SAGICOR FINANCIAL COMPANY LTD.
Condensed Consolidated Financial Statements (Unaudited)
Three-months ended March 31, 2024
SAGICOR FINANCIAL COMPANY LTD.
ACRONYMS
Certain acronyms have been used throughout the financial statements and notes thereto to substitute phrases. The more frequent acronyms and associated phrases are set out below.
Acronym | Phrase |
AC | Amortised Cost |
CSM | Contractual Service Margin |
ECL | Expected Credit Losses |
FCF | Fulfilment Cash Flows |
FVTOCI | Fair Value Through Other Comprehensive Income |
FVTPL | Fair Value Through Profit and Loss |
GMM | General Measurement Model |
IAS | International Accounting Standards |
IASB | International Accounting Standards Board |
IFRS | IFRS Accounting Standards |
LGD | Loss Given Default |
LIC | Liability for Incurred Claims |
LRC | Liability for Remaining Coverage |
OCI | Other Comprehensive Income |
PAA | Premium Allocation Approach |
PD | Probability of Default |
POCI | Purchase or Originated Credit-Impaired |
SICR | Significant Increase in Credit Risk |
SOFR | Secured Overnight Financing Rate |
VFA | Variable Fee Approach |
SAGICOR FINANCIAL COMPANY LTD.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
As of | As of | ||
Amounts in US $000 | March 31, 2024 | December 31, 2023 | |
(unaudited) | (audited) | ||
ASSETS | |||
Cash | 449,528 | 486,642 | |
Restricted cash | 96,716 | 95,564 | |
Financial investments (note 4) | 16,382,985 | 16,337,358 | |
Financial investments repledged (note 4) | 694,627 | 687,753 | |
Reinsurance contract assets (note 5) | 3,064,595 | 3,212,899 | |
Insurance contract assets (note 5) | 9,167 | 1,273 | |
Miscellaneous assets and receivables | 285,266 | 297,858 | |
Income tax assets | 325,573 | 331,375 | |
Associates and joint ventures | 68,938 | 67,817 | |
Intangible assets | 92,725 | 93,160 | |
Investment property | 83,744 | 85,375 | |
Property, plant and equipment | 194,776 | 195,541 | |
Segregated funds assets (note 8) | 482,786 | 492,271 | |
Total assets | |||
22,231,426 | 22,384,886 | ||
LIABILITIES | |||
Accounts payable and accrued liabilities | 292,846 | 293,782 | |
Income tax liabilities | 18,429 | 30,380 | |
Investment contract liabilities (note 5) | 473,867 | 477,858 | |
Reinsurance contract liabilities (note 5) | 16,092 | 14,800 | |
Insurance contract liabilities (note 5) | 15,622,024 | 15,732,214 | |
Deposit and security liabilities (note 6) | 2,965,776 | 2,950,430 | |
Lease liabilities | 38,443 | 37,987 | |
Notes and loans payable (note 7) | 944,807 | 945,666 | |
Other liabilities / retirement benefit liabilities | 66,840 | 80,477 | |
Insurance contract liabilities on account of segregated fund | 482,786 | 492,271 | |
policyholders (note 8) | |||
Total liabilities | 20,921,910 | 21,055,865 | |
EQUITY | |||
Share capital | 1,407 | 1,409 | |
Share premium | 724,216 | 725,029 | |
Reserves | (96,424) | (73,417) | |
Retained earnings | 335,226 | 317,913 | |
Total shareholders' equity | 964,425 | 970,934 | |
Non-controlling interests | 345,091 | 358,087 | |
Total equity | 1,309,516 | 1,329,021 | |
Total liabilities and equity | 22,231,426 | 22,384,886 |
These consolidated financial statements have been approved for issue by the Board of Directors on May 10, 2024.
Director | Director |
The accompanying notes form an integral part of these financial statements.
2
SAGICOR FINANCIAL COMPANY LTD. CONDENSED CONSOLIDATED STATEMENT OF INCOME
Amounts in US $000
Insurance revenue (note 9)
Insurance service expenses (note 9)
Net expense from reinsurance contracts held (note 9)
INSURANCE SERVICE RESULT (note 9)
Gain / (loss) on derecognition of amortised cost investments (note 10) Gain / (loss) on derecognition of assets carried at FVTOCI (note 10)
Interest income earned from financial assets measured at amortised cost and FVTOCI (note 10)
Credit impairment recovery / (loss) (note 10)
Net gain / (loss) on FVTPL investments (note 10) Other investment income / (loss) (note 10)
NET INVESTMENT INCOME (note 10)
Finance income / (expenses) from insurance contracts issued (note 10) Finance income / (expenses) from reinsurance contracts held (note 10)
NET INSURANCE FINANCE EXPENSES (note 10)
NET INVESTMENT RESULT BEFORE SEGREGATED FUNDS
Net investment income / (expenses) for segregated funds (note 8)
Finance income / (expenses) from insurance contracts issued for segregated funds (note 8)
NET INVESTMENT RESULT FOR SEGREGATED FUNDS (note 8)
TOTAL INVESTMENT RESULT (note 10)
NET INSURANCE AND INVESTMENT RESULT
Fees and other income
Share of income of associates and joint ventures
Other operating expenses (note 11)
Other interest and finance costs
INCOME BEFORE TAXES
Income taxes
NET INCOME FOR THE PERIOD
Three months to | Three months to |
March 31, 2024 | March 31, 2023 |
(unaudited) | (unaudited) |
355,219 | 166,201 |
(288,638) | (136,716) |
(36,838) | (27,190) |
29,743 | 2,295 |
(43) | - |
787 | (616) |
62,566 | 49,805 |
74 | (772) |
185,001 | 170,247 |
922 | 982 |
249,307 | 219,646 |
(69,983) | (145,786) |
(57,966) | 12,032 |
(127,949) | (133,754) |
121,358 | 85,892 |
25,269 | - |
(25,269) | - |
- | - |
121,358 | 85,892 |
151,101 | 88,187 |
34,797 | 32,464 |
1,186 | 471 |
(83,717) | (74,040) |
(57,230) | (30,071) |
46,137 | 17,011 |
(16,532) | (7,827) |
29,605 | 9,184 |
The accompanying notes form an integral part of these financial statements.
3
SAGICOR FINANCIAL COMPANY LTD.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three months to | Three months to | |
March 31, 2024 | March 31, 2023 | |
Amounts in US $000 | (unaudited) | (unaudited) |
NET INCOME FOR THE PERIOD | 29,605 | 9,184 |
Net income is attributable to: | ||
Common shareholders
Non-controlling interests
Earnings per common share (note 16): Basic earnings per common share
Fully diluted earnings per common share
26,2481,409
3,3577,775
29,6059,184
18.6 cents | 1.0 cent |
18.2 cents | 1.0 cent |
The accompanying notes form an integral part of these financial statements.
4
SAGICOR FINANCIAL COMPANY LTD.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Amounts in US $000
NET INCOME FOR THE PERIOD
OTHER COMPREHENSIVE INCOME / (LOSS):
Items net of tax that may be reclassified subsequently to income:
Financial assets measured at FVTOCI: Gain / (loss) on revaluation
(Gain) / loss transferred to income Retranslation of foreign currency operations
Items net of tax that will not be reclassified subsequently to income:
Three months to | Three months to |
March 31, 2024 | March 31, 2023 |
(unaudited) | (unaudited) |
29,605 | 9,184 |
(8,435)6,956
(516)1,058
(20,114)1,860
(29,065)9,874
Gain arising on revaluation of owner-occupied property and owner-managed property
Gain / (loss) on defined benefit plans
Other items
Other comprehensive income / (loss)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Total comprehensive income is attributable to:
16-
32829
3-
34729
(28,718)9,903
88719,087
Common shareholders | 1,549 | 6,611 |
Non-controlling interests | (662) | 12,476 |
887 | 19,087 | |
The accompanying notes form an integral part of these financial statements.
5
SAGICOR FINANCIAL COMPANY LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share | Share | Reserves | Retained | Total | ||
Capital | Premium | Earnings | Shareholders' | |||
Equity | ||||||
Amounts in US $000 | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
Three months to March 31, 2024 | ||||||
Balance as at January 1, 2024 | 1,409 | 725,029 | (73,417) | 317,913 | 970,934 | |
Total comprehensive income | - | - | (25,030) | 26,579 | 1,549 | |
Transactions with holders of equity instruments: | ||||||
Repurchase of shares (note 17) | (2) | (848) | - | 70 | (780) | |
Movements in treasury shares | - | 35 | - | - | 35 | |
Changes in reserve for equity | - | - | 953 | - | 953 | |
compensation benefits | ||||||
Dividends declared | - | - | - | (8,450) | (8,450) | |
Transfers and other movements | - | - | 1,070 | (886) | 184 | |
Balance as at March 31, 2024 | 1,407 | 724,216 | (96,424) | 335,226 | 964,425 | |
The accompanying notes form an integral part of these financial statements.
6
SAGICOR FINANCIAL COMPANY LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total Shareholders' | Non-controlling | Total Equity | ||
Equity | Interests | |||
Amounts in US $000 | (unaudited) | (unaudited) | (unaudited) | |
Three months to March 31, 2024 | ||||
Balance as at January 1, 2024 | 970,934 | 358,087 | 1,329,021 | |
Total comprehensive income | 1,549 | (662) | 887 | |
Transactions with holders of equity instruments: | ||||
Repurchase of shares (note 17) | (780) | - | (780) | |
Movements in treasury shares | 35 | - | 35 | |
Changes in reserve for equity compensation | 953 | (34) | 919 | |
benefits | ||||
Dividends declared | (8,450) | (12,288) | (20,738) | |
Transfers and other movements | 184 | (12) | 172 | |
Balance as at March 31, 2024 | 964,425 | 345,091 | 1,309,516 | |
The accompanying notes form an integral part of these financial statements.
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SAGICOR FINANCIAL COMPANY LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share | Share | Reserves | Accumulated | Total | ||
Capital | Premium | Deficit | Shareholders' | |||
Equity | ||||||
Amounts in US $000 | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
Three months to March 31, 2023 | ||||||
Restated balance as at December 31, 2022 | 1,426 | 734,922 | (115,441) | (191,216) | 429,691 | |
Total comprehensive income | - | - | 5,173 | 1,438 | 6,611 | |
Transactions with holders of equity instruments: | ||||||
Repurchase of shares (note 17) | - | (341) | - | 97 | (244) | |
Movements in treasury shares | (2) | (1,000) | - | - | (1,002) | |
Changes in reserve for equity | - | - | 1,419 | - | 1,419 | |
compensation benefits | ||||||
Dividends declared | - | - | - | (8,024) | (8,024) | |
Transfers and other movements | - | - | 1,769 | (1,917) | (148) | |
Balance as at March 31, 2023 | 1,424 | 733,581 | (107,080) | (199,622) | 428,303 | |
The accompanying notes form an integral part of these financial statements.
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SAGICOR FINANCIAL COMPANY LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total Shareholders' | Non-controlling | Total Equity | ||
Equity | Interests | |||
Amounts in US $000 | (unaudited) | (unaudited) | (unaudited) | |
Three months to March 31, 2023 | ||||
Restated balance as at December 31, 2022 | 429,691 | 306,733 | 736,424 | |
Total comprehensive income | 6,611 | 12,476 | 19,087 | |
Transactions with holders of equity instruments: | ||||
Repurchase of shares (note 17) | (244) | - | (244) | |
Movements in treasury shares | (1,002) | - | (1,002) | |
Changes in reserve for equity compensation | 1,419 | - | 1,419 | |
benefits | ||||
Dividends declared | (8,024) | (9,385) | (17,409) | |
Transfers and other movements | (148) | - | (148) | |
Balance as at March 31, 2023 | 428,303 | 309,824 | 738,127 | |
The accompanying notes form an integral part of these financial statements.
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Sagicor Financial Company Ltd. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 12:21:47 UTC.