Financial conglomerate Sagicor Jamaica has been hit by higher policyholder claims and increases in actuarial reserves in its insurance segment, which have negatively impacted profitability during its second quarter. The higher policyholder claims and increases in actuarial reserves impacted benefits and expenses. Rising medical costs in Sagicor’s Employee Benefits Division (EBD) and increases in death claims contributed to an increase of four per cent in net benefits in the June quarter, which is a direct result of the pandemic’s effect on health security.
In 2021, driven by continued strong performance in new business sales, net premium income showed a four per cent improvement over the first quarter of 2021 and ended one per cent higher than the prior year. Within this context, the group reported net profit attributable to shareholders of $4.85 billion, an 11 per cent increase over prior year and earnings per share of $1.24.
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