Sagicor Group Jamaica Limited, recorded net profit attributable to shareholders of $2.91 billion dollars, representing a 54-per cent improvement over the same period in 2020 which was sharply impacted by the COVID-19 Pandemic.
Sagicor says the significant turnaround was largely attributed to the group’s 38-per cent spike in revenues to just over $23 billion.
The group says this was negatively impacted in the prior year due to unrealized losses and credit loss provisions emanating from the pandemic shock experienced in March 2020.
Sagicor says the individual life insurance segment played its part in this strong recovery as net premium income grew by 5-per cent.
It says against the backdrop of the pandemic, Sagicor managed to scale its portfolio to more than 630,000 policies in Jamaica and the Cayman Islands as people saw the greater need for insurance in the future.
The employee benefits, commercial banking, and investment banking segments also all recorded growth in the improving business environment.
Sagicor says though the pandemic continues to pose some risks for business lines in the group, it remain optimistic about the future.
It says Sagicor Bank and Sagicor Investments have been recovering solidly with a more open economy starting to pay dividends to their respective businesses.