Sagicor confident of repeat performance
TOP EXECUTIVES OF Sagicor Financial Corporation are confident that the group can maintain its improved half-year performance despite the challenging operating environment.
Group chief operating officer Richard Kellman said Sagicor was encouraged by financial results which showed that the major Caribbean segments had performed creditably.
He was speaking from Trinidad and Tobago last Monday during a video link-up with Sagicor officials in Barbados and Jamaica.
Kellman said Sagicor Life Inc., which includes operations in Trinidad and Tobago, Barbados, the Eastern Caribbean, the Dutch Antilles and Central America, increased its income from US$12 million to US$18 million.
Sagicor Life Jamaica increased its income from US$25 million to US$31 million and Sagicor Life USA held its income steady at US$$2 million.
Kellman said the group had the facilities, network and systems to be able to continue to perform well.
Meanwhile, president and chief executive officer of Sagicor International, Ravi Rambarran said the company’s business model was still expected to deliver profits despite continued volatility.
He noted that Sagicor at Lloyd’s was likely to incur some small property damage claims arising out of the London riots but said the subsidiary made allowances for a certain amount of losses.
Furthermore, he said “close to 80 to 90 per cent” of business written in London was in the area of “compulsory purchases”, which are not sensitive to the state of the economy.
“A lot of the lines of business we are in . . . companies must have these insurances to transact business,” he said.
In addition, group chief financial officer Philip Osborne said Sagicor had a “significant reach” in Barbados and should continue to perform reasonably well.
“Sagicor is the dominant life insurance company in Barbados,” he said, noting that “the troubles” that the CLICO group had encountered over the last two to three years had helped to cement that dominance. (NB)