SJ still confident about future prospects

July 09, 2021

President and CEO, Mr. Christopher Zacca highlighted the financial performance of Sagicor Group Jamaica (SJ). For the year ended December 31, 2020, revenue amounted to $84.57 billion from $92.67 billion in 2019 to reflect a net profit of $15.65 billion (2019: $15.46 billion).  Revenues for the three months ended March 31, 2021 amounted to $23.12 billion (2020: $ 16.80 billion) to result in an increase in net profit to $2.90 billion (2020: $1.14 billion).

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

  • Increased Work From Home Arrangements with up to 70% of team working from home during Government mandated lockdown periods.
  • Developed a mandatory online training programme for all team members on Effectively Working From Home and Data Privacy and Security
  • Consistency in communication through regular team webinars, sharing regular updates and tips with the team via email, dedicated space on the intranet and dedicated email address for queries.
  • Prioritized a range of electronic service channels across the Group including eBank, eLife, eInvest, virtual onboarding so clients can open accounts online and launched B2B Payment Gateway Service to facilitate e-commerce.
  • Continued engagement with clients providing assistance in navigating through the impact of the period on their businesses

Mr. Zacca highlighted deliverables for 2020 below:

  1. Launch of Sagicor Bank on Wheels
  2. Sagicor Bank Launches Online Portal to Open Accounts
  3. Sagicor Life launches the Child Protector Plan-critical illness insurance for children
  4. Sagicor Investments coveted Stock Exchange Chairman’s Awards
  5. Sagicor Investments raises $3 Billion from Private Bonds Placement for SVL
  6. Sagicor Life Allocates $40M to Help Pensioners Impacted by COVID
  7. Sagicor Life launches insurance plan for tourism workers.

According to Mr. Zacca, SJ’s strategic objectives are to:

  1. Digitally transform the business
  2. Generate and grow revenue in new ways
  3. Build client intimacy and loyalty through effective relationships
  4. Improve team member engagement
  5. Expand geographical footprint

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.”

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

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