Home Businessuite Markets Sagicor Financial Corporation Reporting Improved EPS Of US 6.3 Cents Up From US 5.2 Cents Recorded In 2016 – McNamara
Sagicor Financial Corporation Reporting Improved EPS Of US 6.3 Cents Up From US 5.2 Cents Recorded In 2016 – McNamara

Sagicor Financial Corporation Reporting Improved EPS Of US 6.3 Cents Up From US 5.2 Cents Recorded In 2016 – McNamara

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Stephen McNamara Chairman of The Sagicor Group is reporting improved earnings per common share (EPS) of US 6.3 cents up from the US 5.2 cents recorded in 2016.

This as the Group maintained its solid performance from the first quarter into the second Quarter, recording net income of US$41.1 million for the six months ended June 30, 2017, compared to the prior year result of US$34.1 million, an increase of US $7.0 million or 21%.

Net income attributable to shareholders was US$19.0 million, compared to the prior year result of US$16.7 million, an improvement of US$2.3 million or 14%.

Total revenue amounted to US $562.6 million, compared to US $553.0 million for the corresponding period in 2016, an increase of US $9.6 million. Net premium revenue stood at US $340.1 million, and exceeded the prior year amount of US $318.8 million, an increase of US $21.3 million.

Net investment income and other income closed at US $222.5 million compared to the prior year amount of US $234.3 million, the change resulted from lower realised investment gains when compared to the prior year.

Benefits amounted to US $278.0 million for the period, compared to US $294.8 million for the previous year, a reduction of US $16.8 million and were impacted by experience gains and actuarial refinements.

Expenses amounted to US $224.3 million, inclusive of US $5.0 million in non-recurring costs, compared to US $209.8 million for the same period in the prior year. Higher administration costs were also incurred as a result of the expansion of credit card and payments businesses in our banking segment.

Total comprehensive income closed the period at US $57.4 million, compared to US $48.9 million for the same period in the prior year. Included in comprehensive income were net gains on financial assets of US $21.7 million.

Retranslation losses amounted to US $1.8 million, compared to losses of US $20.4 million reported in the prior year; this resulted from relatively stable rate movements in the Jamaica dollar and the Trinidad dollar when compared to the United States dollar during the period.

In the statement of financial position as at June 30, 2017, assets amounted to US $6.6 billion, and liabilities totalled US $5.8 billion. Sagicor’s Group equity totalled US $834.5 million.

Shareholders’ equity amounted to US $562.1 million at a book value of US $1.85 per share. The Group’s debt, which is included in other liabilities, was US $411.6 million. The debt to capital ratio was 33.0%. BM

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