Sagicor’s profits are not letting up, but its management remains concerned about “weak” economic conditions in the Caribbean.
Delivering news most companies in Barbados and the region would be happy to divulge, Sagicor Group chairman Stephen McNamara reported that the company based here “recorded net income of US$15.1 million for the first three months to March 31, 2014, compared to US$8.1 million for the same quarter of 2013”.
This latest net income is on top of the US$79.6 million Sagicor earned last year.
“Continuing operations, comprising our businesses in the Caribbean and in the USA, closed the period with total revenue amounting to US$261.7 million, an improvement of US$11.9 million over the corresponding period in 2013. Net premium revenue stood at US$164.4 million, and was in line with the same period in the prior year. Net investment income and other income improved by 14 per cent to US$97.3 million,” McNamara said..
“Total benefits reached US$156.2 million for the quarter, up from the same quarter in the previous year by four per cent, representing increased benefits paid to policyholders. Total expenses amounted to US$85.7 million, (US$82.1 million for 2013) and included US$2.3 million in restructuring costs.
“Total comprehensive income significantly improved when compared to the same period in the prior year. Comprehensive income showed a positive result of US$18.6 million, compared to a loss of US$6.9 million for the same period in the prior year. Included in comprehensive income were net gains on financial assets of US$15.2 million. However, a decline in the Jamaica and Trinidad dollar against the US dollar contributed to currency retranslation losses of US$11.6 million,” he added.
Commenting on future business prospects, McNamara said Sagicor officials expected that “while the global economy is expected to improve during the year, indications are that the weak conditions in the Caribbean will continue through 2014”. (SC)
