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Financial News

May 2015 Financial News

Sagicor records US$74M income

May 01, 2015

The Sagicor Group yesterday reported an “improved financial performance” for the year ending December 31, 2014, with Group President and CEO Dodridge D Miller saying net income “improved from US$4 million in 2013 to US$74 million at the end of 2014.”

The net income from continuing operations rose from US$80 million to US$100 million and the return to shareholders in 2014 was 11.2 percent compared to 7.7 percent for the previous year.

Dividends remained level at US$12 million and earnings per share moved from US 12.5 cents to 17.3 cents, “all from our continuing operations” Miller noted.

The net income to shareholders was US$54 million for 2014 compared to US$39 million in 2013.

Dividends are four cents per share, level with 2013, while the return on shareholders’ equity was 11.2 percent compared to 7.7 percent for the previous year.

Miller also announced the group’s total assets moved from US$5.3 billion to US$6.2 billion, capital from US$725 million to US$774 million “and our debt to equity ratio went down from 40 percent to 39 percent for the year 2014.”

He was addressing reporters at Sagicor Financial Centre, 16 Queen’s Park West, Port-of- Spain.

“Our administrative expenses declined from US$15 million to US$11 million and our finance costs remain level on US$11 million for a continuing net income of US$100 million compared to US$80 million (in 2013),” Miller stated.

Sagicor Life, excluding Trinidad and Tobago, which comprises Barbados, the Eastern Caribbean, the Dutch Antilles, produced US$35 million in net income compared to US$31 million the previous year.

TT had a net income of US$15 million as against US$14 million in 2013 while Jamaica was US$77 million compared to US$65 million the previous year. The US (operations) moved from US$8 million to US$12 million but smaller entities such as Barbados Farms and Sagicor General “did not perform as well for some specific reasons, producing a US$1 million in net income compared to the previous year,” Miller said.

Sagicor Group’s total revenue for the year was US$1,045 billion compared to US$1,039 billion for the same period in 2013. Miller explained that benefits declined from US$593 million to US$542 million, “largely because we reduced the extent to which we wrote annuity business in our US segment.”

Expenses, which includes commissions, administrative expenses, depreciation, taxes, finance costs, increased from US$366 million to US$403 million and the increase relates to the consolidation of the acquired RBC banking operations in Jamaica (now Sagicor Bank Jamaica) to the entire group. “Looking at a condensed balance sheet, our total assets moved from US$5.3 billion to US$6.2 billion in 2014. Our borrowing went up by about US$9 million, our capital moved from US$725 million to US$774 million by the end of 2014,” Miller stated.

 

Source:
Newsday
Friday May 1, 2015

http://www.newsday.co.tt/business/0,210530.html