Sagicor is reporting millions of dollars in increased revenue and income from its insurance business in Barbados.
Sagicor Life conducts life, health insurance, property and casualty insurance, pensions, annuities, and asset management services here.
In its unaudited condensed financial statements for the six months ended June 30, Sagicor Financial Company Ltd reported that insurance revenue in Barbados was $130.6 million, $124.8 million in the same period last year.
Revenue in the second quarter alone was $65 million, up from $62.8 million in the same quarter last year.
Overall insurance revenue was $1.47 billion, with the biggest contribution from Canada – $658.8 million.
Net investment income from Sagicor’s operations in Barbados increased to $45 million, up from $19.2 million in the same six months last year, according to the financial statements . In the second quarter alone it was $22.8 million, up from $4.8 million in the same quarter last year.
Most of the group’s overall $1.18 million in net investment income in the first six months was the $348.8 million from Canada.
This information was shared as part of Sagicor’s overall financial report for the second quarter and half year, both of which ended on June 30.
Sagicor recorded core earnings attributable to shareholders of $92 million and net loss attributable to shareholders of $12.8 million for the three month period ended June 30.
“Our core earnings attributable to shareholders, which represents our business operating performance and long-term earnings potential, was adjusted for mark-to-market movements and revaluation of foreign currency financing facilities,” the company noted.
It explained that the net loss attributable to shareholders in the second quarter “was impacted by interest rates movements at Sagicor Canada and Sagicor Life USA and revaluation loss on Canadian denominated financing facilities”.
The offsetting revaluation of the net assets of Sagicor’s Canadian operations was the primary contributor to the other comprehensive income to shareholders of $92.4 million.
This resulted in Total comprehensive income to shareholders of $79.6 million in the second quarter.
In terms of the six month period ended June 30, Sagicor generated core earnings attributable to shareholders of $151.4 million, an increase of 95 per cent when compared to the first six months of 2024.
“This was driven by the 27 per cent net premium growth from our operating segments that also saw higher expected investment earnings, improved margins on short-term business, and improved insurance experience,” the company
reported.
Net income attributable to shareholders for the first six months of 2025 was $600 000 and this “was impacted by unfavourable interest rate movements at Sagicor Canada and Sagicor Life USA and revaluation losses on Canadian denominated financing facilities, partially offset by favourable mark-to-market and trading gains at Sagicor Jamaica”.
Strong profitability
The group’s president and chief executive officer Andre Mousseau, said: “We are pleased to report an outstanding operational quarter for the period ended June 2025.
“All of our operating segments generated excellent insurance results, resulting in record core earnings to shareholders. New business production was solid across each of our segments.
“Our US subsidiary continued to grow and surpassed [$12 billion] of total assets for the first time. Our Canadian business continued to show strong profitability and its contribution reflected the benefit of a recovery in the Canadian dollar.”
The Sagicor boss added: “And both of our Caribbean segments showed robust profitability, reflecting the progress the team has made in our initiatives to enhance those businesses.
“We also continued to progress on our strategic initiatives to transform our businesses which we expect will continue to bear fruit in 2026 and beyond.”
Sagicor has four main reporting operating segments. These are Sagicor Canada (ivari), Sagicor Life USA, Sagicor Jamaica (of which the company owns 49.1 per cent), and Sagicor Life (which includes the southern Caribbean).
The Sagicor Life business, which includes Barbados had net income to shareholders of $41 million in the second quarter.
The group said that Sagicor Life core earnings to shareholders of $31 million increased 89 per cent from the same quarter in the previous year, reflecting improved profitability in the short-term business and favourable insurance experience in long-term business.
“Sagicor Life’s short-term business continued to benefit from price adjustments while the longterm business had improved insurance experience, leading to the segment’s best quarter under [International Financial Reporting Standard 17],” the report stated. (SC)
