Sagicor Financial Company Ltd has reported significant gains in revenue and investment income from its insurance business in Barbados for the first half of 2025.
According to the company’s unaudited condensed financial statements for the six months ending June 30, Sagicor Life Barbados recorded insurance revenue of $130.6 million, up from $124.8 million in the same period last year. For the second quarter alone, revenue reached $65 million, compared to $62.8 million in 2024.
Net investment income from the Barbados operations also surged, climbing to $45 million in the first half of the year—more than doubling the $19.2 million earned during the same period in 2024. In the second quarter, investment income rose sharply to $22.8 million, compared to just $4.8 million a year ago.
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Across the group, overall insurance revenue totaled $1.47 billion, with the largest contribution coming from Canada at $658.8 million. Group-wide net investment income amounted to $1.18 billion, with $348.8 million generated from Canadian operations.
Shareholder Earnings and Challenges
For the three-month period ended June 30, Sagicor reported core earnings attributable to shareholders of $92 million, alongside a net loss attributable to shareholders of $12.8 million. The company explained that this loss was mainly due to interest rate movements in Canada and the United States, as well as revaluation losses on Canadian-denominated financing facilities.
Nevertheless, total comprehensive income attributable to shareholders stood at $79.6 million in the second quarter, driven by offsetting revaluations of Canadian net assets.
For the full six months, Sagicor delivered core earnings attributable to shareholders of $151.4 million, a 95% increase compared to the same period in 2024. Net income attributable to shareholders for the first half of 2025 was $600,000, reflecting both challenges from international markets and gains from Jamaican operations.
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Leadership Comments
President and CEO Andre Mousseau highlighted the company’s strong operational results:
“We are pleased to report an outstanding operational quarter for the period ended June 2025. All of our operating segments generated excellent insurance results, resulting in record core earnings to shareholders. New business production was solid across each of our segments.”
Mousseau added that Sagicor’s U.S. subsidiary surpassed $12 billion in total assets for the first time, while Canadian and Caribbean operations also showed robust profitability. He emphasized the ongoing transformation initiatives expected to further strengthen results into 2026 and beyond.
Segment Highlights
Sagicor has four key operating segments:
- Sagicor Canada (ivari)
- Sagicor Life USA
- Sagicor Jamaica (49.1% owned)
- Sagicor Life, which includes the southern Caribbean
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In the second quarter, Sagicor Life (including Barbados) delivered net income to shareholders of $41 million, with core earnings of $31 million, up 89% from the prior year. Improved profitability in both short-term and long-term insurance lines contributed to what the company described as its best quarter under the IFRS 17 framework.
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