May 14, 2026
Sagicor Group Jamaica Limited (SJ)
Unaudited financials for the three months ended March 31, 2026:
Sagicor Group Jamaica Limited (SJ) for the three months ended March 31, 2026, reported a 6% increase in Insurance revenue totaling $15.20 billion compared to $14.30 billion in the corresponding quarter last year, reflecting strong new business sales in both the long-term and short-term insurance lines.
Insurance service expenses amounted to $18.35 billion (2025: $10.74 billion), representing an increase of 71% year over year, driven in part by additional provisions of $0.77 billion related to Hurricane Melissa recognised by Advantage General Insurance Company Limited (AGIC). Net expenses from reinsurance contracts held resulted in income of $4.80 billion in 2026, relative to expenses of $0.98 billion in the prior year. Consequently, Insurance service result declined by 36% to $1.66 billion compared to $2.59 billion for the three months ended March 31, 2025.
Net investment income decreased by 28% from $10.23 billion in 2025 to $7.34 billion in the period under review, primarily reflecting unrealised capital losses of $0.50 billion (2025: gains of $2.70 billion) and lower realised capital gains of $0.20 billion (2025: $0.91 billion), partially offset by higher net interest income of $7.78 billion (2025: $6.96 billion).
Net insurance finance expense was $1.01 billion (2025: $3.28 billion). As a result, net insurance and investment result for the three months ended March 31, 2026, amounted to $7.99 billion, a 16% decrease relative to $9.54 billion reported in 2025.
Fees and other revenue for the three months ended March 31, 2026, amounted to $4.59 billion, an 8% decrease relative to $4.97 billion reported in 2025, primarily driven by commercial banking activities.
Other operating expenses totalled $8.63 billion, a 7% increase from the corresponding period last year (2025: $8.10 billion), while Asset and other taxes amounted to $1.11 billion (2025: $0.98 billion).
Profit before taxes for the three months ended March 31, 2026, amounted to $2.87 billion, a 46% decrease relative to $5.34 billion reported in 2025.
Income taxes for the period had a 24% decrease to reach $1.00 billion (2025: $1.31 billion). As such, Net Income for the period amounted to $1.87 billion, a 54% decrease from the $4.04 billion reported in 2025.
Net profit attributable to stockholders amounted to $2.01 billion (2025: $3.97 billion), a 49% decline.
Consequently, Earnings Per Share for the quarter amounted to $0.52 (2025: EPS: $1.02). The twelve-month trailing EPS was $3.65, and the number of shares used in these calculations was 3,905,634,916.
Notably, SJ’s stock price closed at $41.52 on May 13, 2026, with a corresponding P/E ratio of 11.37x.
Segmental Performance
The Long-Term Insurance segment produced net profit of $2.08 billion (2025: $2.35 billion), benefiting from a CSM release of $1.63 billion (2025: $1.51 billion) and new business CSM of $1.72 billion (2025: $2.15 billion). The Short-Term Insurance segment reported a net loss of $0.02 billion (2025: net profit of $0.87 billion), reflecting the Hurricane Melissa provisions. Commercial Banking delivered net profit of $0.83 billion (2025: $0.49 billion), supported by a 13% increase in revenue and $12.46 billion in new loans written. Investment Banking recorded net profit of $0.12 billion (2025: $0.54 billion), pressured by the absence of prior-year one-off trading gains and higher short-term funding costs.
Balance Sheet Highlights
The company’s assets totalled $717.26 billion (March 2025: $620.57 billion; December 2025: $703.60 billion), representing a 16% growth year over year and a 2% increase from the December 2025 audited position. The growth in total assets versus December 2025 was driven primarily by increases to the following during the period: Cash resources (+$6.68 billion), Reinsurance contract assets (+$5.44 billion), Financial Investments (+$1.66 billion) and Loans & leases (+$0.87 billion). This growth in assets was mostly funded by a $4.55 billion growth in deposit and security liabilities and a $4.26 billion growth in other liabilities.
Stockholders’ equity was $112.41 billion (March 2025: $104.24 billion; December 2025: $115.05 billion), representing a book value per share of $28.78 (2025: $26.69).
Total Assets Under Management closed at $1,198.97 billion (2025: $1,100.96 billion), up 9% year over year.
All operating entities continue to exceed regulatory capital requirements, with Sagicor Life Jamaica’s LICAT ratio at 154.4% (statutory minimum: 100%), Sagicor Bank’s capital ratio at 13.0% (minimum: 10%), Sagicor Investments at 16.0% (minimum: 10%), Sagicor Life of the Cayman Islands at 543.8% MCR (minimum: 125%), and AGIC’s MCT at 173.6% (minimum: 150%).
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