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.”