Sagi­cor Fi­nan­cial Com­pa­ny (SFC) has re­port­ed core earn­ings to share­hold­ers of US$62.9 mil­lion for the nine months end­ed Sep­tem­ber 30, 2024, an in­crease of $128.72 per cent over the US$27.5 mil­lion the com­pa­ny re­port­ed for the same pe­ri­od in 2023.

In the notes to its unau­dit­ed fi­nan­cials for the pe­ri­od Jan­u­ary 1 to Sep­tem­ber 30, 2024, Sagi­cor de­fined core earn­ings as "in­tend­ed to re­move from re­port­ed earn­ings or loss the im­pacts of items that cre­ate volatil­i­ty in Sagi­cor's re­sults..."

For the year to Sep­tem­ber 30, the com­pa­ny's net in­come to share­hold­ers was US$45.1 mil­lion, 3.42 per cent less than the US$46.7 mil­lion the com­pa­ny earned for the same pe­ri­od in 2023.

Sagi­cor has four main re­port­ing seg­ments: Sagi­cor Cana­da, Sagi­cor Life USA, Sagi­cor Ja­maica and Sagi­cor Life. which in­cludes the south­ern Caribbean.

Sagi­cor ac­quired Cana­di­an mid-mar­ket in­sur­ance com­pa­ny, ivari, in the fourth quar­ter of 2023 and named the com­pa­ny Sagi­cor Cana­da. For the nine-month pe­ri­od, Sagi­cor Cana­da earned US$62.4 mil­lion, which made it the most prof­itable of the four seg­ments.

SFC is head­quar­tered in Bar­ba­dos, but has been list­ed on the Toron­to Stock Ex­change since De­cem­ber 2019.

An­dre Mousseau, pres­i­dent and CEO, said: “We are pleased to an­nounce an­oth­er sol­id quar­ter in Q3 2024. Core earn­ings to share­hold­ers was con­sis­tent with our ex­pec­ta­tions at US$24 mil­lion, and pos­i­tive mar­ket ex­pe­ri­ence drove an ex­tra­or­di­nary net in­come re­sult.

"We re­main on track with our growth ini­tia­tives, the in­te­gra­tion of Sagi­cor Cana­da, and con­tin­ue to op­ti­mize our bal­ance sheet through debt re­fi­nanc­ing and op­por­tunis­tic share re­pur­chas­es, all of which we be­lieve will dri­ve re­turn on share­hold­ers’ eq­ui­ty growth in 2025 and be­yond.”

Sagi­cor said it re­pur­chased 2,391,800 shares in the third quar­ter. Of those shares, 1,622,504 shares were pur­chased and can­celled for a to­tal cost of US$7.1 mil­lion. The re­main­ing 769.296 re­pur­chased for a to­tal cost of about US$3.2 mil­lion were not can­celled. Those shares have been re­flect­ed as trea­sury shares, the fi­nan­cial ser­vices com­pa­ny said.

The di­rec­tors ap­proved and de­clared a quar­ter­ly div­i­dend of US$0.06 a share. That div­i­dend will be paid on De­cem­ber 17, 2024, to share­hold­er of record at the close of busi­ness on No­vem­ber 26,