Sagicor Financial Company Ltd. reported its financial results for the first quarter ended March 31, 2025, highlighting record-high core earnings to shareholders since adopting IFRS 17 in 2023. The company recorded US$29.7 million in core earnings, more than doubling the US$13.5 million reported in the same period last year.
Core basic earnings per share rose to 21.9¢ from 9.6¢ in Q1 2024, while the annualized core return on shareholders’ equity reached 12.4%, up from 5.6% year-over-year. However, net income to shareholders fell sharply to US$6.7 million from US$26.2 million, reflecting unfavourable market-related impacts in certain segments.
“Our quarterly core earnings to shareholders were our highest on record since our conversion to IFRS 17 in 2023. This performance puts us in a strong position to weather market volatility and achieve our targets for 2025,” president and CEO Andre Mousseau said.
The company’s new business contractual service margin (CSM) increased to US$46.1 million, a 10% rise over Q1 2024. Shareholders’ equity stood at US$958.2 million, with book value per share at US$7.05. The financial leverage ratio was 27.2%, while the Group LICAT ratio, a measure of capital adequacy, was 137%.
Sagicor Canada reported US$24.6 million in core earnings, a 46% increase over the same quarter last year. Net income to shareholders for the segment was US$10.9 million, impacted by unfavourable equity returns. Revenues declined 15% year-over-year to US$206.9 million.
Sagicor Life USA generated US$411.3 million in new business production but recorded a net loss of US$0.1 million due to unfavourable insurance experience and market impacts. Core earnings declined 17% to US$6.3 million.
Sagicor Jamaica showed notable improvement, with core earnings rising to US$9.5 million, supported by higher interest income and better margins. Net income to shareholders attributable to Sagicor reached US$12.5 million, up from US$3.2 million in Q1 2024.
Sagicor Life, which serves the southern Caribbean, more than doubled its core earnings to US$10.8 million. Net income to shareholders was US$7.7 million, with gains in short- and long-term insurance experience offset by mark-to-market losses due to rising interest rates.
The group’s shareholders’ equity plus net CSM amounted to US$2.04 billion, remaining relatively stable from the previous quarter. The MCCSR ratio improved to 298%, and total revenues across all segments grew marginally by 1% to US$647.8 million.
Core losses at the head office narrowed to US$21.5 million, an 11% improvement from Q1 2024, aided by lower interest costs from debt refinancings completed in 2024.
Sagicor’s board declared a quarterly dividend of US$0.0675 per common share, payable on June 16, 2025, to shareholders of record as of May 26, 2025. The company also repurchased 10,600 common shares during the quarter for approximately US$0.1 million.
Sagicor said that performance in its Caribbean and Canadian segments continues to support long-term growth strategies, while efforts to strengthen its US business persist despite some near-term headwinds. The company emphasized capital strength and operating resilience as it advances toward its full-year objectives.
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