Jun 2010 Financial News

Sagicor records US$5.3m less Q1 net income

Jun 01, 2010

The Sagicor Group of Companies recorded US$5.3 million less net income for the three months ended March 31, 2010, compared to the same period last year.

Chairman Stephen McNamara said its net income for the first quarter was US$12.5 million compared to US$17.8 million in 2009. Net income attributable to shareholders also took a beating. The figure was US$6 million compared to US$10.5 million in 2009. McNamara said the results for the period were adversely affected by insurance losses of US$7.5 million, arising from the February 27 Chilean earthquake. “These losses were incurred by our United Kingdom operations, Sagicor at Lloyd’s, which writes a significant amount of insurance business outside the UK.

“The Chilean earthquake, in insurance terminology, is considered a catastrophic event. At Sagicor at Lloyd’s, catastrophic events are built into the annual plans, and therefore catastrophic insurance losses are not unexpected. “However, without these losses, the pre-tax results otherwise show an improvement of 14.8 per cent over the first quarter of 2008,” McNamara stated.

Revenue totalled US$292.5 million, which represents an increase of US$42.6 million from last year. Premium revenue increased by 18.7 per cent over 2009 and amounted to US$197.3 million.


Source:
Trinidad Guardian
Tuesday June 1, 2010

http://guardian.co.tt/business/business/2010/06/01/sagicor-records-us53m-less-q1-net-income