Sagicor Financial, the Toronto Stock Exchange listed parent of Sagicor Group Jamaica announced results for the fourth quarter and full year ended December 2023 with rising revenues and profit.
Net profit attributable to shareholders amounts to $532 million for 2023 and includes a $448.3 million gain on the acquisition of the ivari operations up from a loss of $164 in 2022. All figures are in US dollars unless otherwise stated.
Net income to shareholders, excluding the one time gain and transaction costs of the above acquisition, amounts to $99 million for 2023
New business CSM brough in $137 million for 2023, down from $187 million in 2022. Contractual service margin (“CSM”): CSM represents an estimate of unearned future profits. For new business issued under IFRS 4, the estimated profit or loss over the term of the contract is recognized in income at the date of issue. Expected future profits on new business under IFRS 17 are deferred and recorded in the CSM and amortized into income as insurance services are provided over the contract term. Under IFRS 17, expected losses on new business are recognized at the date of issue.
Andre Mousseau, President and Chief Executive Officer, in commenting on the results, stated: “2023 was a monumental year for Sagicor. Our team worked tirelessly to complete the conversion to IFRS 17, bring ivari into our corporate structure, and regain our investment grade status while driving forward on other initiatives that will drive value in the years to come.”
Mousseau continued, “We are pleased to set forth our more precise guidance for 2024 of $90 million to $105 million of core net income to shareholders”.
The group comprises four major subsidiaries. Sagicor Canada this segment came into being during the December quarter and delivered revenues of $1.13 billion in the quarter and for the year, with net income to shareholders of $122 million. Sagicor Life USA generated revenues of $253 million in the quarter and $578 for the year, with a loss of $23 million in the quarter and a profit of $41 million for the year versus $15 million in the December 2022 quarter and a loss of $122 million for the year.
Sagicor Jamaica produced revenues in the final quarter of $283 million and a profit of $17 million versus $31 million in 2022 and revenues of $958 million for the year and profit of $50 million compared with $29 million in 2022. Sagicor Life generated revenues in the December quarter of $202 million and $751 million for the year, compared with $162 million for the final quarter of 2022 and $655 for the full year. In the December 2023 quarter, the Eastern Caribbean subsidiary reported a loss of $31 million compared with a profit of $47 million in 2022 and for the full year, a loss of $13 million for 2023 and a profit of $37 million in 2022.
The profit results for 2023 along with the gains from the acquisition of ivari pushed Shareholders’ equity to $971 million, up 119 percent over the $443 million at the end of 2022, with a book value per share of US$6.88 or C$9.10.
Profit rise at Sagicor Financial
JSE Majors jump past 204,000 pts
The Jamaica Stock Exchange, main market gained with the all Jamaica Composite Index clearing 204,000 points but the junior market slipped back in the Wednesday morning session.
Trading saw sizable transaction in Sagicor Real Estate X Fund with 159,673 shares at $11.
Market activity has been moderate resulting in 22 securities traded at 10:45 am, compared to 37 on Tuesday at 11:15 am. A total of 7 securities advanced and 9 declined, resulting in a volume of a mere 488,203 shares changing hands carrying a value of $11,897,071, compared 9,217,455 shares changing hands carrying a value of $88,961,404. The average number of shares traded, amount to 22,191 units versus mere 256,036 units on Tuesday.
The all Jamaica Composite Index rose 1,352.03 points to 204,535.05, the Jamaica Stock Exchange Market Index gained 1,208.96 points to 187,265.27, the Jamaica Stock Exchange combined index climbed 834.01 points to be at 199,544.85 and the junior market index pulled back 27.93 to 2,518.98.
6 TTSE stocks rose on Monday
The Composite Index gained 3.32 points to close at 1,133.54, the All T&T Index rose 6.54 points to close at 1,814.06 and the Cross Listed Index added 0.01 point to end at 60.17.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 4 stocks with the bid higher than the last selling price and 8 with offers that were lower.
Gains| Clico Investment Fund ended at $22.60 after rising by 9 cents with 118,717 shares valued at $2,682,938 changing hands, National Enterprises closed with 1,050 shares changing hands at $10.50 after rising 44 cents, National Flour gained 5 cents and closed with a mere 7 shares changing hands at $2.30. Prestige Holdings with 100 units changing hands ended at $11.30 to record a gain of 5 cents for a 52 weeks’ high, Sagicor Financial closed at $7.01 with 7,580 units changing hands after rising 1 cent while Trinidad and Tobago NGL gained 55 cents to close at $21.10 with 119,868 units worth $2,518,270 traded.
Losses| Massy Holdings ended with 7,124 shares changing hands to close with a loss of 5 cents to end at a 52 weeks’ low of $54.68 and Republic Financial Holdings closed at a new 52 weeks’ low of $110.98 with 337 shares changing hands with a loss of 2 cents.
Firm Trades| Angostura Holdings ended with 225 shares changing hands to close at $13.20, Firstcaribbean International Bank closed at $6.50 with 102,000 units valued at $663,000 changing hands, First Citizens closed at of $33.50 with 2,975 shares trading, Guardian Holdings had 10,000 shares changing hands to end at $13.25 and National Commercial Bank traded 8,195 shares at $2.40.
Big drop again for TTSE – Friday
The market closed with the Composite Index declined by 10.05 points to close at 1,142.63, the All T&T Index fell by 19.89 points to close at 1,831.46 and is down by 6.3 percent since the start of the year and the Cross Listed Index declined by 0.01 points to 60.25.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 5 stocks with the bid higher than the last selling price and 6 with offers that were lower. More telling is the fact that about a third of the listings have no bids to buy.
Gains|Prestige Holdings with 2,812 units changing hands ended at a 52 weeks’ high of $11.21 to record a gain of 5 cents.
Losses| ANSA McAL contributed 39,272 shares valued at $2,485,487 but lost 33 cents in closing at a 52 weeks’ low of $63.35, First Citizens lost 24 cent in closing at $34.74 with only 287 units changing hands. LJ Williams B share lost 2 cents in closing at 97 cents with 250 units changing hands, Massy Holdings ended with a loss of 71 cents with 5,000 shares changing hands at a new 52 weeks’ low of $55.99, National Enterprises closed with 11,640 shares changing hands at to close at a 52 weeks’ low of $10.50 after falling by $1, Sagicor Financial Corporation traded 100 units at $6.98 after slipping by 1 cent, Scotiabank traded 2,173 shares but dropped by $1.97 to end at a 52 weeks’ low of $57.49.
Firm Trades| Clico Investments Fund ended with a volume of 70,873 shares valued at $1,598,142 to end at $22.55, Grace Kennedy traded 100 shares to end at $5.20, LJ Williams 8% preference share traded 200 units at $3.30. Trinidad and Tobago NGL ended trading 21,157 shares with a value of $403,041 at $19.05 and Unilever Caribbean had 395 shares trading at $65.99.
Advancers overpower decliners on TTSE – Wednesday
The Composite Index advanced by 1.64 points to close at 1,169.27, the All T&T Index gained 0.06 points to close at 1,898.07 and the Cross Listed Index gained 0.43 points to close at 58.36.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator has turned negative with 5 stocks with bids higher than the last selling price and 10 with offers that were lower.
Gains|Grace Kennedy jumped 10 cents to close at a 52 weeks’ high of $5, while trading 2,481 shares. Grace closed at the equivalent of J$94 much higher than the $83 the stock traded at in Kingston on Wednesday. National Commercial Bank gained 5 cents in trading 16,096 shares, to close at a 52 weeks’ high of $2.45, Prestige Holdings traded 500 shares as the price rose of 1 cent to end at a 52 weeks’ high of $11.02 and Republic Financial Holdings gained 1 cent to close at $112.15 with 275 shares changing hands.
Losses| West Indian Tobacco traded 1,018 shares to close at $126.28 after slipping 1 cent.
Firm Trades|Ansa Merchant Bank traded 1,400 units at $38.95, Clico Investments lost 1 cents in trading 11,760 shares to close at $22.50, First Citizens traded 10,000 shares at $35, Guardian Media ended trading with 2,152 shares changing hands at $19.75, JMMB group traded 100,000 shares at 60 cent. Point Lisas closed with 570 shares trading to close at $4, Sagicor Financial Corporation closed with 15,000 shares changing hands at $7 and Trinidad and Tobago NGL closed at $19 with 4,700 units trading.