May 13, 2025
Sagicor Group Jamaica Limited (SJ)
Unaudited financials for the first quarter ended March 31, 2025:
Sagicor Group Jamaica Limited (SJ) for the first quarter ended March 31, 2025, reported a 14% increase in insurance revenue totalling $14.30 billion compared to $12.51 billion in the corresponding three months last year. SJ highlighted, “This was positively influenced by both the long-term and short-term insurance lines, which continued to experience strong new business sales.”
Insurance service expenses amounted to $10.74 billion (2024: $10.34 billion), this represents an increase of 4% year over year. Consequently, insurance service result increased by 153% to $2.59 billion compared to $1.02 billion for the first quarter ended March 31, 2024.
Net interest income increased by 8% to close at $6.96 billion (2024: $6.44 billion), resulting in net investment income increasing by 110% from $4.86 billion in 2024 to $10.23 billion for the three months. Consequently, net insurance and investment result for the first quarter amounted to $9.54 billion, an 84% increase relative to $5.19 billion reported in 2024.
Fees and other revenue for the three months amounted to $4.97 billion, a 2% increase relative to $4.86 billion reported in 2024.
Other operating expenses totalled $8.10 billion a 9% increase from the corresponding period last year. (2024: $7.42 billion).
Profit before taxes for the first quarter ended March 31, 2025, amounted to $5.34 billion, a 201% increase relative to $1.78 billion reported in 2024.
Income taxes for the three months had a 73% increase to reach $1.31 billion (2024: $754.97 million). As such, Net income for the three months amounted to $4.04 billion, a 295% increase from the $1.02 billion reported in 2024.
Net profit attributable to shareholders amounted to $3.97 billion (2024: $1.00 billion).
Consequently, Earnings Per Share for the three months amounted to $1.02 (2024: EPS: $0.26). The twelve-month trailing EPS was $3.13, and the number of shares used in these calculations was 3,905,634,916.
Notably, SJ’s stock price closed the trading period on May 13, 2025, at a price of $42.47 with a corresponding P/E ratio of 13.59x.
Balance Sheet Highlights
The company’s assets totalled $620.57 billion (2024: $565.40 billion). The growth in total assets was led by a $36.23 billion uptick in ‘Financial Investments’ and a $14.12 billion increase in the company’s loans portfolio.
Shareholder’s equity was $104.24 billion (2024: $95.61 billion), representing a book value per share of $26.69 (2024: $24.48).
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