March 4, 2025
Sagicor Group Jamaica Limited (SJ)
Audited financials for the year ended December 31, 2024:
Sagicor Group Jamaica Limited (SJ) for the year ended December 31, 2024, reported a 16% increase in Insurance revenue totaling $54.53 billion compared to $46.82 billion in the corresponding period last year. Insurance revenue for the fourth quarter had a 20% increase to close at $14.90 billion compared to $12.44 billion for the comparable quarter of 2023.
Insurance service expenses amounted to $44.56 billion (2023: $35.13 billion), this represents an increase of 27% year over year. Consequently, insurance service result decreased by 23% to $6.24 billion compared to $8.07 billion for the year ended December 31, 2023. The company booked insurance service result of $1.65 billion for the fourth quarter versus $2.96 billion reported for the similar quarter of 2023.
Net investment income increased by 5% to close at $27.90 billion (2023: $26.45 billion), while net insurance finance expenses increased by 52% from $5.46 billion in 2023 to $8.28 billion in the period under review. As a result, net insurance and investment result for the year ended December 31, 2024, amounted to $25.86 billion, a 11% decrease relative to $29.05 billion reported in 2023.
Administration expenses for the year ended December 31, 2024, amounted to $28.36 billion, a 12% increase relative to $25.39 billion reported in 2023, while Fees and other revenue totaled $18.70 billion a 6% increase from the corresponding period last year. (2023: $17.63 billion). As such, Profit before taxes for the year ended December 31, 2024, amounted to $13.10 billion, a 31% decrease relative to $19.06 billion reported in 2023. Profit before taxes for the fourth quarter amounted to $3.81 billion (2023: $5.95 billion).
Income taxes for the year ended December 31, 2024, had a 10% decrease to reach $4.05 billion (2023: $4.49 billion).
Net Income for the year amounted to $9.05 billion, a 38% decrease from the $14.57 billion reported in 2023. For the fourth quarter, net income was $2.37 billion (2023: $4.35 billion).
Net profit attributable to shareholders amounted to $9.24 billion (2023: $14.37 billion).
Consequently, Earnings Per Share for the year amounted to $2.37 (2023: EPS: $3.68), while Earnings Per Share for the quarter totaled $0.67 (2023: EPS: $1.10). The twelve-month trailing EPS was $2.37, and the number of shares used in these calculations was 3,905,634,916.
Notably, SJ’s stock price closed the trading period on March 03, 2025, at a price of $42.50 with a corresponding P/E ratio of 17.97x.
Balance Sheet Highlights
The company’s assets totalled $597.79 billion (2023: $560.65 billion). The growth in total assets was mainly due to a $17.01 billion upturn in ‘Financial investments’ and a $14.55 billion increase in the company’s loan book.
Shareholder’s equity was $102.17 billion (2023: $99.78 billion), representing a book value per share of $26.16 (2023: $25.55).
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