Sagicor Financial Company (SFC) Q1 2025 earnings summary

Executive summary

• Achieved record core earnings to shareholders of $29.7 million in Q1 2025, up 120% year-over-year, with strong contributions from all major segments and core EPS of US$0.219.

• Net income to shareholders was $6.7 million, down 74% year-over-year, reflecting market-related impacts and non-core items.

• Returned $9.2 million to shareholders via dividends and share repurchases in Q1 2025.

• Strategic initiatives advanced, including technology modernization, capital efficiency, and cross-segment collaboration to drive growth and returns.

• Maintained a strong capital position with a Group LICAT ratio of 137% and a financial leverage ratio of 27.2%.

Financial highlights

• Q1 core earnings to shareholders rose over 100% year-over-year to $29.7 million; net income to shareholders was $6.7 million.

• Revenues reached $648 million, up from $639 million in Q1 2024; net premium increased to $716 million from $537 million year-over-year.

• New business CSM totaled $46.1 million, reflecting strong sales across all segments.

• Book value per share ended at $7.05 US (CAD 10.14), up 9% year-over-year; deployable capital was $2 billion ($15.01 per share US).

• Core basic EPS rose to 21.9¢ from 9.6¢ year-over-year; core ROE annualized at 12.4%, up from 5.6%.

Outlook and guidance

• Positioned to meet or exceed $1 billion in annuity sales for 2025, with Q1 annuity production above $400 million.

• Management remains confident in achieving 2025 targets despite macroeconomic uncertainty and market volatility.

• Growth momentum expected to continue, supported by strong sales across all product lines and improved margins.

• No immediate update to core EPS guidance; will reassess after Q2.

• Forward-looking statements caution on risks and uncertainties affecting future results.