November 13, 2025
Sagicor Group Jamaica Limited (SJ)
Unaudited financials for the nine months ended September 30, 2025:
Sagicor Group Jamaica Limited (SJ) for the nine months ended September 30, 2025, reported a 12% increase in Insurance revenue totaling $44.24 billion compared to $39.63 billion in the corresponding period last year. Insurance revenue for the third quarter had a 6% increase to close at $14.80 billion compared to $14.00 billion for the comparable quarter of 2024.
Insurance service expenses amounted to $32.01 billion (2024: $31.94 billion), while net expenses from reinsurance contracts amounted to $3.01 billion (2024: $3.10 billion). Consequently, insurance service result increased by 101% to $9.22 billion compared to $4.59 billion for the nine months ended September 30, 2024. The company booked insurance service result of $3.09 billion for the third quarter versus $1.76 billion reported for the similar quarter of 2024.
Net interest income increased by 7% to close at $21.50 billion (2024: $20.12 billion), while unrealized capital gains amounted to $6.77 billion (2024: $1.47 billion). As such, Net Investment income increased by 39% from $20.94 billion in 2024 to $29.19 billion in the period under review.
Net Insurance finance expense increased by 57% to $10.69 billion, compared to $6.82 billion booked in the same period last year. Consequently, net insurance and investment result for the nine months ended September 30, 2025, amounted to $27.72 billion, a 48% increase relative to $18.71 billion reported in 2024.
Fees and other revenue for the nine months ended September 30, 2025, amounted to $15.05 billion, a 7% increase relative to $14.11 billion reported in 2024, while Other operating expenses totalled $24.35 billion a 7% increase from the corresponding period last year. (2024: $22.71 billion). As a result, profit before taxes for the nine months ended September 30, 2025, amounted to $17.72 billion, a 91% increase relative to $9.28 billion reported in 2024. Profit before taxes for the third quarter amounted to $6.15 billion (2024: $3.76 billion).
Income taxes for the nine months ended September 30, 2025, had a 66% increase to reach $4.32 billion (2024: $2.61 billion). As such, Net Income for the nine months amounted to $13.40 billion, a 101% increase from the $6.68 billion reported in 2024. For the third quarter, Net Income was $4.58 billion (2024: $2.66 billion).
Net profit attributable to shareholders amounted to $13.22 billion (2024: $6.61 billion).
Consequently, Earnings Per Share for the nine months amounted to $3.39 (2024: EPS: $1.69), while Earnings Per Share for the quarter totaled $1.15 (2024: EPS: $0.67). The twelve-month trailing EPS was $4.06 and the number of shares used in these calculations was 3,905,634,916.
Notably, SJ’s stock price closed the trading period on November 13, 2025, at a price of $39.26 with a corresponding P/E ratio of 9.67x.
Balance Sheet Highlights
The company’s assets totalled $675.20 billion (2024: $591.40 billion). The growth in total assets was mainly driven by a $50.48 billion and a $15.52 billion increase in Financial Investments and Loans, respectively.
Shareholder’s equity was $112.70 billion (2024: $102.45 billion), representing a book value per share of $28.86 (2024: $26.23).
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