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.”

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