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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 : 1348K
Sagicor Financial Corporation Ltd
06 April 2018
SAGICOR FINANCIAL CORPORATION LIMITED
CHAIRMAN'S REVIEW
FINANCIAL RESULTS
FOR THE YEARED DECEMBER 31, 2017
CHAIRMAN'S REVIEW
The Sagicor Group experienced a good performance for the 2017 financial year, with improvement in the key areas of revenue, net income and equity.
This performance was in the context of contrasting economic conditions, both regionally and internationally, where Sagicor operates. Regionally, the Caribbean experienced modest economic growth, but continued to engage in fiscal consolidation through various measures of tax increases and public expenditure cuts to reduce high levels of public debt. Internationally, the USA experienced growth, increases in interest rates and a significant, but favourable change in its tax regime for business.
Group Net Income was US $115.3 million, compared to US $109.3 million in the prior year, an increase of US $6.0 million. Group Equity was US $932.3 million, compared to US $795.4 million in the prior year, an increase of US $136.9 million.
Net income attributable to shareholders was US $72.2 million, compared to US $61.7 million in the prior year, an increase of US $10.5 million. Earnings per common share was US 23.7c, and represented an annualised return on common shareholders' equity of 13.3% compared to 12.6% for the prior year.
Total revenue increased to US $1,220.9 million, compared to the prior year amount of US $1,134.1 million, an increase of US $86.8 million or 7.7%. Net premium revenue reached US $745.6 million, compared to US $664.0 million, an improvement of US $81.6 million or 12.3%. Premium income increased in all segments and benefited from the issuance of a single premium annuity relating to our Jamaica segment.
Net investment income was US $379.2 million, compared to US $353.4 million in the prior year, an improvement of US $25.8 million and benefited from higher investment gains in our international investment portfolios.
Fees and other revenue closed the year at US $93.7 million, compared to the prior year amount of US $116.8 million, a decline of US $23.1 million. There was a reduction in commissions income on insurance and reinsurance contracts amounting to US $19.8 million, reflecting commissions net of gains due to reinsurers on supporting assets in our USA segment. Exchange gains/(losses) also showed a loss of US $4.2 million, compared to gains of US $12.6 million in the prior year, a reduction of US $16.8 million. Foreign exchange movements were affected by a strengthening of the Jamaica dollar when compared to the United States dollar in 2017, resulting in foreign exchange declines in financial assets denominated in United States dollars in our Jamaica segment. Overall, the company experienced a gain on translation of the Jamaica segment, which is reported in other comprehensive income. In addition, the prior year included exchange gains relating to declines in the Trinidad dollar, when compared to the United States dollar, there was no significant foreign exchange movement, relative to this currency in 2017.
Total benefits closed at US $660.8 million, up from the prior year amount of US $560.4 million. The growth in benefits is consistent with that of the growth in premium revenue and partially represented increased provisions for future benefits. Included in benefits were net costs of US $8.5 million relating to claims exposure from hurricane activity during the year, along with an increase of US $14.2 million relating to the impact of the Tax Cuts and Jobs Act rate reduction in the United States, which came into effect in 2017.
Expenses (including agents' and brokers' commissions) closed the year at US $436.4 million, compared to the prior year amount of US $424.2 million, an increase of US $12.2 million. The Jamaica Segment incurred some non-recurring costs, together with higher administration costs relating to the expansion of cards and payments business.
Income taxes were US $18.6 million, compared to US $41.7 million in the prior year, a reduction of US $23.1 million. This was principally related to our USA Segment. During 2017 the Tax Cuts and Jobs Act was signed into law in the United States, which reduced the effective corporation tax rate. This contributed to a decrease of US $19.9 million in income taxes and an increase in the provision for future benefits of US $14.2 million in the segment.
Group comprehensive income was US $179.3 million, compared to US $96.7 million for the prior year, an increase of US $ 82.6 million. The principal sources of the increase were an improvement in net gains on financial assets of US $18.7 million, resulting from marked-to-market gains on financial assets in our international portfolios, a positive movement of US $38.2 million on retranslation of foreign currency operations, resulting from a gain in the Jamaica dollar when compared to the United States dollar and a positive change in gains/(losses) on defined benefit plans for employees of US $ 37.8 million.
The discontinued operation represents our UK business, which was sold on December 23, 2013. The terms of the sale required Sagicor to retain an interest in the 2011, 2012 and 2013 underwriting years of account, subject to a limit denominated in pound sterling. At the end of 2015, the Company had fully provided for the contingent exposure relating to this business (the limit). During 2017 there were positive developments in this exposure which resulted in net income of US $10.1 million.
In the statement of financial position as at December 31, 2017, assets amounted to US $6.8 billion, compared to US $6.5 billion in the prior year. Liabilities closed at US $5.9 billion, compared to US $5.7 billion in the prior year. Sagicor's Group equity totalled US $932.3 million, compared to US $795.4 million in the prior year; an increase of US$136.9 million.
The Group's debt, which is included in other liabilities, was US $413.8 million. The debt to capital ratio was 30.7%, down from 33.2% for the prior year.
Sagicor has voluntarily adopted the Canadian international capital standard, "Minimum Continuing Capital and Surplus Requirements" (MCCSR), and has been following this standard since 1991. The MCCSR seeks to demonstrate to policyholders and shareholders the capital strength of the life insurance companies of the Group, as a measure of its ability to meet its longterm obligations. Canadian regulators expect insurance companies to maintain an MCCSR ratio of 150% and Sagicor has consistently maintained a ratio above 175%. As at the end of the year our MCCSR Ratio was 258%.
Sagicor is listed on the Barbados Stock Exchange, The Trinidad and Tobago Stock Exchange and the London Exchange. We comply with the rigorous requirements of these exchanges.
Sagicor is rated on an annual basis by AM Best, Standard and Poor's Global Ratings, and Fitch Ratings. We have been rated by AM Best since 1998, S&P since 2006 and Fitch since 2015. These ratings are an independent measure of our financial strength. The current ratings are as follows:
-- AM Best - "A" Excellent -- S&P - BB- stable -- Fitch - B stable
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 in 2017.
During 2018, the Sagicor Group will continue to work on the corporate re-organisation to respond to the changing regulatory environment, while we continue to pursue opportunities for growth. On behalf of the Board of Sagicor, I wish to thank our shareholders and customers for their continued support.
Stephen McNamara
Chairman
April 4, 2018
Hot Features
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FINANCIAL HIGHLIGHTS Years ended
(in US currency except percentages) December 31,
-------------------------------------------
2017 2016
------------------------------------------- ---------- ----------
Total revenue $1,220.9m $1,134.1m
Overall Group net income $115.3m $109.3m
Overall Shareholders' net income $72.2m $61.7m
Net income allocated to non-controlling
interests $44.1m $47.5m
------------------------------------------- ---------- ----------
Group total comprehensive income $179.3m $96.7m
Total comprehensive income attributable
to Shareholders $106.3m $47.2m
------------------------------------------- ---------- ----------
Total equity $932.3m $795.4m
------------------------------------------- ---------- ----------
Ratio of Debt to Capital 30.7% 33.2%
------------------------------------------- ---------- ----------
Earnings per common share 23.7c 20.0c
Book value per share 203.8c 177.0c
Annualised return on common shareholders'
equity 13.3% 12.6%
------------------------------------------- ---------- ----------
Enquiries
Sagicor Financial Corporation +1 246 467 7500 Althea C Hazzard, Corporate Secretary Instinctif Partners +44 (0)20 7457 2020 Mark Garraway Rosie Driscoll
Sagicor Financial Corporation Limited
2017 Financial Statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts as expressed in US $000
2017 2016
ASSETS
Investment property 80,816 80,662
Property, plant and equipment 165,560 167,723
Associates and joint ventures 97,223 87,293
Intangible assets 81,714 83,487
Financial investments 4,953,241 4,813,748
Reinsurance assets 797,391 777,344
Income tax assets 39,980 59,575
Miscellaneous assets and receivables 228,543 183,018
Cash resources 360,064 279,070
Assets of discontinued operation 10,110 -
---------- ----------
Total assets 6,814,642 6,531,920
---------- ----------
LIABILITIES
Actuarial liabilities 2,950,820 2,776,362
Other insurance liabilities 224,159 207,122
Investment contract liabilities 379,018 377,576
Total policy liabilities 3,553,997 3,361,060
Notes and loans payable 413,805 395,213
Deposit and security liabilities 1,559,232 1,623,325
Provisions 80,027 101,292
Income tax liabilities 28,277 50,641
Accounts payable and accrued liabilities 246,976 204,975
Total liabilities 5,882,314 5,736,506
---------- ----------
EQUITY
Share capital 3,059 3,029
Share premium 300,470 297,050
Reserves (47,482) (64,795)
Retained earnings 367,327 300,865
Total shareholders' equity 623,374 536,149
Participating accounts 865 1,291
Non-controlling interest in subsidiaries 308,089 257,974
---------- ----------
Total equity 932,328 795,414
---------- ----------
Total liabilities and equity 6,814,642 6,531,920
---------- ----------
These financial statements have been approved for issue by the Board of Directors on April 4, 2018.
CONSOLIDATED STATEMENT OF INCOME
Amounts as expressed in US $000 2017 2016
REVENUE
Premium revenue 898,354 833,918
Reinsurance premium expense (152,722) (169,962)
----------- -----------
Net premium revenue 745,632 663,956
Net investment income 379,236 353,352
Fees and other revenue 93,740 116,839
Gain arising on disposal 2,261 -
Total revenue 1,220,869 1,134,147
----------- -----------
BENEFITS
Policy benefits and change in actuarial liabilities 720,651 693,173
Policy benefits and change in actuarial liabilities reinsured (114,839) (194,262)
----------- -----------
Net policy benefits and change in actuarial liabilities 605,812 498,911
Interest expense 54,949 61,448
Total benefits 660,761 560,359
----------- -----------
EXPENSES
Administrative expenses 267,427 255,326
Commissions and related compensation 98,749 98,570
Premium and asset taxes 13,569 10,679
Finance costs 34,746 38,333
Depreciation and amortisation 21,871 21,283
----------- -----------
Total expenses 436,362 424,191
----------- -----------
INCOME BEFORE TAXES 123,746 149,597
Income taxes (18,577) (41,700)
----------- -----------
NET INCOME FROM CONTINUING OPERATIONS 105,169 107,897
----------- -----------
Net income from continuing operations 105,169 107,897
Net income from discontinued operation 10,110 1,412
----------- -----------
NET INCOME FOR THE YEAR 115,279 109,309
----------- -----------
Net income/(loss) is attributable to:
Common shareholders:
From continuing operations 62,123 60,259
From discontinued operation 10,110 1,412
----------- -----------
72,233 61,671
Participating policyholders (1,044) 110
Non-controlling interests 44,090 47,528
----------- -----------
115,279 109,309
----------- -----------
Basic earnings per common share:
From continuing operations 20.4 cents 19.5 cents
From discontinued operation 3.3 cents 0.5 cents
----------- -----------
23.7 cents 20.0 cents
----------- -----------
Fully diluted earnings per common share:
From continuing operations 19.9 cents 18.7 cents
From discontinued operation 3.2 cents 0.4 cents
----------- -----------
23.1 cents 19.1 cents
----------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME 2017 2016
-------- --------
Items net of tax that may be
reclassified subsequently to
income:
Available for sale assets:
Gains on revaluation 57,900 39,183
(Gains) / losses transferred
to income (12,259) 2,675
Net change in actuarial liabilities (13,475) (17,090)
Retranslation of foreign currency
operations 9,721 (28,481)
41,887 (3,713)
-------- --------
Items net of tax that will
not be reclassified subsequently
to income:
(Losses) / gains on revaluation
of owner-occupied property (1,759) 5,145
Gains/ (losses) on defined
benefit plans 23,914 (13,875)
Other items - (128)
-------- --------
22,155 (8,858)
-------- --------
OTHER COMPREHENSIVE GAIN /
(LOSS) FROM CONTINUING OPERATIONS 64,042 (12,571)
-------- --------
TOTAL COMPREHENSIVE INCOME 2017 2016
------- --------
Net income 115,279 109,309
Other comprehensive income
/ (loss) 64,042 (12,571)
------- --------
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR 179,321 96,738
------- --------
Total comprehensive income
/ (loss) is attributable
to:
Common shareholders:
From continuing operations 96,141 45,811
From discontinued operation 10,110 1,412
------- --------
106,251 47,223
Participating policyholders (210) 132
Non-controlling interests 73,280 49,383
------- --------
179,321 96,738
------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Reserves Retained Total Participating Non-controlling Total
Capital Premium (note Earnings Shareholders' Accounts Interests Equity
(note (note 22) Equity (note
21) 21) 23)
--------- -------- -------- --------- -------------- ------------- --------------- --------
2017
Balance, beginning
of year 3,029 297,050 (64,795) 300,865 536,149 1,291 257,974 795,414
Total
comprehensive
income from
continuing
operations - - 21,432 74,709 96,141 (210) 73,280 169,211
Total
comprehensive
income from
discontinued
operation - - - 10,110 10,110 - - 10,110
Transactions with
holders
of equity
instruments:
Allotments of
common
shares 21 2,021 - - 2,042 - - 2,042
Movements in
treasury
shares 9 1,399 - - 1,408 - - 1,408
Changes in reserve
for equity
compensation
benefits - - (6,270) - (6,270) - (75) (6,345)
Dividends declared
(note 21.3) - - - (15,216) (15,216) - (19,861) (35,077)
Transfers and
other
movements - - 2,151 (3,141) (990) (216) (3,229) (4,435)
--------- -------- -------- --------- -------------- ------------- --------------- --------
Balance, end of
year 3,059 300,470 (47,482) 367,327 623,374 865 308,089 932,328
--------- -------- -------- --------- -------------- ------------- --------------- --------
,
2016
Balance, beginning
of year 299,320 - (59,688) 266,414 506,046 1,383 231,735 739,164
Total
comprehensive
income from
continuing
operations - - (4,319) 50,130 45,811 132 49,383 95,326
Total
comprehensive
income from
discontinued
operation - - - 1,412 1,412 - - 1,412
Redomiciliation
adjustment
net of treasury
shares (296,296) 296,296 - - - - - -
Transactions with
holders
of equity
instruments:
Movements in
treasury
shares 5 754 - - 759 - - 759
Changes in reserve
for equity
compensation
benefits - - 2,132 - 2,132 - (50) 2,082
Dividends declared
(note 21.3) - - - (18,880) (18,880) - (17,684) (36,564)
Transfers and
other
movements - - (2,920) 1,789 (1,131) (224) (5,410) (6,765)
--------- -------- -------- --------- -------------- ------------- --------------- --------
Balance, end of
year 3,029 297,050 (64,795) 300,865 536,149 1,291 257,974 795,414
--------- -------- -------- --------- -------------- ------------- --------------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
Note 2017 2016
--------- ---------
OPERATING ACTIVITIES
Income before taxes 123,746 149,597
Adjustments for non-cash items, interest
and dividends 36.1 (110,518) (188,098)
Interest and dividends received 305,810 299,968
Interest paid (83,627) (93,620)
Income taxes paid (43,352) (24,948)
Net increase in investments and operating
assets 36.1 (157,602) (100,362)
Net increase in operating liabilities 36.1 18,052 83,793
Net cash flows - operating activities 52,509 126,330
--------- ---------
INVESTING ACTIVITIES
Property, plant and equipment, net 36.2 (13,385) (17,996)
Associates and joint ventures (6,908) (188)
Intangible assets (6,182) (4,272)
Changes in ownership of associate, net
of cash and cash equivalents 7,766 -
Net cash flows - investing activities (18,709) (22,456)
--------- ---------
Note 2017 2016
--------- ---------
FINANCING ACTIVITIES
Movement in treasury shares (203) (98)
Redemption of SFCL preference shares - (119,991)
Shares issued to non-controlling interest (5,504) (6,634)
Other notes and loans payable, net 36.3 16,182 34,008
Dividends received from associates 2,561 1,788
Dividends paid to common shareholders (14,950) (13,381)
Dividends paid to preference shareholders - (5,256)
Dividends paid to non-controlling interests (19,861) (17,824)
--------- ---------
Net cash flows - financing activities (21,775) (127,388)
--------- ---------
Effects of exchange rate changes 1,595 (4,645)
--------- ---------
NET CHANGE IN CASH AND CASH EQUIVALENTS
-CONTINUING OPERATIONS 13,620 (28,159)
Net change in cash and cash equivalents
- discontinued operation - (44,614)
Cash and cash equivalents, beginning of
year 312,106 384,879
--------- ---------
CASH AND CASH EQUIVALENTS, OF YEAR 36.4 325,726 312,106
--------- ---------
STATEMENT OF INCOME BY SEGMENT
2017 Sagicor Sagicor Sagicor Head office Adjustments Total
Life Jamaica Life USA and other
Net premium revenue 308,602 320,067 86,719 30,244 - 745,632
Interest income 77,450 159,462 48,842 8,987 - 294,741
Other investment income 10,350 47,459 26,160 669 (143) 84,495
Fees and other revenues 11,895 62,580 (2,539) 21,836 (32) 93,740
Gain arising on business
combinations, acquisitions
and divestitures - 2,261 - - - 2,261
Inter-segment revenues 12,931 - - 71,150 (84,081) -
-------- -------- ---------- ----------- ----------- ---------
421,228 591,829 159,182 132,886 (84,256) 1,220,869
-------- -------- ---------- ----------- ----------- ---------
Net policy benefits 197,716 171,038 87,606 27,125 - 483,485
Net change in actuarial
liabilities 11,908 83,338 27,081 - - 122,327
Interest expense 12,217 37,501 2,144 3,087 - 54,949
Administrative expenses 68,113 127,855 28,298 41,320 1,841 267,427
Commissions and premium
and asset taxes 45,613 42,967 15,071 8,667 - 112,318
Finance costs - 1,089 156 (251) 33,752 34,746
Depreciation and amortisation 6,437 9,219 2,491 3,724 - 21,871
Inter-segment expenses 5,647(1) 1,858 (3,031)(1) 12,582 (17,056) -
-------- -------- ---------- ----------- ----------- ---------
347,651 474,865 159,816 96,254 18,537 1,097,123
-------- -------- ---------- ----------- ----------- ---------
Segment income / (loss)
before taxes 73,577 116,964 (634) 36,632 (102,793) 123,746
Income taxes (9,868) (22,824) 14,127 (12) - (18,577)
-------- -------- ---------- ----------- ----------- ---------
Net income / (loss) from
continuing operations 63,709 94,140 13,493 36,620 (102,793) 105,169
------ ------ ------ ------ --------- -------
Net income/(loss) attributable
to shareholders from
continuing operations 64,753 46,235 13,493 6,683 (69,041) 62,123
------ ------ ------ ------ --------- -------
Total comprehensive income/(loss)
attributable to
shareholders from continuing
operations 59,864 75,876 21,555 6,564 (67,718) 96,141
---------------------------------- ------ ------ ------ ------ --------- -------
(1) During 2015, Sagicor Life USA entered into a reinsurance agreement with Sagicor Life; included in the inter-segment expenses is $4,700 relating to this transaction.
2016 Sagicor Sagicor Sagicor Head office Adjustments Total
Life Jamaica Life USA and other
Net premium revenue 299,565 268,482 74,383 21,526 - 663,956
Interest income 77,394 157,758 47,958 9,758 - 292,868
Other investment income 3,114 42,753 10,450 2,883 1,284 60,484
Fees and other revenues 19,107 54,968 16,095 26,654 15 116,839
Inter-segment revenues 11,946 - - 60,129 (72,075) -
-------- -------- --------- ----------- ----------- ---------
411,126 523,961 148,886 120,950 (70,776) 1,134,147
-------- -------- --------- ----------- ----------- ---------
Net policy benefits 196,116 168,757 79,625 9,161 - 453,659
Net change in actuarial
liabilities 3,152 38,350 3,750 - - 45,252
Interest expense 13,393 41,455 2,853 3,747 - 61,448
Administrative expenses 68,990 112,156 32,752 40,040 1,388 255,326
Commissions and premium
and asset taxes 44,152 39,979 15,584 9,534 - 109,249
Finance costs - - 63 (136) 38,406 38,333
Depreciation and amortisation 6,505 8,017 1,551 5,210 - 21,283
(3,575)
Inter-segment expenses 5,720(1) 1,419 (1) 11,581 (15,145) -
-------- -------- --------- ----------- ----------- ---------
338,028 410,133 132,603 79,137 24,649 984,550
-------- -------- --------- ----------- ----------- ---------
Segment income / (loss)
before taxes 73,098 113,828 16,283 41,813 (95,425) 149,597
Income taxes (8,177) (23,678) (5,797) (3,544) (504) (41,700)
-------- -------- --------- ----------- ----------- ---------
Net income / (loss) from
continuing operations 64,921 90,150 10,486 38,269 (95,929) 107,897
-------- -------- --------- ----------- ----------- ---------
Net income/(loss) attributable
to shareholders from
continuing operations 64,811 44,275 10,486 (1,790) (57,523) 60,259
-------- -------- --------- ----------- ----------- ---------
Total comprehensive income/(loss)
attributable to
shareholders from continuing
operations 50,414 45,840 12,802 (3,378) (59,867) 45,811
---------------------------------- -------- -------- --------- ----------- ----------- ---------
(1) During 2015, Sagicor Life USA entered into a reinsurance agreement with Sagicor Life; included in the inter-segment expenses is $4,819 relating to this transaction.
STATEMENT OF FINANCIAL POSITION BY SEGMENT
Sagicor Sagicor Sagicor Head Adjustments Total
Life Jamaica Life USA office
and other
--------- --------- --------- ---------- ----------- ---------
2017
Financial investments 1,386,182 2,291,191 1,123,623 152,245 - 4,953,241
Other external assets 351,871 531,671 856,271 182,468 (70,990) 1,851,291
Assets of discontinued
operation - - - 10,110 - 10,110
Inter-segment assets 214,767 13,347 2,505 62,101 (292,720) -
--------- --------- --------- ---------- ----------- ---------
Total assets 1,952,820 2,836,209 1,982,399 406,924 (363,710) 6,814,642
--------- --------- --------- ---------- ----------- ---------
Policy liabilities 1,296,525 766,550 1,495,300 66,612 (70,990) 3,553,997
Other external liabilities 89,643 1,505,444 194,836 538,394 - 2,328,317
Inter-segment liabilities 27,285 4,098 51,587 209,750 (292,720) -
--------- --------- --------- ---------- ----------- ---------
Total liabilities 1,413,453 2,276,092 1,741,723 814,756 (363,710) 5,882,314
--------- --------- --------- ---------- ----------- ---------
Net assets 539,367 560,117 240,676 (407,832) - 932,328
--------- --------- --------- ---------- ----------- ---------
2016
Financial investments 1,403,870 2,212,153 1,068,244 129,481 - 4,813,748
Other external assets 324,570 450,104 829,889 189,807 (76,198) 1,718,172
Inter-segment assets 199,858 11,555 2,759 54,006 (268,178) -
--------- --------- --------- ---------- ----------- ---------
Total assets 1,928,298 2,673,812 1,900,892 373,294 (344,376) 6,531,920
--------- --------- --------- ---------- ----------- ---------
Policy liabilities 1,272,500 675,019 1,434,678 55,061 (76,198) 3,361,060
Other external liabilities 86,871 1,544,651 203,929 539,995 - 2,375,446
Inter-segment liabilities 39,434 3,715 43,838 181,191 (268,178) -
--------- --------- --------- ---------- ----------- ---------
Total liabilities 1,398,805 2,223,385 1,682,445 776,247 (344,376) 5,736,506
--------- --------- --------- ---------- ----------- ---------
Net assets 529,493 450,427 218,447 (402,953) - 795,414
--------- --------- --------- ---------- ----------- ---------
GEOGRAPHICAL AREAS
The Group operates in certain geographical areas which are determined by the location of the subsidiary or branch initiating the business.
Group operations in geographical areas include certain non-current assets comprising investment property, property, plant and equipment, investment in associated companies and intangible assets.
Total external revenues and non-current assets by geographical area are summarised in the following table.
External revenue Non-current assets
-------------------- ------------------ -------
2017 2016 2017 2016
--------- --------- ------------------ -------
Barbados 169,135 170,271 188,005 193,522
Jamaica 560,906 495,476 133,275 120,178
Trinidad & Tobago 173,027 166,066 65,559 66,115
Other Caribbean 158,759 152,161 28,465 30,025
USA 159,042 150,173 10,009 9,325
1,220,869 1,134,147 425,313 419,165
--------- --------- ------------------ -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSMFSMFASEIL
(END) Dow Jones Newswires
April 06, 2018 07:00 ET (11:00 GMT)
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