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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 : 4511W
Sagicor Financial Corporation Ltd
14 November 2017
SAGICOR FINANCIAL CORPORATION LIMITED
FINANCIAL RESULTS
FOR THE NINE MONTHSED SEPTEMBER 30, 2017
The Sagicor Group net income for the nine months ended September 30, 2017 was US $78.1 million, compared to the prior year result of US $89.9 million. The result for the period was impacted by a net provision of US $7.5 million related to claims exposure from hurricane activity during the year, while the prior year included exchange gains amounting to US $7.9 million relating to the depreciation of the Trinidad dollar, when compared to the United States dollar on financial investments.
Net income attributable to shareholders was US $47.2 million, compared to the prior year result of US $52.0 million.
Total revenue amounted to US $910.9 million, compared to US $850.5 million for the corresponding period in 2016, an increase of US $60.4 million. Net premium revenue stood at US $558.8 million, and exceeded the prior year amount of US $492.7 million, and represents an increase of US $66.1 million, due in part to the issuance of a significant single premium annuity relating to our Jamaica segment. Net investment income and other income closed at US $352.1 million, compared to the prior year amount of US $357.8 million.
Benefits amounted to US $474.4 million for the period, compared to US $422.2 million for the previous year, an increase of US $52.2 million. This change is a result of actuarial provisions for new business including the single premium annuity in the Jamaica segment.
Expenses amounted to US $329.1 million, inclusive of US $5.0 million in non-recurring costs, compared to US $312.7 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 $108.3 million, compared to US $112.2 million for the same period in the prior year. Included in comprehensive income were net gains on financial assets of US $36.7 million. Retranslation losses amounted to US $5.1 million, compared to losses of US $26.3 million reported in the prior year, and resulted from a decline in the Jamaica dollar when compared to the United States dollar during the period.
In the statement of financial position as at September 30, 2017, assets amounted to US $6.8 billion, and liabilities totalled US $5.9 billion. Sagicor's Group equity totalled US $884.4 million. Shareholder equity amounted to US $1.96 per share. The Group's debt, which is included in other liabilities, was US $405.6 million. The debt to capital ratio was 31.4%.
Sagicor has embarked on a programme to provide relief from the recent hurricanes. To date, Sagicor has made a financial contribution of US $300,000, as well as the provision of goods and services. Consistent with our vision to improve the lives of the people in the communities in which we operate, key initiatives include a school feeding programme to students, a mobile medical clinic and assistance to the regional airline, LIAT. We have also partnered with The University of the West Indies to host a Celebrity T20 Cricket Hurricane Relief Benefit to raise additional funds for the islands which have suffered significant damage during the passage of hurricanes Irma and Maria earlier this year.
On behalf of the Board of Sagicor, I wish to thank our Shareholders and Customers for their continued support.
Stephen McNamara
Chairman
November 9, 2017
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FINANCIAL HIGHLIGHTS Nine months
(in US currency except percentages) ended
SEPTEMBER 30
-------------------------------------------
2017 2016
------------------------------------------- -------- --------
Total revenue $910.9m $850.5m
Overall Group net income $78.1m $89.9m
Overall Shareholders' net income $47.2m $52.0m
Net income allocated to non-controlling
interests $32.5m $39.9m
------------------------------------------- -------- --------
Total equity $884.4m $826.8m
------------------------------------------- -------- --------
Ratio of Debt to Capital 31.4% 32.1%
------------------------------------------- -------- --------
Earnings per common share 15.5c 16.8c
Annualised return on common shareholders'
equity 11.6% 13.7%
------------------------------------------- -------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
-----------------------------------------------------------------------
Amounts expressed September September December
in US $000 30 30 31
2017 2016 2016
(unaudited) (unaudited) (audited)
------------------------ ------------- ------------- -----------
ASSETS
Financial investments 5,005,199 4,944,681 4,813,748
Other investments
and assets 1,766,441 1,715,318 1,718,172
Assets of discontinued - 438 -
operation
Total assets 6,771,640 6,660,437 6,531,920
------------- ------------- -----------
LIABILITIES
Policy liabilities 3,470,707 3,357,975 3,361,060
Other liabilities 2,416,488 2,475,670 2,375,446
Total liabilities 5,887,195 5,833,645 5,736,506
------------- ------------- -----------
EQUITY
Shareholders'
equity 600,159 562,613 536,149
Participating
accounts 637 (355) 1,291
Non-controlling
interests 283,649 264,534 257,974
Total equity 884,445 826,792 795,414
------------- ------------- -----------
Total liabilities
and equity 6,771,640 6,660,437 6,531,920
------------------------- ------------- ------------- -----------
These financial statements have been approved for issue by the Board of Directors on November 09, 2017.
CONSOLIDATED STATEMENT OF INCOME
-------------------------------------------------------------------------------------------
---- Nine ---- Three
Amounts expressed months to months to
in US $000 ---- ----
----- September ----- September
30 ----- 30 -----
----------------------------
2017 2016 2017 2016
(unaudited) (unaudited) (unaudited) (unaudited)
---------------------------- ------------- ------------- ------------- -------------
REVENUE
Net premium
revenue 558,804 492,686 218,659 173,914
Net investment
and other income 352,125 357,788 129,630 123,526
Total revenue 910,929 850,474 348,289 297,440
------------- ------------- ------------- -------------
BENEFITS AND EXPENSES
Benefits 474,373 422,192 196,377 127,366
Expenses 329,148 312,720 104,848 102,920
Total benefits
and expenses 803,521 734,912 301,225 230,286
------------- ------------- ------------- -------------
INCOME BEFORE
TAXES 107,408 115,562 47,064 67,154
Income taxes (29,303) (27,524) (10,070) (11,345)
NET INCOME FROM CONTINUING
OPERATIONS 78,105 88,038 36,994 55,809
Net income/(loss) from
discontinued operation - 1,850 - (15)
NET INCOME FOR
THE PERIOD 78,105 89,888 36,994 55,794
------------- ------------- ------------- -------------
NET INCOME ATTRIBUTABLE
TO:
Common Shareholders
From continuing
operations 47,211 50,162 28,205 35,285
From discontinued
operation - 1,850 - (15)
47,211 52,012 28,205 35,270
Participating
policyholders (1,595) (2,015) (1,121) (1,661)
Non-controlling
interests 32,489 39,891 9,910 22,185
78,105 89,888 36,994 55,794
------------- ------------- ------------- -------------
Basic earnings
per common share:
From continuing 15.5 16.2 9.2 11.6
operations cents cents cents cents
From discontinued 0.0 0.6 0.0 0.0
operation cents cents cents cents
------------- -------------
15.5 16.8 9.2 11.6
cents cents cents cents
------------- ------------- ------------- -------------
Fully diluted earnings
per common share:
From continuing 15.2 15.4 9.0 11.0
operations cents cents cents cents
From discontinued 0.0 0.5 0.0 0.0
operation cents cents cents cents
------------- -------------
15.2 15.9 9.0 11.0
cents cents cents cents
---------------------------- ------------- ------------- ------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------------------------
Amounts expressed ---- Nine ---- Three
in US $000 months to months to
---- ----
----- September ----- September
30 ----- 30 -----
----------------------------
2017 2016 2017 2016
(unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------- ------------- ------------- ------------- -------------
NET INCOME
FOR THE PERIOD 78,105 89,888 36,994 55,794
------------- ------------- ------------- -------------
Items net of tax that may
be reclassified subsequently
to income:
Available for sale financial
assets:
Unrealised gains arising
on revaluation 36,670 88,640 14,983 26,570
Gains transferred to income 6,052 (4,430) (1,159) (952)
Net change in actuarial
liabilities (9,630) (35,104) 3,285 (11,719)
Retranslation of foreign
currency operations (5,148) (26,348) (3,302) (5,918)
27,944 22,758 13,807 7,981
Items net of tax that will
not be reclassified subsequently
to income:
Unrealised gains / (losses)
arising on revaluation
of owner occupied property - (500) - (500)
Gains on defined benefit
plans 2,227 34 94 34
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 30,171 22,292 13,901 7,515
------------- ------------- ------------- -------------
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 108,276 112,180 50,895 63,309
------------- ------------- ------------- -------------
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Common Shareholders
From continuing operations 70,222 65,343 37,557 41,393
From discontinued operation - 1,850 - (15)
70,222 67,193 37,557 41,378
Participating policyholders (492) (1,570) (328) (1,300)
Non-controlling interests 38,546 46,557 13,666 23,231
108,276 112,180 50,895 63,309
----------------------------------- ------------- ------------- ------------- -------------
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
-------------------------- ---------- -------- --------- --------- -------------- ---------------- ---------
Nine months to September
30, 2017:
Balance, beginning
of period 3,029 297,050 (64,795) 300,865 1,291 257,974 795,414
Total comprehensive
income from continuing
operations - - 20,806 49,416 (492) 38,546 108,276
Transactions with
holders of equity
instruments:
Allotment of common
shares 21 2,021 - - - - 2,042
Movements in treasury
shares 6 834 - - - - 840
Changes in reserve
for equity compensation
benefits - - (45) - - - (45)
Dividends declared - - - (7,575) - (10,840) (18,415)
Transfers and other
movements - - 1,227 (2,701) (162) (2,031) (3,667)
----------
Balance, end of period 3,056 299,905 (42,807) 340,005 637 283,649 884,445
--------------------------- ---------- -------- --------- --------- -------------- ---------------- ---------
Nine months to September
30, 2016:
Balance, beginning
of period as previously
reported 299,320 - (59,688) 266,414 1,383 231,735 739,164
Redomiciliation adjustment
net of treasury shares (296,296) 296,296 - - - - -
Balance as restated 3,024 296,296 (59,688) 266,414 1,383 231,735 739,164
Total comprehensive
income from continuing
operations - - 15,155 50,188 (1,570) 46,557 110,330
Total comprehensive
income from discontinued
operation - - - 1,850 - - 1,850
Transactions with
holders of equity
instruments:
Movements in treasury
shares (reallocated
to conform with current
presentation) 5 746 - - - - 751
Changes in reserve
for equity compensation
benefits - - 1,233 - - - 1,233
Dividends declared - - - (11,311) - (10,620) (21,931)
Transfers and other
movements - - (4,559) 3,260 (168) (3,138) (4,605)
---------- -------- --------- --------- -------------- ----------------
Balance, end of period 3,029 297,042 (47,859) 310,401 (355) 264,534 826,792
--------------------------- ---------- -------- --------- --------- -------------- ---------------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
-----------------------------------------------------------------------
Amounts expressed in US $000 ---- Nine months
to ----
----- September 30
-----
--------------------------
2017 2016
(unaudited) (unaudited)
------------ ------------
CASH FLOWS
Operating activities:
Cash from income, interest
and taxation 100,959 96,364
Net increase in investments
and operating assets (65,964) (197,547)
Net change in operating
liabilities 105,683 207,147
140,678 105,964
Investing activities (21,319) (14,062)
Financing activities (4,093) (110,463)
Effects of exchange rate
changes (1,317) (3,616)
Net change in cash and cash
equivalents - continuing operations 113,949 (22,177)
Net change in cash and cash
equivalents - discontinued
operation - (44,614)
Cash and cash equivalents,
beginning of period 312,106 384,879
Cash and cash equivalents,
end of period 426,055 318,088
---------------------------------------- ------------ ------------
STATEMENT OF INCOME BY SEGMENT
----------------------------------------------------------------------------------------------
Amounts expressed Nine months to September 30,
in US $000 2017
-------------------------------------------------------------------
(unaudited) Head
Sagicor Office
Sagicor Sagicor Life and Inter-segment
Life Jamaica USA other eliminations Total
-------- --------- -------- --------- -------------- ---------
Total revenue 306,238 452,418 116,700 93,574 (58,001) 910,929
Total benefits
and expenses 249,907 365,327 102,274 72,125 13,888 803,521
INCOME BEFORE
TAXES 56,331 87,091 14,426 21,449 (71,889) 107,408
Income taxes (7,318) (16,388) (5,049) (548) - (29,303)
NET INCOME FROM
CONTINUING OPERATIONS 49,013 70,703 9,377 20,901 (71,889) 78,105
-------- --------- -------- --------- -------------- ---------
Net income / (loss)
attributable to
shareholders from
continuing operations 50,608 34,727 9,377 (861) (46,640) 47,211
-------- --------- -------- --------- -------------- ---------
Total Comprehensive
income / (loss)
attributable to
shareholders from
continuing operations 60,980 40,354 15,266 (575) (45,803) 70,222
-------- --------- -------- --------- -------------- ---------
Nine months to September 30,
2016
-------------------------------------------------------------------
Head
Sagicor Office
Sagicor Sagicor Life and Inter-segment
Life Jamaica USA other eliminations Total
-------- --------- -------- --------- -------------- ---------
NET INCOME FROM
CONTINUING OPERATIONS 52,937 76,472 4,028 15,781 (61,180) 88,038
-------- --------- -------- --------- -------------- ---------
Net income / (loss)
attributable to
shareholders from
continuing operations 54,952 37,560 4,028 (15,637) (30,741) 50,162
-------- --------- -------- --------- -------------- ---------
Total Comprehensive
income / (loss)
attributable to
shareholders from
continuing operations 56,660 43,747 11,313 (15,814) (30,563) 65,343
-------- --------- -------- --------- -------------- ---------
STATEMENT OF FINANCIAL POSITION BY SEGMENT
------------------------------------------------------------------------------------------------
Amounts expressed
in US $000 September 30, 2017
(unaudited) Head
Sagicor Office
Sagicor Sagicor Life and Inter-segment
Life Jamaica USA other eliminations Total
---------- ---------- ---------- ---------- -------------- ----------
Total assets 1,945,046 2,813,558 1,983,877 390,993 (361,834) 6,771,640
Total liabilities 1,391,780 2,305,747 1,749,394 802,108 (361,834) 5,887,195
---------- ---------- ---------- ---------- -------------- ----------
Net assets 553,266 507,811 234,483 (411,115) - 884,445
---------- ---------- ---------- ---------- -------------- ----------
September 30, 2016
--------------------------------------------------------------------------
Head
Sagicor Office
Sagicor Sagicor Life and Inter-segment
Life Jamaica USA other eliminations Total
---------- ---------- ---------- ---------- -------------- ----------
Net assets 554,297 461,793 216,863 (406,161) - 826,792
---------- ---------- ---------- ---------- -------------- ----------
PRODUCTS AND SERVICES
-------------------------------------------------------------------
Total external revenues relating to the Group's
products and services are summarised as follows:
Amounts expressed in US $000 ---- Nine months
to ----
----- September 30
-----
2017 2016
(unaudited) (unaudited)
------------- -------------
Life, health and annuity insurance
contracts issued to individuals 493,801 470,361
Life, health and annuity insurance
and pension administration
contracts issued to groups 243,752 214,431
Property and casualty insurance 30,492 26,445
Banking, investment management
and other financial services 121,495 117,922
Other revenues 21,389 21,315
910,929 850,474
------------- -------------
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, 2016 audited financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 14, 2017 05:35 ET (10:35 GMT)
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