Sagicor Life Jamaica Limited presented their Q3 2011 performance for the Group of companies Thursday November 10, 2011th touting profits of J$4.1 billion. For the nine months ended September 30, 2011, there has been a 16% improvement over the same period last year. The Individual life, Employee Benefits, and Banking and Asset Management segments all provided relatively equal contributions with the Employee benefits segment ahead. This represents basic earnings per stock unit of $1.03 and an annualized return on average Stockholders’ Equity of 20%.
The period also saw benefits paid to clients amounting to over $6.79 billion.
“Each of the main profit centers within the SLJ Group generated increased net profits over last year. The 2011 financial performance is driven by strong insurance and annuities new business and conservation efforts. The overall insurance benefits experience has also been generally favorable. The Pan Caribbean Financial Services (PCFS) Group continues to perform well generating after-tax profits which were 24% more than in the prior year.”
The year-to-date Profit outcome was produced from Consolidated Revenue of $22.15 billion. Revenue was up on prior year by 14%, influenced by a large single premium annuity plan written during the current quarter. Net Premium Income, in aggregate, was 18% more than that for 2010.
Their performance continues to be stable as the SLJ Group Q3 2011 (July to September) profit was $1.31 billion, marginally more than the Q1 ($1.28 billion) and Q2 ($1.29 billion) 2011 performance and 5% more than Q3 2010. The Q3 2011 result was negatively impacted by an impairment charge on equity securities.
- Total assets of the Group reached $158.70 billion, an 11% growth from $143.16 billion as at December 2010. Total assets under management as at September 2011, including pension fund assets managed on behalf of clients and unit trusts, amounted to $253.07 billion, up from $227.81 billion as at December 2010.
- The PCFS Group, in which SLJ has an 86% interest, generated after tax profits of $1.34 billion, an increase of 24% above the prior year. The Banking Group benefited from improved net investment income including realized capital gains, unrealized FX gains in 2011 compared to losses in 2010, lower financing costs and a 13% growth in income earning assets.