Sagicor Group Jamaica, for its third-quarter results – ending September 30, 2020, is reporting a strong performance, amidst the global COVID-19 health pandemic.
Net profit attributable to stockholders reported is $5.97 billion for the quarter, an increase of 33 per cent when compared to the comparative period in 2019 of $4.47 billion.
Year to date profit at the end of September was $10.33 billion, and this strong outturn, despite the headwinds caused by COVID, signals that Sagicor Jamaica is weathering the storm and demonstrating very strong core business performance, the financial conglomerate stated in a press release.
The group’s insurance business reported net premium income of 10 per cent higher than prior year and according to Christopher Zacca, President and CEO of Sagicor Group Jamaica, “we have seen a healthy new business sales and portfolio growth that continues to drive core results, and in fact, all our business lines performed creditably in Q3”.
“The group has been doing tremendously well, especially in this climate of uncertainly with COVID-19”, Zacca said, noting commendations for the team, he said, “the team at Sagicor continues to be dedicated and focused on our strategic objectives; we have accelerated our digital transformation and continue to drive innovation, and deliver on our promise of providing easy, simple and personal solutions for our clients.”
“I am proud of the team and all that we have been able to achieve during this challenging period; The group remains strong and the team is positive about our performance to date and confident that we can continue to deliver for our shareholders “, Zacca added.
Looking ahead, Zacca noted that, “a high degree of uncertainty continues to persist with many developed countries seeing the beginnings of a second wave of infection. We continue to carefully monitor and assess the economic conditions.”
He added: “Sagicor Group Jamaica remains cautiously optimistic about the future but feels it prudent to take a conservative view of the potential impact of COVID-19 and manage our businesses accordingly.”
