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Sagicor Group Jamaica profit jumps 23 per cent

Sagicor Group Jamaica is reporting net profit of J$10.68 billion for the nine-month period ended September 30.

The profit, attributable to its shareholders, is valued at $2.79 per share or an increase of 23 per cent over the corresponding period in 2018, stated the company in its third quarter performance report.

The net profit contribution of individual companies within the Group is as follows: Individual insurance: $3.78 billion, down eight per cent over 2018;Employee Benefits – $3.18 billion, up 10 per cent year to date; Commercial Banking – $1.95 billion, bettering the $1.41 billion of 2018 and Investment Banking, $2.01 billion.

“We continue to diligently push our strategies for growth while improving our efficiencies, all in order to improve our Clients’ experience of doing business …”

– Sagicor Group Jamaica

Shareholders’ quarterly net profit for quarter was J$4.47 billion, an improvement over the J$3.54 billion made during the same period last year.

Factors that positively impacted the company’s bottom line were “good new business and portfolio growth which were both better than prior year’ and the depreciation of the local dollar to the US dollar, Sagicor said.

The Group also reported higher administration expenses of 16 per cent over the nine-month period, mainly due to the “consolidation of subsidiaries “in the fourth quarter of 2018. That consolidation resulted incremental increases to compensation salaries and higher payment payments channels related costs in Sagicor Bank.

The outlook of the company remains optimistic amid good performance by the economy. It cites low unemployment, low interest rates and moderate inflation as positive factors, while adding that the rate of growth for the country’s gross domestic product is a concern.

“We continue to diligently push our strategies for growth while improving our efficiencies, all in order to improve our Clients’ experience of doing business with Sagicor and to earn attractive returns for our Stakeholders.”

Total assets for the Group stands at $457.94 billion when compared to $394.13 billion at the time last year.