staff and our customers at the centre of our operating response”.

McNamara, a St Lucian attorney-at-law added: “This has had the positive impact of accelerating digital initiatives and enhancing our stakeholder engagement. We were quick to implement digital methods of payment and claim settlements, and we’ve also set up virtual meeting rooms to safely serve our customers.

Through it all, while we transform our business to operate and grow in a COVID and post-pandemic environment, we continue to execute on our growth strategy.”

The Sagicor Life Inc. chairman outlined: “The financial position of the Sagicor Life Inc. Group remains robust, with assets totalling BBD$11.6 billion and liabilities of BBD$8.3 billion, resulting in Group equity of BBD $3.2 billion, compared to BBD$3.1 billion in the prior year. Shareholder’s equity was BBD $2.1 billion, compared to BBD $1.9 billion for the prior year.” The Sagicor Group, which originated in Barbados more than 100 years ago, is now a business combination with Alignvest Acquisition II Corporation.

That agreement was inked on December 5, 2019. The new iteration of Sagicor, known as Sagicor Financial Company Ltd, trades on the Toronto Stock Exchange.Sagicor is on the verge of delisting from the stock exchanges Barbados and Trinidad and Tobago.  (IMC1)