Sagicor Group Jamaica’s earnings reached a new record at $11.3 billion for year ending December 2016, reflecting synergies from the amalgamation of the banking operations and earnings from other investments.

Profit rose 15 per cent, while revenue climbed more than eight per cent to land just shy of $60 billion.

Sagicor Group, in its financial report released this week, also disclosed that it noted a “breach of insurance regulations” at its flagship business.

“As at December 31, 2016, one of the group’s subsidiaries, Sagicor Life Jamaica Limited, exceeded the regulated 5.0 per cent maximum of related party balances to total assets of the company. Management is in discussions with the regulator, Financial Services Commission, in relation to this matter,” the company said in its audited report.

Sagicor Group operates in insurance, commercial banking, investment and wealth management.

Chief Financial Officer Ivan Carter indicated that the group’s performance was due in part to synergies from synergies and the streamlining of operations that followed acquisition of RBC Jamaica.

http://jamaica-gleaner.com/article/business/20170303/sagicor-delivers-record-earnings