Sagicor Group profit up 7%

Sagicor Group profit climbed just 7% for 2017.

Sagicor Group recorded improved net profit of $12 billion for the year ended December 2017, rising by just 7 percent from $11.26 billion for the same period in 2016 and ending with earnings per share of $3.11.
Net operating revenues, rose 18 percent to $70.4 billion from $59.7 billion in 2016 but net movement in actuarial liabilities rose sharply from $4.8 billion to $10.7 billion while other operating expenses climbed from $20.15 billion to $24.59 with provision for credit losses turning a gain of $150 million in 2016 to a write off of $711 million in 2017. The tax charge for 2017 was flat with 2016 at $2.9 billion.
At the end of September, profit was $9.08 billion versus $7.39 billion in 2016 resulting in earnings in the fourth quarter being down on the $3.4 billion reported at September.
Total Comprehensive Income, attributable to stockholders amounted to $17.8 billion up from $15 billion in 2016.
Sagicor closed trading on Wednesday at $37.13 on the Jamaica Stock Exchange.

About IC