Monday November 9, 2015

Sagicor Group Jamaica is reporting a rise in profit, due in part to a strong growth in insurance premiums.

During the nine months to the end of  September, Sagicor recorded J$5.83 billion profit, which was a 42 per cent increase over the $4.1 billion reported during the corresponding period last year.

In addition to higher insurance premiums, Sagicor’s increased profit was driven by capital gains on sale of investment securities and the inclusion of RBC’s former commercial banking portfolio in its operations for nine months, versus three months in 2014.
The results were achieved despite much higher asset taxes in the first quarter.

X-Fund

Profit was also up for Sagicor Real Estate X Fund.
For the period January to September, the company recorded just over one billion dollars profit, versus $681 million during the corresponding period last year.
The Group’s 2015 income came from the Hilton Rose Hall and the Doubletree property in Florida, as well as investment in the Sigma Real Estate Portfolio.