May 15, 2024
Sagicor Group Jamaica Limited (SJ)
Unaudited financials for the first quarter ended March 31, 2024:
Sagicor Group Jamaica Limited (SJ) for the first quarter ended March 31, 2024, reported a 14% increase in insurance revenue totaling $12.51 billion compared to $10.98 billion in the corresponding three months last year.
Insurance service expenses amounted to $10.34 billion (2023: $8.79 billion), this represents an increase of 18% year over year. Consequently, insurance service result decreased by 20% to $1.02 billion compared to $1.28 billion for the first quarter ended March 31, 2023.
Net Insurance Finance Expense increased by 68% to close at $693.67 million (2023: $2.14 billion), while Unrealized capital gains amounted $1.32 billion in 2023 compared to a loss of $1.58 billion for the three months. As a result, Net Investment Income for the first quarter amounted to $4.86 billion, a 27% decline relative to $6.69 billion reported in 2024.
Other operating expenses totaled $7.42 billion (2023: $6.26 billion), up 19% from the corresponding period last year.
Profit before taxes for the first quarter ended March 31, 2024, amounted to $1.78 billion, a 42% fall relative to $3.07 billion reported in 2024.
Income taxes for the three months had a 7% increase to reach $754.97 million (2023: $807.67 million). Net Income for the three months amounted to $1.02 billion, a 55% decrease from the $2.26 billion reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.26 (2023: EPS: $0.58). The twelve-month trailing EPS was $3.38, 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 14, 2024, at a price of $40.64 with a corresponding P/E ratio of 18.88x.
Balance Sheet Highlights
The company’s assets totaled $565.40 billion (2023: $529.94 billion).
Shareholder’s equity was $98.05 billion (2023: $90.22 billion), representing a book value per share of $24.48 (2023: $22.51).
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