Sagicor’s Annual Earnings Up 75.6% in 2025

  • Buoyed by improvements across its four business segments, earnings for Sagicor Group Jamaica (SJ) increased by 75.6% to $16.22Bn for the 2025 financial year (FY 2025). Its operations span Long-term Insurance (LTI), Short-term Insurance (STI), Investment Banking and Commercial Banking segments.
  • LTI earnings grew by 53.5% to $9.32Bn, supported by a 13.3% increase in revenues to $22.40Bn. A 7.5% increase in the release of Contractual Service Margin[1] (CSM) and a 23.7% increase in new CSM business generation lifted revenues. The segment also benefited from a doubling of “interest income earned and capital gains” to $16.21Bn and the absence of a one-off actuarial model adjustment that led to unusually high insurance expenses in FY 2024.
  • The STI segment also had robust earnings growth (135.7% to $3.38Bn) driven primarily by new business sales of $1.10Bn, primarily from the corporate client portfolio. Further, while expenses increased as a result of increased claims arising from Hurricane Melissa, it was offset by reinsurance recoveries.
  • Meanwhile, the investment banking segment enjoyed an 86.4% earnings increase to $1.67Bn as net investment income rose by 50% to $4.55Bn amid higher net trading income of $1.26Bn.
  • That said, growth was more modest in SJ’s commercial banking segment (5.0%). The segment recorded a 10% increase in revenue, driven by higher net interest income and increased transaction volumes across its card payment portfolios. Loan portfolios continued to expand, with $36.97Bn in new loans issued, contributing to a $2.01Bn rise in interest income.
  • In a move designed to unlock value through enhanced scale and operational efficiency, the Group has entered a landmark agreement to merge Sagicor Life Inc. into a unified Caribbean holding structure (Sagicor Group Caribbean).
  • SJ’s stock price has risen by 1.3% since the start of the year to close at $40.69 on Tuesday, March 3, 2026. At this level, the stock trades at a price-to-book (P/B) ratio of 1.4x, which is above the Main Market Financial Sector average of 1.1x.

(Sources: JSE & NCBCM Research)

 

[1] Contractual Service Margin represents the unearned profit of an insurance contract that an insurer expects to earn as it provides coverage over the life of the contract.