Sagicor Financial Corporation Ltd Preliminary First Quarter 2019 Financial Results (5775Y)
May 09 2019 - 12:00PM
UK Regulatory
TIDMSFI
RNS Number : 5775Y
Sagicor Financial Corporation Ltd
09 May 2019
Press Release
FOR IMMEDIATE RELEASE
Barbados, May 9, 2019
Sagicor Financial Corporation Limited Reports Preliminary First
Quarter 2019 Financial Results
Sagicor Financial Corporation Limited (Sagicor) today announced
preliminary key operating results for the first quarter financial
ended March 31, 2019. Sagicor expects to post full financial
results for the first quarter later in May 2019.
First Quarter Key Preliminary Consolidated Operating
Summary:
(in millions of USD, except as otherwise noted)
CONSOLIDATED INCOME STATEMENT SUMMARY Q1 2019 Q1 2018
Total revenue $ 523.5 $ 291.3
--------------- ----------------
Group net income from continuing operations $ 32.4 $ 38.5
--------------- ----------------
Net income attributed to shareholders from continuing
operations $ 15.1 $ 19.5
--------------- ----------------
Total comprehensive income to shareholders from
continuing operations $ 38.2 $ 5.4
--------------- ----------------
CONSOLIDATED BALANCE SHEET SUMMARY Q1 2019 Q4 2018
--------------- ----------------
Total assets $ 7.6 billion $ 7. 3 billion
--------------- ----------------
Total shareholders' equity $ 640.4 $ 600.9
--------------- ----------------
Total equity $ 1,202.7 $ 1,135.5
--------------- ----------------
First Quarter Preliminary Highlights:
-- Total revenues of $523.5 million grew 80% year over year.
Revenue growth was driven primarily by the USA business segment
which generated meaningful premium growth, amplified by our
strategic decision to cease reinsuring its premiums to third
parties. Revenues grew year over year in the Sagicor Jamaica and
Sagicor Life business segments as well.
-- Group net income from continuing operations was $15.1
million. Net income from continuing operations in the comparable
period in 2018 benefited from certain one-time positive earnings
releases that did not recur in 2019. The first quarter is typically
impacted by seasonality in new business generation.
-- Total comprehensive income to shareholders from continuing
operations was $38.2 million as, in addition to net income from
continuing operations, the Company benefited from significant net
gains on investments measured at Fair Value through Other
Comprehensive Income.
Sagicor Group CEO Dodridge Miller said: "We are pleased with our
performance in Q1, which exceeded our internal targets and
delivered meaningful book value growth to our shareholders. We
remain confident in our strategic plan for this year and 2020 and
look forward to further engaging with our shareholders upon release
of our full quarterly results".
About Sagicor Financial Corporation Limited
Sagicor is a leading financial services provider in the
Caribbean, with over 175-years of history, and has a growing
presence as a provider of life insurance products in the United
States. Sagicor offers a wide range of products and services,
including life, health, and general insurance, banking, pensions,
annuities, and real estate. Sagicor's registered office is located
at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda with
its principal office located at Cecil F De Caires Building, Wildey,
St. Michael, Barbados. Additional information about Sagicor can be
obtained by visiting www.sagicor.com.
Cautionary Statements
Certain information contained in this news release may be
forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements are often, but not
always identified by the use of words such as "expect",
"anticipate", "believe", "foresee", "could", "estimate", "goal",
"intend", "plan", "seek", "will", "may" and "should" and similar
expressions or words suggesting future outcomes. This news release
includes forward-looking information and statements pertaining to,
among other things, the transaction, preliminary financial results
and certain timing matters. Final results for the first quarter of
2019 for Sagicor may differ from the preliminary results presented
in this press release.
Readers are cautioned not to place undue reliance on any
forward-looking statements, which reflect Sagicor's expectations
only as of the date of this document. Sagicor disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by law. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any securities.
For further information please contact:
Sagicor Financial Corporation Limited
Media:
Ingrid Card
Vice President - Group Marketing, Communications & Brand
Experience
246-230-5315 or Ingrid_Card@sagicor.com
Investor Relations
Samantha Cheung
Executive Vice President - Investor Relations
416-898-4324 or 1-800-342-0719 or
Samantha_Cheung@sagicor.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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