SJ remains confident about the future

September 8, 2020
President and CEO, Mr. Christopher Zacca highlighted the financial performance of Sagicor Group Jamaica (SJ). For the year ended December 31, 2019, revenue amounted to $92.67 billion from $70.66 billion in 2018 to reflect a net profit of $15.46 billion (2018: $13.88 billion).  Revenues for the six months ended June 30, 2020 amounted to $38.85 billion (2019: $42.59 billion) to result in an 88% decline in net profit to $846.71 million (2019: $7.13 billion).

Moreover, Mr. Zacca spoke on the Company’s COVID-19 response for clients as follows:

  • Prioritized a range of electronic service channels including but not limited to:
    • A platform for life insurance clients to pay premiums online, conduct policy encashments and view insurance information
    • A platform for submissions of claims
    • Launched B2B Payment Gateway Service to facilitate e-commerce
    • E0invest (IPO Online) which will be launched shortly
  • Increased the grace period for policies, waived select transaction fees and reduced trading fees
  • Extended health insurance coverage for up to three months’ supply of maintenance drugs for chronic illnesses
  • Paid pensions early
  • Engaged clients providing assistance in navigating through the impact of the period on their businesses
  • Prioritized Virtual KYC
  • Installed social distancing floor markers in customer service areas, and much more.

Mr. Zacca highlighted that Sagicor have seen 20 years of consistent growth. The CEO then stated the following deliverables for 2019 below:

  1. Acquired majority stake in Advantage General Insurance Company in September 2019 providing Sagicor with a solid foothold into the Jamaica general insurance market.
  2. Sagicor Life, launched the first-ever online platform in the region for purchasing life insurance – e-Life
  3. Launched School Companion Health Plan
  4. New policy offering pre-natal coverage under maternity benefits
  5. Offered Life Insurance coverage to persons living with HIV
  6. Completed Millenium Mall Commercial Complex

According to Mr. Zacca, SJ’s primary areas of strategic focus for 2020 are as follows:

  1. Growth: various business development and growth strategies
  2. Expansion: pursuing opportunities and expanding service offerings throughout the region
  3. Talent: develop leadership through training
  4. Clients: enriching the client experience through improved mechanisms and processes
  5. Sales: providing solutions for clients’ needs
  6. Culture: embedding a One Sagicor Culture within the Team
  7. Technology: advancing the use of data analytics and governance
  8. Innovation: resourcing and promoting a culture of innovation

In closing, Mr. Zacca stated that, “we maintain a confident and optimistic outlook as we will rebound from the pandemic even stronger and Jamaica will continue its pursuit of fiscal responsibility. Consistent performance, innovation, execution and a bold pioneering philosophy are the reasons we are optimistic about our future. We shall overcome as we double efforts to spur growth on our national journey to recovery.”


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