Aug 2010 Financial News

Chile quake hits Sagicor profits

Aug 18, 2010

Barbados-based insurer Sagicor Financial Corp's half-year group net income declined to US$23.1 million to June 30, 2010 from US$40.4 million for the same period a year earlier.

The company attributed the slippage to the economic worries in Jamaican and the effects on business as a result of the earthquake in Chile.

Sagicor president and chief executive officer Dodridge Miller said, if not for the economic and fiscal situation in Jamaica and the insurance losses arising from the February 27 Chile quake, Sagicor's net figures would have been on par with the figures achieved in 2009 during the same time.

Miller was speaking to members of the media during a teleconference via satellite from Barbados yesterday when he made the announcement.

The teleconference was hosted in Trinidad at Sagicor's Port of Spain offices.

In his statement, chairman Stephen McNamara said following a further review of all individual client exposures, the estimate of total losses for the Chilean earthquake increased to US$10.4 million from US$7.5 million in the first quarter ending March 31.

"Were it not for this catastrophe, net income to shareholders for the period would have been level with the previous year," he said.


Source:
By Aabida Allaham
Trinidad Express
Wednesday August 18, 2010

http://www.trinidadexpress.com/business/Chile_quake_hits_Sagicor_profits.html