Home' Trinidad and Tobago Guardian : August 14th 2017 Contents SAGICOR FINANCIAL CORPORATION LIMITED
FOR THE SIX MONTHS ENDED JUNE 30, 2017
The Sagicor Group maintained its solid performance from the first quarter into the second
Quarter. Group net income was US $41.1 million for the six months ended June 30, 2017,
compared to the prior year result of US $34.1 million, an increase of US $7.0 million or 21%.
Net income attributable to shareholders was US $19.0 million, compared to the prior year
result of US $16.7 million, an improvement of US $2.3 million or 14%. Earnings per common
share was US 6.3 cents compared to the prior year result of US 5.2 cents.
Total revenue amounted to US $562.6 million, compared to US $553.0 million for the
corresponding period in 2016, an increase of US $9.6 million. Net premium revenue stood
at US $340.1 million, and exceeded the prior year amount of US $318.8 million, an increase
of US $21.3 million. Net investment income and other income closed at US $222.5 million
compared to the prior year amount of US $234.3 million, the change resulted from lower
realised investment gains when compared to the prior year.
Benefits amounted to US $278.0 million for the period, compared to US $294.8 million for
the previous year, a reduction of US $16.8 million and was impacted by experience gains and
Expenses amounted to US $224.3 million, inclusive of US $5.0 million in non-recurring costs,
compared to US $209.8 million for the same period in the prior year. Higher administration
costs were also incurred as a result of the expansion of credit card and payments businesses
in our banking segment.
Total comprehensive income closed the period at US $57.4 million, compared to
US $48.9 million for the same period in the prior year. Included in comprehensive income
were net gains on financial assets of US $21.7 million. Retranslation losses amounted to
US $1.8 million, compared to losses of US $20.4 million reported in the prior year, this
resulted from relatively stable rate movements in the Jamaica dollar and the Trinidad dollar
when compared to the United States dollar during the period.
In the statement of financial position as at June 30, 2017, assets amounted to US $6.6 billion,
and liabilities totalled US $5.8 billion. Sagicor's Group equity totalled US $834.5 million.
Shareholders' equity amounted to US $562.1 million at a book value of US $1.85 per share.
The Group's debt, which is included in other liabilities, was US $411.6 million. The debt to
capital ratio was 33.0%.
On behalf of the Board of Sagicor, I wish to thank our Shareholders and Customers for their
August 10, 2017
(in US currency except percentages)
Six months ended
Overall Group net income
Overall Shareholders' net income
Net income allocated to non-controlling interests
Ratio of Debt to Capital
(2016 adjusted for the redemption of preference shares) 33.0%
Earnings per common share
Annualised return on common shareholders' equity
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts expressed in US $000
2016 December 31
Other investments and assets
Assets of discontinued operation
Total liabilities and equity
These financial statements have been approved for issue by the Board of Directors on August 10, 2017.
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