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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 |
TIDMSFI
RNS Number : 1050Z
Sagicor Financial Corporation Ltd
15 May 2019
SAGICOR FINANCIAL CORPORATION LIMITED FINANCIAL
RESULTS FOR THE THREE MONTHSED MARCH 31, 2019
____________________________________________________________
The Sagicor Group recorded another strong performance for the first three months to March 31, 2019. Group net income closed the period at US $32.9 million against a prior year result of US $38.9 million. Net income attributable to shareholders from continuing operations was US $15.1 million compared to the prior year result of US $19.5 million. Net income to shareholders from continuing operations in 2018 benefited from certain one-time positive earnings releases that did not recur in 2019.
Total revenue for the Group amounted to US $523.5 million, against a prior year amount of US $291.3 million, an increase of US $232.2 or 80%. Revenue growth was driven primarily by the USA business segment which generated meaningful premium growth, amplified by our strategic decision to cease reinsuring its premiums to third parties. Revenues grew year over year in the Sagicor Jamaica and Sagicor Life business segments as well.
Benefits were US $347.8 million, compared to US $132.1 million for the previous year and was consistent with the growth in premium income. Expenses were US $131.0 million, compared to US $117.6 million for the same period in the prior year, an increase of 11%, the growth in expenses has been impacted by the consolidation of the Sagicor X Fund Group from October 1, 2018. Excluding this impact expenses grew by 4%.
Group comprehensive income was US $66.5 million, compared to US $17.0 million for the prior year. Shareholder comprehensive income from continuing operations was US $38.2 million, compared to US $5.4 million for the prior year. The Group benefited from significant net gains on investments measured at Fair Value through Other Comprehensive Income.
Sagicor benefited from strong performance in each of its three operating segments. Net income to shareholders from continuing operations in Sagicor Life was US $11.2 million, a strong performance although down compared to 2018 which had one-time factors. Net income to shareholders from continuing operations for Sagicor Jamaica was US $10.4 million. Net income to shareholders from continuing operations for the USA business segment increased significantly to US $6.9 million compared to a loss in Q1 2018, as the segment benefits from critical mass.
During the first three months of the year Sagicor Group adopted a new accounting standard which became effective from January 1, 2019. IFRS 16, Leases, removes the distinction between operating and financing leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts.
There was no significant impact on the net assets of the Company on the implementation of this standard.
In the statement of financial position as at March 31, 2019, assets amounted to US $7.6 billion, and liabilities amounted to US $6.4 billion. Group equity was US $1,202.7 million, compared to US $ 1,135.5 million at December 31, 2018. Shareholders' equity was US $640.4 million, compared to US $600.9 million at December 31, 2018, and book value per share increased from US $1.96 per share at year-end 2018 to US $2.09 per share. The Group's debt was US $480.3 million with a debt to capital ratio of 28.5%, compared to 30.2% at December 31, 2018.
On behalf of the Board of Sagicor, I wish to thank our Shareholders and Customers for their continued support.
Stephen McNamara
Chairman
May 9, 2019
SFCL Q1 Financial Results
Financial Highlights
Three months ended FINANCIAL HIGHLIGHTS MARCH 31 (in US Currency except percentages) 2019 2018 ------------------------------------------- ----------- -------- Total revenue $523.5m $291.3m Overall Group net income $32.9m $38.9m Overall shareholders' net income $15.1m $19.5m Net income allocated to non-controlling interests $17.0m $10.8m Total equity $1,202.7m $931.7m ----------- Book Value per share $2.09 $2.03 ------------------------------------------- ----------- -------- Ratio of Debt to Capital 28.5% 30.4% ------------------------------------------- ----------- -------- Earnings per common share 4.9c 6.4c Annualised return to common shareholders' equity 9.9% 12.7% ------------------------------------------- ----------- -------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts expressed March 31 March 31 December in US $000 31 2019 2018 2018 (unaudited) (unaudited) (audited) --------------------------- ------------- ------------- ----------- ASSETS Financial investments 5,615,931 5,021,369 5,347,663 Other investments and assets 2,023,856 1,833,988 1,960,522 Assets of discontinued operation 0 10,502 17,239 Total assets 7,639,787 6,865,859 7,325,424 ------------- LIABILITIES Policy liabilities 3,921,494 3,551,362 3,662,438 Other liabilities 2,515,572 2,382,788 2,527,525 Total liabilities 6,437,066 5,934,150 6,189,963 ------------- ------------- EQUITY Shareholders' equity 640,447 622,890 600,869 Participating accounts 4,672 6,043 4,078 Non-controlling interests 557,602 302,776 530,514 Total equity 1,202,721 931,709 1,135,461 ------------- Total liabilities and equity 7,639,787 6,865,859 7,325,424 ---------------------------- ------------- -------------
These financial statements have been approved for issue by the Board of Directors on May 9, 2019.
CONSOLIDATED STATEMENT OF INCOME Amounts expressed in US ---- Three months to ---- $000 ----- March 31 ----- 2019 2018 (unaudited) (unaudited) ---------------------------------------- -------------------- --------------------- REVENUE Net premium revenue 365,059 187,302 Net investment and other income 158,460 103,978 Total revenue 523,519 291,280 -------------------- BENEFITS AND EXPENSES Benefits 347,835 132,092 Expenses 130,964 117,617 Total benefits and expenses 478,799 249,709 -------------------- OTHER Gain arising on business combinations, acquisitions and divestitures 0 5,280 INCOME BEFORE TAXES 44,720 46,851 Income taxes (12,370) (8,381) NET INCOME FROM CONTINUING OPERATIONS 32,350 38,470 Net income/(loss) from discontinued operation 517 392 NET INCOME FOR THE PERIOD 32,867 38,862 -------------------- NET INCOME ATTRIBUTABLE TO: Common Shareholders From continuing operations 15,099 19,497 From discontinued operation 517 392 15,616 19,889 Participating policyholders 248 8,187 Non-controlling interests 17,003 10,786 32,867 38,862 -------------------- Basic earnings per common share: From continuing operations 4.9 cents 6.4 cents From discontinued operation 0.2 cents 0.1 cents 5.1 cents 6.5 cents -------------------- Fully diluted earnings per common share: From continuing operations 4.9 cents 6.2 cents From discontinued operation 0.2 cents 0.1 cents 5.1 cents 6.3 cents
---------------------------------------- -------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amounts expressed in ----Three months to---- US $000 ----- March 31 ----- 2019 2018 (unaudited) (unaudited) ------------------------------------------- -------------------- --------------------- NET INCOME FOR THE PERIOD 32,867 38,862 -------------------- --------------------- Items net of tax that may be reclassified subsequently to income: Available for sale financial assets: Net gains / (losses) on investments in debt instruments measured at FVOCI 65,935 (28,391) Net losses / (gains) on financial assets measured at FVOCI reclassified to profit or loss on disposal 429 (3,637) Net change in actuarial liabilities (34,150) 13,163 Retranslation of foreign currency operations 4,460 (3,041) Other items 0 (1) 36,674 (21,907) Items net of tax that will not be reclassified subsequently to income: Unrealised losses arising on revaluation of owner occupied property (3,023) 0 Net gains on investments in equity instruments designated at fair value through through other comprehensive income 17 14 OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD 33,668 (21,893) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 66,535 16,969 -------------------- --------------------- TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: Common Shareholders From continuing operations 38,248 5,381 From discontinued operation 517 392 38,765 5,773 Participating policyholders 644 8,160 Non-controlling interests 27,126 3,036 66,535 16,969 ------------------------------------------- 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, 2019: Balance, beginning of period 3,061 300,665 (76,995) 374,138 4,078 530,514 1,135,461 Prior period adjustment 0 0 0 0 0 0 0 Balance as restated 3,061 300,665 (76,995) 374,138 4,078 530,514 1,135,461 Total comprehensive income from continuing operations 0 0 23,149 15,099 644 27,126 66,018 Total comprehensive income from discontinued operation 0 0 0 517 0 0 517 Transactions with holders of equity instruments: Movements in treasury shares 2 180 0 0 0 0 182 Changes in reserve for equity compensation benefits 0 0 440 0 0 0 440 Transfers and other movements 0 0 1,046 (855) (50) (38) 103 -------- Balance, end of period 3,063 300,845 (52,360) 388,899 4,672 557,602 1,202,721 ---------------------------- -------- -------- --------- --------- -------------- ---------------- 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 0 0 94 3,454 0 3,677 7,225 January 1, 2018 adjustment-change on initial application of IFRS 9 0 0 (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 0 0 (14,116) 19,497 8,160 3,036 16,577 Total comprehensive income from discontinued operation 0 0 0 392 0 0 392 Transactions with holders of equity instruments: Movements in treasury shares 0 31 0 0 0 0 31 Changes in reserve for equity compensation benefits 0 0 1,259 0 0 0 1,259 Dividends declared 0 0 0 0 0 (10,464) (10,464) Transfers and other movements 0 0 (176) (260) (52) 790 302 -------- -------- --------- --------- -------------- ---------------- Balance, end of period 3,059 300,501 (60,638) 379,968 6,043 302,776 931,709 ---------------------------- -------- -------- --------- --------- -------------- ---------------- CONSOLIDATED STATEMENT OF CASH FLOWS Amounts expressed in US $000 ---- Three months to ---- ----- March 31 ----- 2019 2018 (unaudited) (unaudited) ------------- CASH FLOWS Operating activities: Cash from income, interest and taxation 185,828 19,264 Net increase in investments and operating assets (127,967) (76,635) Net change in operating liabilities (15,481) 65,326 42,380 7,955 Investing activities (2,340) (3,577) Financing activities (2,590) (650) Effects of exchange rate changes 1,171 (461) Net change in cash and cash equivalents - continuing operations 38,621 3,267 Net change in cash and cash equivalents - discontinued operation 17,756 0 Cash and cash equivalents, beginning of period 321,561 338,349 Cash and cash equivalents, end of period 377,938 341,616 ---------------------------------------------- STATEMENT OF INCOME BY SEGMENT Amounts expressed in US $000 Three months to March 31, 2019 (unaudited) Head Sagicor Office Sagicor Sagicor Life and Inter-segment Life Jamaica USA other eliminations Total --------- -------- --------- -------------- --------- Total revenue 134,791 171,073 208,381 15,118 (5,844) 523,519 Total benefits and expenses 121,028 135,582 199,615 19,335 3,239 478,799 INCOME BEFORE TAXES 13,763 35,491 8,766 (4,217) (9,083) 44,720 Income taxes (2,322) (8,065) (1,869) (120) 6 (12,370) NET INCOME FROM CONTINUING OPERATIONS 11,441 27,426 6,897 (4,337) (9,077) 32,350 Net income / (loss) attributable to shareholders from continuing operations 11,193 10,433 6,897 (12,723) (701) 15,099 --------- -------- --------- -------------- --------- Total Comprehensive income / (loss) attributable to shareholders from
continuing operations 15,735 23,495 12,772 (12,950) (804) 38,248 --------- -------- --------- -------------- --------- Three months to March 31, 2018 Head Sagicor Office Sagicor Sagicor Life and Inter-segment Life Jamaica USA other eliminations Total --------- -------- --------- -------------- --------- 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 ----------------------------------- --------- -------- --------- -------------- --------- STATEMENT OF FINANCIAL POSITION BY SEGMENT Amounts expressed in US $000 March 31, 2019 --------------------------------------------------------------------------- (unaudited) Sagicor Head Sagicor Sagicor Life Office Inter-segment Life Jamaica USA and other eliminations Total ---------- ---------- ----------- -------------- ---------- Total assets 2,002,566 3,233,229 2,520,933 370,356 (487,297) 7,639,787 Total liabilities 1,496,675 2,363,948 2,261,366 802,374 (487,297) 6,437,066 Net assets 505,891 869,281 259,567 (432,018) - 1,202,721 March 31, 2018 --------------------------------------------------------------------------- Sagicor Head Sagicor Sagicor Life Office Inter-segment Life Jamaica USA and other eliminations Total ---------- ---------- ----------- -------------- ---------- Net assets 573,366 549,305 232,325 (423,287) - 931,709 ---------- ---------- ----------- -------------- ---------- PRODUCTS AND SERVICES Total external revenues relating to the Group's products and services are summarised as follows: Amounts expressed in ----Three months US $000 to---- ----- March 31 ----- 2019 2018 (unaudited) (unaudited) ------------------ Life, health and annuity insurance contracts issued to individuals 364,758 164,235 Life, health and annuity insurance and pension administration contracts issued to groups 70,274 69,816 Property and casualty insurance 11,854 11,586 Banking, investment management and other financial services 43,526 40,001 Other revenues 33,107 5,642 523,519 291,280 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, 2018 audited financial statements, except for the adoption of IFRS 16 - Leases'. This standard became effective from January 1, 2019. In accordance with the transition provisions in IFRS 16, the standard has been implemented using the modified retrospective method with no restatement of comparative information. In applying IFRS 16 for the first time, the group has used the practical expedients permitted by the standard. ---------------------------------------------------------------------------------
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May 15, 2019 07:00 ET (11:00 GMT)
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