Sagicor holding firm despite $30.2m fallout

Insurance and financial services group Sagicor Financial Co. Ltd ended 2020 strongly, but it was not enough to erase a $30.2 million loss for the financial year.

Management said this performance was commendable given the last 12 months of financial fallout, but added that the 2021 outlook “continues to be clouded by the uncertain resolution to the COVID-19 pandemic”.

The group, which operates in the Caribbean and United States, reported on the financial year ended December 31, 2020, including the fourth quarter which concluded on the same date.

Sagicor earned a $28.8 million profit in the fourth quarter, compared to a $49 million profit in the same three months in 2019. It added that net income from continuing operations attributable to common shareholders was $58 million compared to $23 million in net income during fourth quarter 2019.

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