Jun 2012 Financial News

Sagicor records US$5 billion in assets

Jun 06, 2012

Caribbean insurance giant Sagicor Financial Corporation has accomplished another milestone, having reached assets totalling over US$5 billion.

This was revealed during a press conference which reviewed the performance for the financial year 2011 and first quarter of 2012.

The conference took place at the Wildey, Barbados headquarters with live streaming from the company’s Trinidadian branch in Port of Spain via conference call.

In the consolidated statement of financial position, total assets of Sagicor surpassed the $5 billion threshold for 2011, with a total asset base of US$5.364 billion, up from US$4.868 in the previous year. In addition, financial investment continued to be the principal asset type and totalled US$4.1 billion at year-end.

Group Chief Operating Officer, Richard Kellman via conference call, expressed to the media the company’s performance was commendable given the volatility in the capital markets of the Eurozone and the unprecedented number of natural disasters in 2011.

He stated, “Despite the challenges which we faced in 2011, there was some good news, our strength is preserved, our growth is there and our solvency is intact.”

Chief Financial Officer for Sagicor, Philip Osborne disclosed that the strong performance of the parent company derived from solid performances particularly from its subsidiaries Sagicor Life Jamaica, Sagicor Caribbean and its United States operations- Sagicor USA.

Despite a drop in net income, from a previous 41.6 million in 2010, he noted that the financial Group posted net income of 31.8 million for the financial year 2011.

Sagicor Life Incorporated as well as Sagicor Life Jamaica recorded significant growth in premium income with Sagicor Life Jamaica posting revenue increases of US$433 million, up from US$390 million in 2010. In addition, Sagicor Life also saw an increase in revenue, albeit modest growth from US$311 in 2010 to US$328 for financial year 2011.

Overall, the company’s revenue for 2011 totalled US$1.35 billion, increasing by US$94.5 million over the same period during 2010. Much of this could be attributed to the increases in premiums revenue which reached over US$1 billion dollars- an increase of 11.5%. (JM)


Source:
Barbados Advocate
Wednesday June 6, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=25137