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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 : 8474N
Sagicor Financial Corporation Ltd
14 August 2017
14 August 2017
SAGICOR FINANCIAL CORPORATION LIMITED
FINANCIAL RESULTS
FOR THE SIX MONTHSED JUNE 30, 2017
CHAIRMAN'S REVIEW
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 actuarial refinements.
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 continued support.
Stephen McNamara
Chairman
August 10, 2017
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FINANCIAL HIGHLIGHTS Six months ended
(in US currency except percentages) JUNE 30
----------------------------------------------------------
2017 2016
---------------------------------------------------------- --------- --------
Total revenue $562.6m $553.0m
Overall Group net income $41.1m $34.1m
Overall Shareholders' net income $19.0m $16.7m
Net income allocated to non-controlling interests $22.6m $17.7m
---------------------------------------------------------- --------- --------
Total equity $834.5m $764.7m
---------------------------------------------------------- --------- --------
Ratio of Debt to Capital
(2016 adjusted for the redemption of preference shares) 33.0% 33.9%
---------------------------------------------------------- --------- --------
Earnings per common share 6.3c 5.2c
Annualised return on common shareholders' equity 7.0% 6.7%
---------------------------------------------------------- --------- --------
Enquiries:
Sagicor Financial Corporation Limited +1 246 467 7500
Instinctif Partners +44 (0)20 7457 2020
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
-----------------------------------------------------------------------------------------------------
Amounts as expressed in US $000 June 30 June 30 December 31
2017 2016 2016
(unaudited) (unaudited) (audited)
---------------- ---------------- ----------------
ASSETS
Financial investments 4,848,973 4,905,027 4,813,748
Other investments and assets 1,762,374 1,648,202 1,718,172
Assets of discontinued operation - 453 -
---------------- ---------------- ----------------
Total assets 6,611,347 6,553,682 6,531,920
---------------- ---------------- ----------------
LIABILITIES
Policy liabilities 3,393,805 3,310,717 3,361,060
Other liabilities 2,383,074 2,478,250 2,375,446
Total liabilities 5,776,879 5,788,967 5,736,506
---------------- ---------------- ----------------
EQUITY
Shareholders' equity 562,110 521,493 536,149
Participating accounts 1,019 1,001 1,291
Non-controlling interests 271,339 242,221 257,974
---------------- ---------------- ----------------
Total equity 834,468 764,715 795,414
---------------- ---------------- ----------------
Total liabilities and equity 6,611,347 6,553,682 6,531,920
---------------- ---------------- ----------------
These financial statements have been approved for issue by the Board of Directors on August
10, 2017.
CONSOLIDATED STATEMENT OF INCOME
--------------------------------------------------------------------------------------------------------------
Amounts as expressed in US $000 Six months to June 30 Three months to June 30
2017 2016 2017 2016
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
REVENUE
Net premium revenue 340,145 318,772 172,476 161,438
Net investment and other income 222,495 234,262 107,656 127,217
------------ ------------ ------------ ------------
Total revenue 562,640 553,034 280,132 288,655
------------ ------------ ------------ ------------
BENEFITS AND EXPENSES
Benefits 277,996 294,826 140,816 160,854
Expenses 224,300 209,800 109,218 108,360
------------ ------------ ------------ ------------
Total benefits and expenses 502,296 504,626 250,034 269,214
------------ ------------ ------------ ------------
INCOME BEFORE TAXES 60,344 48,408 30,098 19,441
Income taxes (19,233) (16,179) (12,361) (7,578)
------------ ------------ ------------ ------------
NET INCOME FROM CONTINUING OPERATIONS 41,111 32,229 17,737 11,863
Net income/(loss) from discontinued operation - 1,865 - (32)
------------ ------------ ------------ ------------
NET INCOME FOR THE PERIOD 41,111 34,094 17,737 11,831
------------ ------------ ------------ ------------
NET INCOME ATTRIBUTABLE TO:
Common Shareholders
From continuing operations 19,006 14,877 5,750 2,923
From discontinued operation - 1,865 - (32)
------------ ------------ ------------ ------------
19,006 16,742 5,750 2,891
Participating policyholders (474) (354) (185) (627)
Non-controlling interests 22,579 17,706 12,172 9,567
------------ ------------ ------------ ------------
41,111 34,094 17,737 11,831
------------ ------------ ------------ ------------
Basic earnings per common share:
From continuing operations 6.3 cents 4.6 cents 1.9 cents 0.6 cents
From discontinued operation 0.0 cents 0.6 cents 0.0 cents 0.0 cents
------------ ------------ ------------ ------------
6.3 cents 5.2 cents 1.9 cents 0.6 cents
------------ ------------ ------------ ------------
Fully diluted earnings per common share:
From continuing operations 6.1 cents 4.5 cents 1.9 cents 0.6 cents
From discontinued operation 0.0 cents 0.5 cents 0.0 cents 0.0 cents
------------ ------------ ------------ ------------
6.1 cents 5.0 cents 1.9 cents 0.6 cents
------------ ------------ ------------ ------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------------------------------------------
Amounts as expressed in US $000 Six months to June 30 Three months to June 30
2017 2016 2017 2016
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
NET INCOME FOR THE PERIOD 41,111 34,094 17,737 11,831
------------ ------------ ------------ ------------
Items net of tax that may be reclassified subsequently to
income:
Available for sale financial assets:
Unrealised gains arising on revaluation 21,687 62,070 13,738 49,814
Losses / (gains) transferred to income 7,211 (3,478) 2,745 (1,850)
Net change in actuarial liabilities (12,915) (23,385) (4,320) (16,809)
Retranslation of foreign currency operations (1,846) (20,430) (1,153) (14,042)
------------ ------------ ------------ ------------
14,137 14,777 11,010 17,113
Items net of tax that will not be reclassified subsequently
to income:
Unrealised gains arising on revaluation of owner occupied - - 26 -
property
Gains on defined benefit plans 2,133 - - -
------------ ------------ ------------ ------------
OTHER COMPREHENSIVE INCOME FOR THE PERIOD 16,270 14,777 11,036 17,113
------------ ------------ ------------ ------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 57,381 48,871 28,773 28,944
------------ ------------ ------------ ------------
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Common Shareholders
From continuing operations 32,665 23,950 15,481 13,649
From discontinued operation - 1,865 - (32)
------------ ------------ ------------ ------------
32,665 25,815 15,481 13,617
Participating policyholders (164) (270) 350 (441)
Non-controlling interests 24,880 23,326 12,942 15,768
------------ ------------ ------------ ------------
57,381 48,871 28,773 28,944
------------ ------------ ------------ ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Amounts as expressed in US $000
(unaudited) Share Capital Share Premium Reserves Retained Earnings Participating Accounts Non-controlling Interest Total
-------------- -------------- --------- ------------------ ----------------------- ------------------------- ---------
Six months to June 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 - - 11,526 21,139 (164) 24,880 57,381
Transactions with holders of
equity instruments: -
Movements in treasury shares 6 834 - - - - 840
Changes in reserve for equity
compensation benefits - - 1,637 - - 1,637
Dividends declared - - - (7,575) - (10,838) (18,413)
Transfers and other movements - - (405) (1,201) (108) (677) (2,391)
-------------- -------------- --------- ------------------ ----------------------- ------------------------- ---------
Balance, end of period 3,035 297,884 (52,037) 313,228 1,019 271,339 834,468
-------------- -------------- --------- ------------------ ----------------------- ------------------------- ---------
Six months to June 30, 2016:
Balance, beginning of period 299,320 - (59,688) 266,414 1,383 231,735 739,164
Total comprehensive income from
continuing operations - - 9,073 14,877 (270) 23,326 47,006
Total comprehensive income from
discontinued operation - - - 1,865 - - 1,865
Transactions with holders of
equity instruments:
Movements in treasury shares 622 - - - - - 622
Changes in reserve for equity
compensation benefits - - 648 - - - 648
Dividends declared - - - (11,311) - (10,749) (22,060)
Transfers and other movements - - (4,707) 4,380 (112) (2,091) (2,530)
-------------- -------------- --------- ------------------ ----------------------- ------------------------- ---------
Balance, end of period 299,942 - (54,674) 276,225 1,001 242,221 764,715
-------------- -------------- --------- ------------------ ----------------------- ------------------------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
Amounts as expressed in US $000 Six months to June 30
2017 2016
(unaudited) (unaudited)
------------ ------------
CASH FLOWS
Operating activities:
Cash from income, interest and taxation 41,545 54,152
Net increase in investments and operating assets 3,142 (81,029)
Net change in operating liabilities 41,908 59,471
------------ ------------
86,595 32,594
Investing activities (15,341) (7,719)
Financing activities (3,503) 8,073
Effects of exchange rate changes 87 (2,598)
------------ ------------
Net change in cash and cash equivalents - continuing operations 67,838 30,350
Net change in cash and cash equivalents - discontinued operation - (44,613)
Cash and cash equivalents, beginning of period 312,106 384,879
------------ ------------
Cash and cash equivalents, end of period 379,944 370,616
------------ ------------
STATEMENT OF INCOME BY SEGMENT
----------------------------------------------------------------------------------------------------------------------
Amounts
expressed in US
$000 Six months to June 30, 2017
---------------------------------------------------------------------------------------------------
(unaudited) Head Office and Inter-segment
Sagicor Life Sagicor Jamaica Sagicor Life USA other eliminations Total
------------- ---------------- ----------------- ----------------- ----------------- ---------
Total revenue 204,948 258,251 75,534 77,883 (53,976) 562,640
Total benefits
and expenses 180,200 203,725 65,272 43,850 9,249 502,296
------------- ---------------- ----------------- ----------------- ----------------- ---------
INCOME BEFORE
TAXES 24,748 54,526 10,262 34,033 (63,225) 60,344
Income taxes (4,889) (10,542) (3,592) (210) - (19,233)
------------- ---------------- ----------------- ----------------- ----------------- ---------
NET INCOME FROM
CONTINUING
OPERATIONS 19,859 43,984 6,670 33,823 (63,225) 41,111
------------- ---------------- ----------------- ----------------- ----------------- ---------
Net income /
(loss)
attributable to
shareholders
from continuing
operations 20,333 21,601 6,670 16,873 (46,471) 19,006
------------- ---------------- ----------------- ----------------- ----------------- ---------
Total
Comprehensive
income / (loss)
attributable to
shareholders
from continuing
operations 26,149 23,760 11,864 16,838 (45,946) 32,665
------------- ---------------- ----------------- ----------------- ----------------- ---------
Six months to June 30, 2016
---------------------------------------------------------------------------------------------------
Head Office and Inter-segment
Sagicor Life Sagicor Jamaica Sagicor Life USA other eliminations Total
------------- ---------------- ----------------- ----------------- ----------------- ---------
NET INCOME FROM
CONTINUING
OPERATIONS 27,442 33,334 2,061 21,276 (51,884) 32,229
------------- ---------------- ----------------- ----------------- ----------------- ---------
Net income /
(loss)
attributable to
shareholders
from continuing
operations 27,796 16,370 2,061 (585) (30,765) 14,877
------------- ---------------- ----------------- ----------------- ----------------- ---------
Total
Comprehensive
income / (loss)
attributable to
shareholders
from continuing
operations 25,675 21,415 8,129 (557) (30,712) 23,950
------------- ---------------- ----------------- ----------------- ----------------- ---------
STATEMENT OF FINANCIAL POSITION BY SEGMENT
----------------------------------------------------------------------------------------------------------------------
Amounts
expressed in US
$000 June 30, 2017
---------------------------------------------------------------------------------------------------
(unaudited) Head Office and Inter-segment
Sagicor Life Sagicor Jamaica Sagicor Life USA other eliminations Total
------------- ---------------- ----------------- ----------------- ---------------- ----------
Total assets 1,918,232 2,660,449 1,986,844 406,466 (360,644) 6,611,347
Total
liabilities 1,400,633 2,184,720 1,756,016 796,154 (360,644) 5,776,879
------------- ---------------- ----------------- ----------------- ---------------- ----------
Net assets 517,599 475,729 230,828 (389,688) - 834,468
------------- ---------------- ----------------- ----------------- ---------------- ----------
June 30, 2016
---------------------------------------------------------------------------------------------------
Head Office and Inter-segment
Sagicor Life Sagicor Jamaica Sagicor Life USA other eliminations Total
------------- ---------------- ----------------- ----------------- ---------------- ----------
Net assets 521,752 418,034 213,521 (388,592) - 764,715
------------- ---------------- ----------------- ----------------- ---------------- ----------
PRODUCTS AND SERVICES
----------------------------------------------------------------------------------
Total external revenues relating to the Group's
products and services are summarised as follows:
Amounts expressed Six months to
in US $000 June 30
2017 2016
(unaudited) (unaudited)
------------ ------------
Life, health and annuity insurance contracts issued
to individuals 319,172 304,651
Life, health and annuity insurance and pension
administration contracts issued to groups 130,565 134,781
Property and casualty insurance 20,741 17,732
Banking, investment management and other financial
services 79,802 77,813
Other revenues 12,360 18,057
------------ ------------
562,640 553,034
------------ ------------
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
IR DBGDIUXBBGRD
(END) Dow Jones Newswires
August 14, 2017 02:00 ET (06:00 GMT)
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