BusinessNews Sagicor share value up, paying dividends by Barbados Today 26/08/2021 written by Barbados Today Updated by Asminnie Moonsammy 26/08/2021 2 min read A+A- Reset Dodridge Miller Share FacebookTwitterLinkedinWhatsappEmail 340 After languishing on regional stock exchanges for some years, shares of Sagicor Financial, now have a book value of US$7.75 (BDS $15.5) per share since the company is listed on the Toronto stock market. It is currently trading at CAN$6.20 (BDS$9.82). In addition, Sagicor’s shareholders have been informed by directors that they are set to receive a healthy US$0.05 or BDS$ 0.10 per share in dividends for the last quarter. The disclosures are in the company’s latest public filing which informed that dividend payments will be made to shareholders next month. According to the company, “This quarterly dividend . . . is the seventh dividend payment Sagicor has paid to its shareholders since becoming a publicly listed company on the Toronto Stock Exchange.” In its latest investor publication featuring the regional insurance giant’s second-quarter performance for the period ending June 30, Sagicor’s group president and chief executive officer Dodridge Miller said Sagicor enjoyed “another quarter of solid profitability and growth”. He disclosed that the business in the Caribbean grew “compared to the challenging period” in the second quarter of last year and “remains profitable in the face of continued economic headwinds”. The American operations also posted “a strong quarter”. Net revenue of the group during the second quarter reached US$516.3 million (BDS$1.032 billion), while total comprehensive income to shareholders was US$16.6 million (BDS$33.2 million). According to the quarterly highlights, the total revenue including premiums increased by 13 per cent during the quarter, when compared to the similar period of 2020. “Net insurance premium revenue increased by 18 per cent, year on year, to US$364.9 million. You Might Be Interested In Crystal Beckles-Holder, 2nd runner up in regional competition Business owners disappointed Police investigate shooting Reversals of credit impairment losses amounted to a US$2.9 million gain during the quarter,” the report noted. Of its segments, Sagicor Life USA was the best performer in relation to revenue but also recorded the largest expenses and benefits during the review period. According to the highlights, Sagicor Life USA generated US$206.4 million in revenue, Sagicor Jamaica brought in US$176.5 million, followed by Sagicor Life which includes Barbados, the Eastern and Southern Caribbean, generated US$122.4 million in the quarter under review. On the outlook, the board of directors of Sagicor stated: “Sagicor’s businesses continue to show their strength and resiliency in the face of continued economic uncertainty. While each of our businesses has remained profitable, the recovery of our growth and profit margins to target levels will be dependent on a return to normal economic activity. “Sagicor will wait to reintroduce financial guidance until the time of such recovery becomes clear.” (IMC1) Barbados Today Stay informed and engaged with our digital news platform. The leading online multimedia news resource in Barbados for news you can trust. You may also like ‘Digital or bust’: Biz leaders want tax credit 11/12/2024 Floating book fair fuels reading push 11/12/2024 Labour Minister hails progress as bill prioritises workers, sustainability 11/12/2024