Sagicor Life Caribbean operations still strong

The Sagicor Life Inc. a wholly-owned subsidiary of financial services giant Sagicor Financial Company has had another solid year’s performance.

In its recently released audited year-end results, the company conceded that it was impacted heavily by the COVID-19 pandemic. However, Sagicor Life reported net income of BDS$369.99 million for the fiscal year ending December 31, 2021, when compared with the BDS$165.14 million for 2020.

Sagicor Life Inc, which has its own board of directors, chaired by Stephen McNamara, is described by Sagicor Financial Company as the intermediate parent company for Sagicor’s Caribbean operations.

Its principal activities include the provision of life, annuity, health, property, and casualty insurance coverage.

It is also involved in financial services such as pension management, asset management and banking.

McNamara, in comments accompanying the financials, noted that the pandemic and the economic environment across the Caribbean dampened the performance and most countries experienced significantly reduced air and sea travel .

“Sagicor Life Inc, like other companies, has continued to focus on supporting our staff, customers and suppliers, while developing responses to the business disruption,” the chairman said, adding that the group’s 2021 performance demonstrated its team’s ability to navigate the current circumstances

“The Group delivered net income attributable to the shareholder of $243.4 million, compared to $188.3 million in the prior year. Total revenue stood at $2,411.4 million, compared to the prior year amount of $2,271.2 million.

“Net premium revenue closed at $1,389.4 million, compared to $1,491.1 million in the prior year; the prior year included a large single premium annuity sale of $128.0 million,” McNamara told stakeholders in the public filing.

The chairman assured policyholders, shareholders and regulators and employees that the financial position of the Sagicor Life Inc Group “remains strong”, with assets totalling $12.3 billion and liabilities of BBD $9.0 billion.

This, he noted, resulted in Group equity of $3.3 billion, compared to $3.2 billion in the 2020.

“Shareholder’s equity stood at $2.2 billion, compared to $2.1 billion for the prior year,” he stated.

The company was given a clean report by its auditor PricewaterhouseCoopers. (IMC1)