The Sagicor Group had a strong performance in 2015. Chairman Stephen McNamara said net income was US$76.8 million, an increase of 3.9 per cent from the US$73.9 million earned in 2014.
“Net income from continuing operations attributable to shareholders was US$56.3 million, compared to the prior year result of US$53.7 million. Earnings per common share from continuing operations was US18.2¢, and represented an annualised return on common shareholders’ equity of 11.7 per cent,” he said.
The group’s total revenue increased to US$1,104.2 million, compared to the prior year amount of US$1,045.2 million—an increase of US$59.0 million or 5.6 per cent. Net premium revenue increased by 7.7 per cent to US$673.9 million from US$625.6 million for the prior year, an increase of US$48.3 million.
There was premium growth in all segments, McNamara said, with net investment income at US$322.2 million, up from US$307.2 million for the previous year, representing an improvement of 4.9 per cent.
“Fees and other revenue amounted to US$109.1 million, compared to US$83.3 million in 2014, an improvement of US$25.8 million or 31 per cent. Net investment income and Fees and other revenue include the impact of the RBC Royal Bank’s operation in Jamaica, which was acquired on June 27, 2014,” he said.
“Total benefits incurred from continuing operations held fairly steady at US$552.9 million, compared to US$542.2 million in 2014.”
Commenting on the outlook for 2016, McNamara said: “The economic environment in which the Sagicor Group operates continues to show signs of improvement. The board and management continue to adapt our strategies as we deliver quality products to our customers and competitive returns to our shareholders.”