Sagi­cor Fi­nan­cial Com­pa­ny Ltd has record­ed a prof­it of $703 mil­lion (US 104.1) for fis­cal 2019. 

In the com­pa­ny’s Fi­nan­cial State­ments for the fourth quar­ter and full year 2019, Do­dridge Miller, Group Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer, said: “We de­liv­ered strong re­sults in the fourth quar­ter and full year dri­ven by sol­id growth across all busi­ness seg­ments.”

Miller not­ed that 2019 was a trans­for­ma­tive year and the list­ing on the Toron­to Stock Ex­change marked yet an­oth­er mile­stone in the long his­to­ry of Sagi­cor.

He said: “The ad­di­tion­al eq­ui­ty raised from the busi­ness com­bi­na­tion be­tween Sagi­cor and Align­vest en­hanced our al­ready strong cap­i­tal po­si­tion.”

Nonethe­less, the CEO said that while it is still ear­ly to as­sess the glob­al im­pact from COVID-19, Sagi­cor is well-placed to move for­ward its or­gan­ic and growth ini­tia­tives, adapt­ing to vary­ing sit­u­a­tions just as it has done in the past with oth­er cir­cum­stances that were be­yond its con­trol. 

In its fi­nan­cial state­ments, the com­pa­ny not­ed that its per­for­mance for 2020 is un­cer­tain as the pan­dem­ic will ma­te­ri­al­ly im­pact the economies in all the ju­ris­dic­tions where the Com­pa­ny op­er­ates. 

Sagi­cor not­ed it is well-po­si­tioned from the sub­stan­tial cap­i­tal raised in 2019, which will help sup­port it’s per­for­mance through the cur­rent eco­nom­ic shock. The Com­pa­ny in­di­cat­ed that it con­tin­ues to ac­tive­ly mon­i­tor the de­vel­op­ment and will pro­vide fur­ther up­dates as the im­pact on each of its mar­kets be­come clear­er.

Sagi­cor added that it is with­draw­ing its pre­vi­ous­ly is­sued tar­gets for 2020 in light of the COVID-19 pan­dem­ic and will not set out spe­cif­ic guid­ance for fi­nan­cial tar­gets for the year un­til its ef­fects can be as­sessed.

In 2019, the com­pa­ny’s to­tal rev­enues, in­clud­ing pre­mi­ums, grew 12 per cent in the quar­ter to US $472 mil­lion (TT $3.2 bn), and 35 per cent for the full year to US $1.9 bil­lion (TT $ 12.8bn). These num­bers were dri­ven by growth in Sagi­cor’s life and an­nu­ity busi­ness in the Caribbean and the Unit­ed States (US). 

On Oc­to­ber 7, 2019, Sagi­cor an­nounced that Sagi­cor Life Inc. had en­tered in­to agree­ments to ac­quire the tra­di­tion­al in­sur­ance port­fo­lios, in­clud­ing as­so­ci­at­ed in­vest­ment as­sets of US $1.2 bil­lion, of both Colo­nial Life In­sur­ance Com­pa­ny (Trinidad) Ltd (CLI­CO) and British Amer­i­can In­sur­ance Com­pa­ny (Trinidad) Ltd (BAICO).

In the re­lease of its fi­nan­cials, Sagi­cor not­ed that its agree­ment with Sco­tia­bank Trinidad and To­ba­go Ltd to ac­quire Sco­tia­bank In­sur­ance Trinidad and To­ba­go and es­tab­lish a 20-year dis­tri­b­u­tion agree­ment for in­sur­ance prod­ucts and so­lu­tions in T&T ex­pires June 30. 

How­ev­er, giv­en cur­rent cir­cum­stances, the com­pa­ny said “there can be no as­sur­ance that the trans­ac­tion will be com­plet­ed.”