Sagicor Financial Company Ltd. has announced robust financial results for the third quarter of 2024, with core earnings to shareholders reaching $24.1 million.
Net income to shareholders soared to $59.1 million, fueled by positive market conditions. The company also reported strong new business contractual service margin (CSM) of $44.8 million and maintained a robust capital position.
Key highlights:
Sagicor Canada emerged as a significant contributor to the company’s overall performance, with core earnings to shareholders of $19.5 million for the quarter.
Despite experiencing mortality insurance losses, the Canadian segment benefited from increased investment earnings. Net income for Sagicor Canada reached $62.7 million, driven by market experience gains and positive adjustments in actuarial assumptions.
The company’s other segments, including Sagicor Life USA, Sagicor Jamaica, and Sagicor Life, also contributed to the positive results. Sagicor Life USA reported core earnings to shareholders of $14.4 million, while Sagicor Jamaica and Sagicor Life saw core earnings of $6.1 million and $7.1 million, respectively.
“We are pleased to announce another solid quarter in Q3 2024. Core earnings to shareholders was consistent with our expectations at $24 million, and positive market experience drove an extraordinary net income result,” said Andre Mousseau, president and CEO of Sagicor Financial, in a statement.
“We remain on track with our growth initiatives, the integration of Sagicor Canada, and continue to optimize our balance sheet through debt refinancing and opportunistic share repurchases, all of which we believe will drive return on shareholders’ equity growth in 2025 and beyond.”
Sagicor Financial said it remains focused on its growth initiatives, including the integration of Sagicor Canada, and continues to optimize its balance sheet through debt refinancing and share repurchases.
The company declared a quarterly dividend of US$0.06 per common share, payable on December 17, 2024.
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