Core Earnings to Shareholders: Increased 82% from Q2 2024 to $46 million.
Revenue: $736 million for the quarter, up from $606 million in the same quarter last year.
New Business CSM: $39 million for Q2, reflecting strong sales across all segments.
Sagicor Canada Sales Production: $18 million of annualized new premium in Q2.
Net Income to Shareholders: $4 million for the quarter, impacted by negative mark-to-market experience.
Sagicor Life USA New Business Production: $283 million for the quarter.
Sagicor Jamaica Core Earnings and Net Income: $15 million for the quarter, increased due to policy enhancement initiatives.
Sagicor Life Core Earnings to Shareholders: $16 million, increased 89% from the same quarter in the previous year.
Group LICAT Ratio: 141%, an improvement of 4 percentage points over the prior quarter.
Book Value Per Share: Increased to $7.29 USD or CAD 9.94.
Dividend: 23rd consecutive quarterly dividend of $0.675 per quarter, annualized at USD 0.27 per year.
Updated Guidance on Core Earnings: Increased to $120 million to $130 million for 2025.
Release Date: August 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Sagicor Financial Co Ltd (SGCFF) reported record core earnings to shareholders, with an 82% increase from Q2 2024 to $46 million.
Revenues for the quarter were $736 million, up from $606 million in the same quarter last year, indicating strong sales across all segments.
The US subsidiary surpassed $6 billion in total assets, reflecting significant growth.
Sagicor Jamaica experienced strong net premium growth and improved margins due to policy repricing.
The company announced its 23rd consecutive quarterly dividend, reflecting a strong capital position with a Group LICAT ratio of 141%.
Net income to shareholders was lower than core earnings due to negative mark-to-market experience from higher interest rates in Canada.
Sagicor Life USA reported a net loss to shareholders of $1 million due to mark-to-market experience and non-core adjustments.
The company experienced some currency volatility, resulting in an $18 million non-core income statement charge.
There was a decrease in new business CSM guidance due to higher-than-anticipated profitability reflected in investment income rather than CSM amortization.
The company faced challenges with market experience losses in North American segments due to rising rates and shifting curves.
Q: Can you explain the experience gains in the Caribbean and the US segments this quarter? A: Kathy Jenkins, CFO, explained that in the US, a $5 million gain was primarily due to a reversal of a $7.5 million loss from Q1, related to the legacy block of business and hedging of equity exposure. In Jamaica, a $5 million gain was due to policy repricing, and similarly, Sagicor Life saw a $3 million gain from product repricing initiatives.
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