Turnaround for Sagicor

A major regional financial institution that once did business exclusively in Barbados is reporting a turnaround in profits.

And as its management expressed pleasure with the $77.2 million in net income earned in the first nine months of this year, a $36.6 million increase, Sagicor Financial Corporation also said Barbados’ credit rating downgrade to junk had not harmed its financial strength.

Details of the 2012 performance review came from Sagicor Chairman Stephen McNamara.

“The Sagicor Group recorded net income of US$38.6 million for the nine months to September 30, 2012. This is an improvement of US$18.3 million over the Group net income achieved in the corresponding nine months in 2011, when significant property insurance losses were incurred on the international insurance portfolio,” he noted.

“Net income attributable to shareholders also improved to US$18.2 million, as compared to US$900, 000 million for the corresponding nine months in 2011.”

“Total comprehensive income for the period amounted to US$42.1 million, as compared to US$14.3 million in 2011. The portion attributable to shareholders totalled US$24.7 million and represents an annualised return of 5.7 per cent.”

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