Sagicor Financial Co. Ltd. ( (SGCFF) ) has released its Q3 earnings. Here is a breakdown of the information Sagicor Financial Co. Ltd. presented to its investors.
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Sagicor Financial Company Ltd. is a prominent financial services provider operating in Canada, the United States, and the Caribbean, offering a diverse range of products such as life, health, and general insurance, banking, pensions, annuities, investment management, and real estate services.
The company recently reported its financial results for the third quarter of 2024, showcasing strong performance across various metrics. Sagicor’s core earnings to shareholders reached $24.1 million, with an annualized core return on shareholders’ equity of 10.4%. New business contractual service margin (CSM) grew to $44.8 million, and the overall net income to shareholders was an impressive $59.1 million, driven by favorable market experiences.
Among the key financial highlights, Sagicor maintained a robust capital position with a Group-LICAT ratio of 140% and an MCCSR ratio of 304%, indicating solid financial strength. Shareholders’ equity increased to $952.3 million, while the book value per share rose to $6.86. The company also continued its shareholder-friendly initiatives by declaring a quarterly dividend of $0.06 per common share and repurchasing a significant number of shares during the period.
Looking forward, Sagicor remains optimistic about its growth prospects. The company’s management highlighted ongoing efforts to integrate Sagicor Canada and optimize the balance sheet through debt refinancing and share repurchases, aiming to enhance return on shareholders’ equity in the coming year. With a strategic focus on its core markets, Sagicor is poised to capitalize on future opportunities in the financial services industry.