Sagicor makes J$5.7b
Published:Friday | March 2, 2012 | 12:00 AM
Led by Richard Byles, Sagicor Life Jamaica has made profit of J$5.75 billion, strongly outperforming the J$4.87 billion made in 2010.
It remains the third most profitable stock market company behind National Commercial Bank and Scotiabank Jamaica.
The insurance company said 2011 was "another year of strong business growth and earnings performance, despite the challenging environment in which we operate."
Sagicor, Jamaica's largest insurance company, also improved on revenue, which grew 12 per cent from J$25.7 billion to J$28.7 billion.
The insurance group reported slightly lower investment income but grew its net premium income as well as fees and commissions.
"Each of the main profit centres showed good growth and generated increased net profits over last year," Sagicor said in its market filing.
Profit for the fourth quarter was J$1.6 billion, up from J$1.3 billion in the year prior period.
Its subsidiary, Pan Caribbean Financial Services Limited, also reported strong performance with a rise in profit of 13 per cent to J$1.72 billion for 2011.
The Sagicor group at yearend December 2011 had a capital base of J$30 billion and was worth J$161 billion by assets up from J$143 billion.