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Sagicor’s Barbados revenue falls

Sagicor’s Barbados revenue falls
Sagicor Life (FILE)

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Sagicor earned less first quarter revenue in Barbados than it did last year, but the group, which was founded here as The Barbados Mutual Life Assurance Society in 1840, says its geographical diversification is paying off.

When measured by location, Sagicor Financial Company Limited said in its management and discussion analysis for three months ended March 31, that its first quarter revenue in Barbados was $116.4 million, down from $125.6 million in the same quarter of last year.

The group’s overall revenue was $1.36 billion in the three months, up from $862.8 million. The biggest contributor was the United States (US) $766.6 million ($231.2 million in first quarter 2021) followed by Jamaica $294 million ($304 million first quarter 2021).

Revenue was also generated in Trinidad and Tobago $108.4 million ($116.6 million in first quarter 2021), and other Caribbean $75.6 million ($85 million in first quarter 2021).

Sagicor Life engages in life and health insurance, annuities and pension administration in Barbados, the Eastern Caribbean, Dutch Caribbean, The Bahamas, Belize, Panama and Trinidad and Tobago and, through a segregated account, transfers insurance risks associated with certain life and annuity products relating to Trinidad and Tobago business to Sagicor Reinsurance Bermuda Ltd.

Sagicor Jamaica offers life, health, annuity, property and casualty insurance business, pension administration services, banking and financial services, hospitality and real estate investment services in Jamaica, Cayman Islands, Costa Rica and the United States.

Sagicor Life USA provides life insurance and annuities in certain states of the US and, through a segregated account, transfers insurance risks associated with certain life and annuity products, and financial instruments supporting those liabilities, to Sagicor Reinsurance Bermuda Ltd.

The group said its geographic diversification “has helped to mitigate the impact from disruptions to any one country’s economy”.

“During the pandemic, Sagicor, like other companies has focused on supporting our staff, customers and suppliers, while developing responses to the business disruption. Despite the challenging environment, the Group continued to grow revenues while remaining focused on customer service,” it reported. (SC)