Sagicor’s Q1 earnings up 31% | Loop Jamaica

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1 hrs ago – Updated

Sagicor Group Jamaica President and CEO Christopher Zacca said the company’s individual life insurance segment performed well while the employee benefits segment showed a strong recovery.

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Large insurance provider Sagicor Group Jamaica reported a net profit attributable to stockholders of $3.82 billion for its 2022 March quarter or a 31 per cent increase over the prior year.

Sagicor Group Jamaica President and CEO Christopher Zacca said the company’s individual life insurance segment performed well while the employee benefits segment showed a strong recovery.

It has nonetheless noted that global and domestic challenges continue to weigh heavily on the economic outlook for 2022.

“Growth prospects have been limited by the continued threat of COVID-19 variants and the geopolitical tension between Ukraine and Russia, which have resulted in rising energy prices, supply chain disruptions and elevated inflation,” stated Sagicor.

The company said it continues to monitor all of these macro variables in its management of the company and remains conservative in its outlook.

Total revenue was $23.8 billion in the March 2022 quarter compared to $23.1 billion a year ago.

A $1 billion jump in tourism revenue to $1.7 billion in the quarter aided in higher sales.

Profit before tax totalled $5.5 billion compared to $4.0 billion in 2021. Shareholders received profit of $3.8 billion compared to $2.9 billion in 2021.

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