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Financial News

May 2012 Financial News

Sagicor Jamaica posts strong first quarter results

May 14, 2012

Sagicor Life Jamaica posted a strong net profit of $1.55 billion for the first quarter ending March 31 2012, a 15 per cent increase over the corresponding period last year.

The solid performance was driven mainly by strong new insurance business, policy conservation, satisfactory returns on investments and benefits experience within expectations., the company said.

Total revenues grew by 10 per cent to $7.5 billion over the March 2011 quarter, bolstered by a 13 per cent increase in net premium revenue to $4.6 billion, a five per cent rise in net investment income to $2.2 billion and an 11 per cent increase in Other Revenues to $679.6 million.

"We paid out approximately $2.5 billion in benefits to policyholders, beneficiaries and plan members this quarter, which is nine per cent above last year. These benefits were delivered on a platform of faster turnaround times and improved overall customer service results," said Sagicor Life Jamaica President and CEO Richard Byles.

The Individual Insurance Division generated $2.5 billion in revenues and an after-tax profit of $433 million. The Employee Benefits Division had revenues of $3.5 billion and after tax profit of $600 million. Sagicor subsidiary Pan Caribbean Financial Services Limited delivered $452 million in profits from total revenues of $1 billion.

"Each of our main business segments performed well given the environment. Keeping up the momentum will be difficult, but we have a clear strategy, the best financial services sales team in the Caribbean and a highly efficient operations infrastructure. These capabilities will help us achieve our growth targets," Byles explained.

While consolidated administrative expenses were 15 per cent higher at $1.67 billion, the Group continued to be aggressive in managing cost, with the efficiency ratio slipping marginally from 21 per cent in the 2011 first quarter to 22 per cent over the period under review.


Source:
Jamaica Observer
Sunday May 13, 2012

http://www.jamaicaobserver.com/business/Sagicor-Jamaica-posts-strong-first-quarter-results_11449440#ixzz1usP9Dcel