Aug 2013 Financial News

Sagicor records US$28.4m income in six months

Aug 26, 2013

The Sagicor Group recorded net income from continuing operations of US$28.4 million for the first six months of 2013, an improvement of US$4.0 million over the comparative period in 2012.

The company released its half-year financials earlier this month.

Net income from continuing operations attributable to shareholders was US$19.3 million, an increase over the prior year result of $12.3 million.

“Results from our continuing operations remain encouraging. Our businesses in the Caribbean and in the USA continued to perform well, with revenue from continuing operations amounting to US$498.7 million—an improvement of US$21.5 million over the corresponding period in 2012,” chairman Stephen McNamara said in his report.

On July 26, 2013, the company entered into an agreement with AmTrust Financial Services Inc for the sale of Sagicor Europe Ltd (SEL) and its subsidiaries, which includes Sagicor at Lloyd’s Ltd. The selling price was approximately US$85 million, which represented a premium of US$23 million over the net tangible asset value of SEL.

The discontinued operation recorded a net loss of US$41.7 million for the six-month period. This comprises an operating loss of US$23.6 million, foreign exchange and finance costs of US$8.0 million and an impairment estimate of all future losses of US$10.1 million.

“Overall, after including the results from the discontinued operation a net loss of US$22.4 million was attributable to shareholders for the current period, compared to US$11.8 million net income for the comparative period in 2012,” McNamara said.

At a media briefing to further explain the company’s half-year performance in Port of Spain yesterday, president and chief executive Dodridge Miller said the company had also acquired the 18,000 unit portfolio for British American Insurance Company (BAICO). BAICO was part of the CLICO conglomerate, then the largest insurer in the Caribbean, which collapsed in 2009, leading the company to seek financial aid from the Trinidad and Tobago government.


Source:
By Carla Bridglal
Trinidad Express
Monday August 26, 2013

http://www.trinidadexpress.com/business/Sagicor-records-US284m--income-in--six-months-220892771.html