Page 10 - Djaluna 16 yuli 2018.pdf

10 Djaluna 16 Yüli 2018

SAGICOR LIFE INC

FINANCIAL RESULTS

FOR THE YEAR ENDED DECEMBER 31, 2017

CHAIRMAN’S STATEMENT

Sagicor Life Inc is a wholly owned subsidiary of Sagicor Financial was a positive movement of BBD $76.4 million on the translation of foreign
Corporation Limited, the parent company of the Sagicor Group. Sagicor currency operations, resulting from a gain in the Jamaica dollar when
Life Inc operates in the Caribbean and is also intermediate parent company compared to the Barbados dollar. There was also a positive change in gains/
for Sagicor’s Caribbean operations. Its principal activities are the provision (losses) on defined benefit plans for employees of BBD $70.1 million.
of life, annuity, health, and property and casualty insurance products, and
investment management. The financial position of the Sagicor Life Inc Group remains strong
with balance sheet equity totalling BBD $2,425.3 million, compared
The Sagicor Life Inc Group experienced a good performance for to BBD $2,200.2 million at the close of the prior year, an increase
the 2017 financial year. Group net income was BBD $307.5 million, of BBD $225.1 million. As at December 2017, assets totalled
compared to BBD $318.8 million in the prior year. Total revenue BBD $10,126.3 million, and included BBD $ 7,981.6 million in financial
increased to BBD $2,151.9 million, compared to the prior year’s amount investments – namely bonds and debentures, mortgages and other
of BBD $1,988.8 million, an increase of BBD $163.1 million. Net premium loans, deposits and equities. Liabilities totalled BBD $7,701.0 million as
revenue was BBD $1,317.8 million, compared to BBD $1,179.1 million, an at December 2017, of which BBD $4,259.4 million is held in respect of
improvement of BBD $138.7 million. Premium income increased in all insurance and other policy liabilities.
segments and benefited from the issuance of a single premium annuity
within our Jamaica segment. Sagicor embarked on a programme to provide relief from the recent
hurricanes. To date, Sagicor has made a financial contribution of
Net investment income was BBD $634.6 million, compared to BBD $600,000, as well as the provision of goods and services. Consistent
BBD $608.7 million, an improvement of BBD $25.9 million, and benefited with our vision to improve the lives of the people in the communities in
from higher investment gains. which we operate, key initiatives include a school feeding programme, a
mobile medical clinic and assistance to the regional airline, LIAT. Sagicor
Fees and other revenue closed the year at BBD $194.9 million, compared also partnered with The University of the West Indies to host a Celebrity
to the prior year’s amount of BBD $200.9 million. Exchange gains/(losses) T20 Cricket Hurricane Relief Benefit to raise additional funds for the islands
showed a loss of BBD $8.7 million, compared to gains of BBD $24.7 million
which have suffered significant damage during the passage of hurricanes
in the prior year, a reduction of BBD $33.4 million. Foreign exchange Irma and Maria in 2017.
movements were affected by a strengthening of the Jamaica dollar in 2017,
resulting in foreign exchange declines in financial assets denominated During 2018, the Sagicor Life Inc Group will continue to work on the
in United States dollars in our Jamaica segment. Overall the company corporate re-organisation to respond to the changing regulatory
experienced a gain on translation of the Jamaica segment, which is reported environment, while we continue to pursue opportunities for growth.
in other comprehensive income. Note that the prior year included exchange
On behalf of the Board of Sagicor, I wish to thank our shareholders and
gains relating to declines in the Trinidad dollar when compared to the
United States dollar. There was no significant foreign exchange movement customers for their continued support.
relative to this currency in 2017.
Total benefits were BBD $1,097.3 million, compared to BBD $957.9 million.
The growth in benefits is consistent with the growth in premium revenue,
and partially reflects the increased provisions for future benefits. Included in
the benefits were net costs of BBD $17.0 million, relating to claims exposure Stephen McNamara
from hurricane activity during the year. Chairman
Expenses (including agents’ and brokers’ commission) closed the April 26, 2018
year at BBD $681.8 million, compared to the prior year’s amount of
BBD $641.3 million, an increase of BBD $ 40.5 million. The Jamaica segment
incurred some non-recurring costs, together with higher administration
costs relating to the expansion of the cards and payments business.
Group comprehensive income was BBD $411.2 million, compared to
BBD $296.6 million in the prior year, an increase of BBD $114.6 million. There