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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sagicor Financial Corporation Limited | LSE:SFI | London | Ordinary Share | BMG7777B1046 | COM SHS USD0.01 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 117.50 | 105.00 | 130.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSFI
RNS Number : 2670O
Sagicor Financial Corporation Ltd
16 May 2018
SAGICOR FINANCIAL CORPORATION LIMITED
CHAIRMAN'S REVIEW
The Sagicor Group recorded another solid performance for the first three months to March 31, 2018. Group net income closed the period at US $38.9 million against a prior year result of US $27.0 million. Net income attributable to shareholders was US $19.9 million compared to the prior year result of US $16.7 million, an increase of 19%.
During the first three months of the year Sagicor Group adopted two new accounting standards which became effective from January 1, 2018. IFRS 15, Revenue from Contracts with Customers was adopted, and affects how income is recognised on contracts by companies. IFRS 9, Financial instruments, was also adopted, this accounting standard changes the way that financial instruments are recognised and measured. The standard introduces new measurement categories for financial instruments and an expected credit loss model for impairment. There was no significant impact on the implementation of both standards on the net assets of the Company.
Total revenue for the Group amounted to US $296.6 million, against a prior year amount of US $282.5 million, an increase of 5%. Revenue included a one-time gain of US $5.3 million on the acquisition of the British American insurance portfolio from the Government of Barbados. Benefits were US $132.1 million, compared to US $138.4 million for the previous year, a reduction of 5%. Expenses were US $117.6 million, compared to US $115.1 million for the same period in the prior year, an increase of 2%.
Group comprehensive income was US $17.0 million, compared to US $32.2 million for the prior year. Shareholder comprehensive income was US $5.8 million, compared to US $20.6 million for the prior year. The decline in comprehensive income was mainly due to marked-to-market losses on our international bond portfolio.
In the statement of financial position as at March 31, 2018, assets amounted to US $6.9 billion, and liabilities amounted to US $5.9 billion. Group equity was US $931.7 million, compared to US $ 939.6 million at December 31, 2017, Shareholders' equity was US $622.9 million, compared to US $626.9 million at December 31, 2017. The Group's debt was US $407.1 million with a debt to capital ratio of 30.4%, compared to 30.7% at December 31, 2017.
On behalf of the Board of Sagicor, I wish to thank our Shareholders and Customers for their continued support.
Stephen McNamara
Chairman
May 15, 2018
FINANCIAL HIGHLIGHTS
Hot Features
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FINANCIAL HIGHLIGHTS Three months
(in US currency except percentages) ended
MARCH 31
-------------------------------------------
2018 2017
restated
------------------------------------------- -------- ----------
Total revenue $296.6m $282.5m
Overall Group net income $38.9m $27.0m
Overall Shareholders' net income $19.9m $16.7m
Net income allocated to non-controlling
interests $10.8m $10.6m
------------------------------------------- -------- ----------
Total equity $931.7m $827.5m
------------------------------------------- -------- ----------
Book Value per share $2.03 $1.82
------------------------------------------- -------- ----------
Ratio of Debt to Capital 30.4% 32.9%
------------------------------------------- -------- ----------
Earnings per common share 6.5c 5.5c
Annualised return on common shareholders'
equity 12.7% 9.2%
------------------------------------------- -------- ----------
FINANCIAL RESULTS FOR THE THREE MONTHSED MARCH 31, 2018
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
--------------------------------------------------------------------------------------
Amounts expressed March March December
in US $000 31 31 31
2018 2017 2017
RESTATED RESTATED
(unaudited) (unaudited) (audited)
------------------------ --- ---------- ------------- ------------- -----------
ASSETS
Financial investments 5,021,369 4,908,430 4,953,241
Other investments
and assets 1,833,988 1,682,122 1,851,291
Assets of discontinued
operation 10,502 4,285 10,110
------------- -----------
Total assets 6,865,859 6,594,837 6,814,642
------------- ------------- -----------
LIABILITIES
Policy
liabilities 3,551,362 3,388,488 3,544,927
Other liabilities 2,382,788 2,378,873 2,330,162
------------- -----------
Total liabilities 5,934,150 5,767,361 5,875,089
------------- ------------- -----------
EQUITY
Shareholders'
equity 622,890 553,489 626,922
Participating
accounts 6,043 723 865
Non-controlling
interests 302,776 273,264 311,766
Total equity 931,709 827,476 939,553
------------- ------------- -----------
Total liabilities
and equity 6,865,859 6,594,837 6,814,642
------------------------- --- ---------- ------------- ------------- -----------
These financial statements have been approved
for issue by the Board of Directors on May 15,
2018.
Director Director
------------------------ -------------
CONSOLIDATED STATEMENT OF INCOME
----------------------------------------------------------------
Amounts expressed ---- Three months
in US $000 to ----
----- March 31 -----
2018 2017
RESTATED
(unaudited) (unaudited)
------------------------------ ------------- -------------
REVENUE
Net premium
revenue 187,302 167,669
Net investment and
other income 109,258 114,839
-------------
Total revenue 296,560 282,508
------------- -------------
BENEFITS AND
EXPENSES
Benefits 132,092 138,352
Expenses 117,617 115,082
Total benefits
and expenses 249,709 253,434
------------- -------------
INCOME BEFORE
TAXES 46,851 29,074
Income
taxes (8,381) (6,404)
NET INCOME FROM CONTINUING
OPERATIONS 38,470 22,670
Net income from discontinued
operation 392 4,285
NET INCOME FOR THE
PERIOD 38,862 26,955
------------- -------------
NET INCOME ATTRIBUTABLE
TO:
Common Shareholders
From continuing
operations 19,497 12,371
From discontinued
operation 392 4,285
19,889 16,656
Participating
policyholders 8,187 (289)
Non-controlling
interests 10,786 10,588
38,862 26,955
------------- -------------
Basic earnings per
common share:
From continuing 6.4 cents 4.1 cents
operations
From discontinued 0.1 cents 1.4 cents
operation
-------------
6.5 cents 5.5 cents
------------- -------------
Fully diluted earnings
per common share:
From continuing 6.2 cents 4.0 cents
operations
From discontinued 0.1 cents 1.4 cents
operation
-------------
6.3 cents 5.4 cents
------------------------------ ------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
---------------------------------------------------------------------------
Amounts expressed ----Three months
in US $000 to----
----- March 31 -----
2018 2017
RESTATED
(unaudited) (unaudited)
----------------------------------------- ------------- -------------
NET INCOME FOR THE
PERIOD 38,862 26,955
------------- -------------
Items net of tax that may be
reclassified subsequently to
income:
Available for sale
financial assets:
Unrealised gains arising
on revaluation - 7,949
Losses transferred
to income - 4,466
Net losses on investments in (28,391) -
debt instruments measured at
FVOCI
Net gains on financial assets (3,637) -
measured at FVOCI reclassified
to profit or loss on disposal
Net change in
actuarial liabilities 13,163 (8,595)
Retranslation of foreign
currency operations (3,041) (693)
Other items (1) -
(21,907) 3,127
Items net of tax that will not be reclassified
subsequently to income:
Unrealised losses arising on
revaluation of owner occupied
property - (26)
Net gains on investments in 14 -
equity instruments designated
at fair value through through
other comprehensive income
Gains on defined
benefit plans - 2,133
OTHER COMPREHENSIVE (LOSS)
/ INCOME FOR THE PERIOD (21,893) 5,234
------------- -------------
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 16,969 32,189
------------- -------------
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE
TO:
Common Shareholders
From continuing
operations 5,381 16,299
From discontinued
operation 392 4,285
5,773 20,584
Participating
policyholders 8,160 (514)
Non-controlling
interests 3,036 12,119
16,969 32,189
----------------------------------------- ------------- -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
------------------------------------------------------------------------------------------------------------------
Amounts expressed Share Share Retained Participating Non-controlling
in US $000
(unaudited) Capital Premium Reserves Earnings Accounts Interest Total
--------------------------- -------- -------- --------- --------- -------------- ---------------- ---------
Three months to March
31, 2018:
Balance, beginning
of period 3,059 300,470 (47,482) 367,327 865 308,089 932,328
Prior period
adjustment - - 94 3,454 - 3,677 7,225
January 1, 2018
adjustment-change
on initial application
of IFRS 9 - - (217) (10,442) (2,930) (2,352) (15,941)
-------- ---------
Balance as restated 3,059 300,470 (47,605) 360,339 (2,065) 309,414 923,612
Total comprehensive
income from
continuing operations - - (14,115) 19,496 8,160 3,036 16,577
Total comprehensive
income from
discontinued
operation - - - 392 - - 392
Transactions with holders
of equity instruments:
Movements in
treasury shares - 31 - - - - 31
Changes in reserve
for equity compensation
benefits - - 1,259 - - - 1,259
Dividends declared - - - - - (10,464) (10,464)
Transfers and
other movements - - (177) (259) (52) 790 302
Balance, end
of period 3,059 300,501 (60,638) 379,968 6,043 302,776 931,709
--------------------------- -------- -------- --------- --------- -------------- ---------------- ---------
Three months to March 31,
2017 RESTATED:
Balance, beginning
of period 3,029 297,050 (64,795) 300,865 1,291 257,974 795,414
Prior period
adjustment - (3) 3,064 - 3,170 6,231
Balance as restated 3,029 297,050 (64,798) 303,929 1,291 261,144 801,645
Total comprehensive
income from
continuing operations - - 1,970 14,329 (514) 12,119 27,904
Total comprehensive
income from
discontinued
operation - - - 4,285 - - 4,285
Transactions with holders
of equity instruments:
Movements in
treasury shares 2 225 - - - - 227
Changes in reserve
for equity compensation
benefits - - 1,099 - - - 1,099
Dividends declared - - - (7,576) - - (7,576)
Transfers and
other movements - - 438 (493) (54) 1 (108)
-------- -------- --------- --------- -------------- ----------------
Balance, end
of period 3,031 297,275 (61,291) 314,474 723 273,264 827,476
--------------------------- -------- -------- --------- --------- -------------- ---------------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
-------------------------------------------------------------------------
Amounts expressed ---- Three
in US $000 months to
----
----- March
31 -----
2018 2017
(unaudited) (unaudited)
-------------------------------------- ------------- -------------
CASH FLOWS
Operating activities:
Cash from income,
interest and taxation 19,262 5,510
Net increase in investments
and operating assets (76,635) (56,111)
Net change in operating
liabilities 56,947 19,083
(426) (31,518)
Investing
activities (3,698) (7,861)
Financing
activities (530) 15,652
Effects of exchange
rate changes (332) 897
Net change in cash and cash
equivalents - continuing operations (4,986) (22,830)
Cash and cash equivalents,
beginning of period 325,726 312,106
Cash and cash equivalents,
end of period 320,740 289,276
---------------------------------------- ------------- -------------
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------------------------------
1. BASIS OF PREPARATION
These condensed interim financial statements have
been prepared in accordance with the accounting
policies set out in note 2 of the December 31,
2017 audited financial statements, except for
the adoption of IFRS 15 - 'Revenue from Contracts
with Customers' and IFRS 9 - 'Financial Instruments',
which replaces the provisions of IAS 39 - 'Financial
Instruments: Recognition and Measurement'. These
standards became effective from January 1, 2018.
IFRS 9 replaces the guidance in IAS 39, 'Financial
instruments: recognition and measurement'. IFRS
9 retains but simplifies the mixed measurement
model and establishes three primary measurement
categories for financial assets: amortized cost,
fair value through other comprehensive income
("FVOCI") and fair value through profit and loss
("FVPL"). The basis of classification depends
on the entity's business model and the contractual
cash flow characteristics of the financial asset.
Classification for debt instruments is driven
by the entity's business model for managing the
financial assets and whether the contractual cash
flows represent solely payments of principal and
interest ("SPPI"). If a debt instrument is held
to collect, it may be carried at amortised cost
if it also meets the SPPI requirement. Debt instruments
that meet the SPPI requirement that are held in
a portfolio where an entity both holds to collect
assets' cash flows and sells assets may be classified
as FVOCI. Financial assets that do not contain
cash flows that are SPPI must be measured at FVPL.
Investments in equity instruments are always measured
at fair value. However, management can make an
irrevocable election to present changes in fair
value in other comprehensive income, provided
the instrument is not held for trading. If the
equity instrument is held for trading, changes
in fair value are presented in profit or loss.The
impairment requirements apply to financial assets
measured at amortised cost and FVOCI, lease receivables
and certain loan commitments and financial guarantee
contracts. At initial recognition, an allowance
is required for expected credit losses ('ECL')
resulting from default events that are possible
within the next 12 months ('12-month ECL'). In
the event of a significant increase in credit
risk, allowance is required for ECL resulting
from all possible default events over the expected
life of the financial instrument ('lifetime ECL').
Financial assets where 12-month ECL is recognised
are considered to be 'stage 1'; financial assets
which are considered to have experienced a significant
increase in credit risk are in 'stage 2'; and
financial assets for which there is objective
evidence of impairment are considered to be in
default or otherwise credit impaired are in 'stage
3'. Any adjustment on the initial adoption of
this standard impacts returned earnings.
---------------------------------------------------------
2. RESTATEMENTS
Effective January 1, 2018 the Group implemented
a policy to harmonise its actuarial reserving
practices across operational segments. This is
a voluntary change in policy and was reflected
as a prior period adjustment in accordance with
IAS 8. The impact of this change was an increase
in opening equity at March 2017 of US $6.2 million
and in increase in net income for March 2017 of
US $0.2 million.
Net income of the discontinued operaton and assets
of the discontinued operation were adjusted by
US $4.3 million to reflect the share of income
for 2017 attributable to the first three months
of 2017.
Actuarial reserves (benefits) for the first quarter
of 2017 was adjusted by US $1.6 million along
with associated taxes of US $0.5 million relating
to various actuarial changes attributable to the
period.
---------------------------------------------------------
STATEMENT OF INCOME BY SEGMENT
----------------------------------------------------------------------------------------------------
Amounts expressed Three months to March 31, 2018
in US $000
------------------------------------------------------------------
(unaudited) Sagicor Sagicor Sagicor Head Inter-segment Total
Life Jamaica Life Office eliminations
USA and
other
------------------------------- -------- --------- -------- --------- -------------- --------
Total revenue 110,029 137,994 37,593 16,069 (5,125) 296,560
Total benefits and
expenses 71,137 110,125 41,635 22,788 4,024 249,709
INCOME BEFORE TAXES 38,892 27,869 (4,042) (6,719) (9,149) 46,851
Income taxes (2,900) (6,385) 848 (226) 282 (8,381)
NET INCOME FROM CONTINUING
OPERATIONS 35,992 21,484 (3,194) (6,945) (8,867) 38,470
-------- --------- -------- --------- -------------- --------
Net income / (loss)
attributable to shareholders
from continuing operations 27,805 10,550 (3,194) (15,105) (559) 19,497
-------- --------- -------- --------- -------------- --------
Total Comprehensive
income / (loss) attributable
to shareholders from
continuing operations 26,199 3,002 (8,554) (15,455) 189 5,381
-------- --------- -------- --------- -------------- --------
RESTATED
Three months to March 31, 2017
------------------------------------------------------------------
Sagicor Sagicor Sagicor Head Inter-segment Total
Life Jamaica Life Office eliminations
USA and
other
-------- --------- -------- --------- -------------- --------
NET INCOME FROM CONTINUING
OPERATIONS 12,996 20,609 2,849 3,366 (17,150) 22,670
-------- --------- -------- --------- -------------- --------
Net income / (loss)
attributable to shareholders
from continuing operations 13,285 10,123 2,849 (5,000) (8,886) 12,371
-------- --------- -------- --------- -------------- --------
Total Comprehensive
income / (loss) attributable
to shareholders from
continuing operations 15,445 11,565 5,098 (5,396) (10,413) 16,299
-------------------------------- -------- --------- -------- --------- -------------- --------
STATEMENT OF FINANCIAL POSITION BY SEGMENT
----------------------------------------------------------------------------------------------------------------------------------------------
Amounts March 31, 2018
expressed
in US $000
-----------------------------------------------------------------------------------------------------------------------------
(unaudited) Sagicor Sagicor Sagicor Head Inter-segment Total
Life Jamaica Life Office eliminations
USA and
other
-------------- ------------------ ------------------ ------------------ ------------------ ------------------------- ------------------
Total assets 2,013,881 2,837,847 2,004,346 400,074 (390,289 6,865,859
Total
liabilities 1,440,515 2,288,542 1,772,021 823,361 (390,289) 5,934,150
Net assets 573,366 549,305 232,325 (423,287) - 931,709
------------------ ------------------ ------------------ ------------------ ------------------------- ------------------
RESTATED
March 31, 2017
-----------------------------------------------------------------------------------------------------------------------------
Sagicor Sagicor Sagicor Head Inter-segment Total
Life Jamaica Life Office eliminations
USA and
other
------------------ ------------------ ------------------ ------------------ ------------------------- ------------------
Net assets 532,397 479,801 223,808 (408,530) - 827,476
--------------- ------------------ ------------------ ------------------ ------------------ ------------------------- ------------------
PRODUCTS AND SERVICES
----------------------------------------------------------------------
Total external revenues relating to the Group's
products and services are summarised as follows:
Amounts expressed ----Three months
in US $000 to----
----- March
31 -----
2018 2017
(unaudited) (unaudited)
------------- -------------
Life, health and annuity insurance
contracts issued to individuals 169,515 158,034
Life, health and annuity insurance
and pension administration contracts
issued to groups 69,816 67,459
Property and casualty
insurance 11,586 9,430
Banking, investment management and
other financial services 40,001 38,867
Other revenues 5,642 8,718
296,560 282,508
------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFEAPSKFSDPEEF
(END) Dow Jones Newswires
May 16, 2018 07:00 ET (11:00 GMT)
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