Sagicor Group’s second quarterly financials were hit hard by unrealised capital losses as well as expected credit losses amounting to millions of dollars, due mainly to the downturn in the economy caused by COVID-19.

In spite of this, the financial group was able to generate net profit attributable to stockholders of $2.47 billion, which is a significant improvement when compared to the $1.88 billion net profit attributable to stockholders at the end of the first quarter of 2020.

For the six-month period, January to June 2020, profits were $4.36 billion, which was a very creditable performance, especially with the second quarter being the height of the COVID-19 lockdown in the countries in which Sagicor operates.

http://www.jamaicaobserver.com/sunday-finance/sagicor-hit-by-expected-credit-losses-in-q2-but-maintains-profitability_200882