Apr 2012 Financial News

Sagicor officials optimistic about 2012

Apr 10, 2012

WITH the experience of the developments in 2011, officials of Sagicor Financial Corporation expect the Group will record substantially improved returns to shareholders in 2012.

This upbeat position is coming from Stephen McNamara, Chairman of the Sagicor Financial Corporation.

While Sagicor’s operations in the Caribbean and in the USA did well, Sagicor at Lloyd’s was the odd man out reporting losses on account of the natural catastrophes which took place last year. In his outlook for the Group, McNamara said that the global economy continues to show signs of improvement. He said that improvements in the USA economy and a resolution to the Greek debt crisis augurs well for a return to modest growth.

“However, the Caribbean economies have continued to experience difficulty in 2011 as Governments struggle with rising fiscal deficits and high debt-to-GDP ratios,” said the official.

“We therefore expect a period of continued weakness in the region with a challenging business environment. At Sagicor we continue to make adjustments to our operations as we navigate through these challenging times,” he said.

Total insurance benefits recorded were US$757.6 million, increasing 9.5 per cent over the 2010 amount.

“All principal line of insurance recorded increases, particularly the international property insurance lines as identified,” he said.

The Chairman pointed out that the Board of Directors of Sagicor has decided to maintain a final dividend of US 2 cents for 2011, making a total dividend of US 4 cents for the year. The Board also declared a dividend of US 3.25 cents on the company’s preference shares. Both dividends will be paid on May 15. (JB)


Source:
Barbados Advocate
Tuesday April 10, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=23955