Sagicor Financial Company Reports Strong 2023 Performance with Strategic Expansion

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Written By Kevin MacDonald

Transformative Year Paves the Way for Future Growth

Sagicor Financial Company Ltd. (TSX: SFC), a preeminent provider of financial services in the Caribbean and Canada, with an expanding footprint in the U.S., has disclosed its financial outcomes for the fourth quarter and the entirety of 2023.

Credit: DepositPhotos

With all values reported in US dollars unless mentioned otherwise, the company marks a year of significant achievements and strategic advancements.

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2023 in Review: A Year of Milestones and Financial Success

  • Net income to shareholders of $532.1 million for 2023
  • Net income to shareholders, excluding the ivari bargain purchase gain and transaction costs, of $99.1 million for 2023
  • New business CSM(1) of $137.0(2) million for 2023
  • Shareholders’ equity of $970.9 million, with book value per share of US$6.88 or C$9.10
  • Shareholders’ equity plus net CSM to shareholders(1) of $2.1 billion, or US$14.93 or C$19.74 per share
  • Debt to capital ratio(1) of 26.6%
  • MCCSR ratio(1) of 301%
  • Total LICAT ratio(1) of 136%
  • Increase of 7% in quarterly dividend to US$0.06 per common share to be paid during the second quarter of 2024 (US$0.24 annualised dividend)

Andre Mousseau, President and CEO, reflected on the transformative year, expressing gratitude towards the Sagicor team for their relentless effort and dedication. “2023 marked a monumental year for Sagicor, highlighted by our strategic achievements, including the integration of ivari, the transition to IFRS 17, and the restoration of our investment grade status,” Mousseau commented.

He further outlined the company’s guidance for 2024, projecting core net income to shareholders to be between $90 million and $105 million, with a targeted ROE of approximately 10%.

Sagicor Group’s Stellar Performance and Strategic Milestones

The remarkable financial results of Sagicor for the year were propelled by solid segment performance and the strategic acquisition of ivari.

The company’s North American operations, including Sagicor Canada (ivari) and Sagicor Life USA, demonstrated strong financial and operational performance, contributing significantly to the net income.

The fourth quarter of 2023 saw a notable impact from the ivari acquisition, with Sagicor’s financial results benefitting greatly. The net income to shareholders was a staggering $485.3 million, with the ivari acquisition accounting for a significant portion of this.

This period also saw substantial growth in shareholder equity and net CSM to shareholders, underscoring Sagicor’s robust capital position and financial strength.

Looking Ahead: Optimistic Outlook and Strategic Focus

Sagicor has set forth ambitious targets for 2024, aiming for core net income to shareholders of $90 million to $105 million and new business CSM of $180 million to $200 million.

The company also eyes a growth of over 10% in core net income to shareholders for 2025, with a medium-term target for a core ROE of 13% or more.

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Dedicated to Shareholder Value and Sector Leadership

The Board of Directors approved a quarterly dividend increase to US$0.06 per common share, a testament to Sagicor’s commitment to delivering value to its shareholders.

Credit: DepositPhotos

This move, coupled with the company’s strategic focus on growth and financial stability, positions Sagicor as a leader in the financial services sector, ready to capitalize on future opportunities.

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