Decline in Sagicor net income

The Sagicor grOUP of companies recorded a decline of US$17.3 million in net income for the six months ended June 30, 2010, compared to the corresponding period in 2009.It stood at US$23.1 million compared to US$40.4 million last year.Net income attributable to shareholders declined from US$23 million in 2009 to US$12.4 million this year. Meanwhile, earnings per share totalled US 4.3 cents, and the annualised return on shareholders’ equity was 4.6 per cent.According to an accompanying statement by chairman Stephen McNamara, the group’s net income was adversely affected by insurance losses arising from the February 27 Chilean earthquake.“Following a further review of all individual client exposures, the estimate of total losses for this catastrophic event was increased to US$10.4 million, net of reinsurance.“Were it not for the provisions for this catastrophe, net income to shareholders for the period would have been level with the previous year,” he said. Revenue totalled US$587.7 million in 2010 and is about the same as in 2009. (NB)