Sagicor Financial Corporation has hundreds of millions in cash, but few suitable investment opportunities in which to place it.
According to the company’s 2011 financial report, the Barbados-headquartered financial giant had more than $1/2 billion in cash and cash equivalents lingering in commercial banks as at December 31, 2011.
While lots of cash in the bank may be a good thing for individuals, the region’s largest insurance company said it would rather have its cash in secure, long-term investments earning high returns for its policyholders and investors.
Yesterday during Sagicor’s regional Press briefing on its performance last year and for the first quarter of 2012, Dr Patricia Downes-Grant, president and chief executive officer of Sagicor Life Inc., conceded that the insurance company was “holding more cash than we would normally hold”.
Read the full story in today’s MIDWEEK NATION.
