Recent Insider Transactions • May 22
Insider recently bought CA$171k worth of stock On the 19th of May, Alan Ryder bought around 20k shares on-market at roughly CA$8.55 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$1.1m more in shares than they have sold in the last 12 months. Declared Dividend • May 20
First quarter dividend of US$0.075 announced Shareholders will receive a dividend of US$0.075. Ex-date: 27th May 2026 Payment date: 17th June 2026 Dividend yield will be 4.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.9% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. EPS is expected to grow by 87% over the next year, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 15
First quarter 2026 earnings released: US$0.25 loss per share (vs US$0.049 profit in 1Q 2025) First quarter 2026 results: US$0.25 loss per share (down from US$0.049 profit in 1Q 2025). Revenue: US$477.7m (flat on 1Q 2025). Net loss: US$34.4m (down US$41.1m from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Price Target Changed • Mar 13
Price target increased by 11% to CA$12.44 Up from CA$11.19, the current price target is an average from 4 analysts. New target price is 26% above last closing price of CA$9.91. Stock is up 27% over the past year. The company is forecast to post earnings per share of US$1.04 for next year compared to US$0.49 last year. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: US$0.49 (vs US$0.70 in FY 2024) Full year 2025 results: EPS: US$0.49 (down from US$0.70 in FY 2024). Revenue: US$2.01b (down 1.6% from FY 2024). Net income: US$66.9m (down 31% from FY 2024). Profit margin: 3.3% (down from 4.8% in FY 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
Sagicor Financial Company Ltd. Declares Quarterly Dividend on Common Share, Payable on April 17, 2026 On March 11, 2026, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of US 7.5¢ per common share, an increase of 11% over the previous quarterly dividend of US 6.75¢ per common share. This quarterly dividend will be paid on April 17, 2026, to shareholders of record at the close of business on March 26, 2026. Announcement • Mar 03
Sagicor Financial Company Ltd., Annual General Meeting, May 13, 2026 Sagicor Financial Company Ltd., Annual General Meeting, May 13, 2026. Announcement • Jan 30
Sagicor Financial Company Ltd. to Report Q4, 2025 Results on Mar 11, 2026 Sagicor Financial Company Ltd. announced that they will report Q4, 2025 results After-Market on Mar 11, 2026 Price Target Changed • Jan 15
Price target increased by 10% to CA$11.69 Up from CA$10.63, the current price target is an average from 4 analysts. New target price is 26% above last closing price of CA$9.30. Stock is up 42% over the past year. The company is forecast to post earnings per share of US$0.75 for next year compared to US$0.70 last year. New Risk • Nov 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (6.5% net profit margin). Recent Insider Transactions • Nov 23
Non-Independent Director recently bought CA$400k worth of stock On the 19th of November, Gilbert Palter bought around 50k shares on-market at roughly CA$7.99 per share. This transaction amounted to 10.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$3.3m more in shares than they bought in the last 12 months. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: US$0.60 (vs US$0.42 in 3Q 2024) Third quarter 2025 results: EPS: US$0.60 (up from US$0.42 in 3Q 2024). Revenue: US$575.2m (flat on 3Q 2024). Net income: US$81.1m (up 37% from 3Q 2024). Profit margin: 14% (up from 10% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Nov 13
Sagicor Financial Company Ltd. Approves and Declares A Quarterly Dividend, Payable on December 16, 2025 On November 12, 2025, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of USD 6.75 cent per share. This quarterly dividend will be paid on December 16, 2025, to shareholders of record at the close of business on November 25, 2025. Announcement • Oct 31
Sagicor Financial Company Ltd. to Report Q3, 2025 Results on Nov 13, 2025 Sagicor Financial Company Ltd. announced that they will report Q3, 2025 results Pre-Market on Nov 13, 2025 Recent Insider Transactions • Sep 04
Non-Independent Director recently bought CA$124k worth of stock On the 2nd of September, Gilbert Palter bought around 16k shares on-market at roughly CA$7.97 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$208k. Despite this recent purchase, insiders have collectively sold CA$2.4m more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 25
Non-Independent Director recently bought CA$208k worth of stock On the 21st of August, Gilbert Palter bought around 25k shares on-market at roughly CA$8.20 per share. This transaction amounted to 5.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$2.7m more in shares than they bought in the last 12 months. Declared Dividend • Aug 17
Second quarter dividend of US$0.068 announced Shareholders will receive a dividend of US$0.068. Ex-date: 27th August 2025 Payment date: 17th September 2025 Dividend yield will be 4.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 16
Sagicor Financial Company Ltd. Approves and Declares A Quarterly Dividend, Payable on September 17, 2025 On August 13, 2025, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of USD 0.0675 per common share. This quarterly dividend will be paid on September 17, 2025, to
shareholders of record at the close of business on August 27, 2025. New Risk • Aug 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (5.5% net profit margin). Buy Or Sell Opportunity • Aug 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to CA$7.21. The fair value is estimated to be CA$9.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Aug 08
Sagicor Financial Company Ltd. to Report Q2, 2025 Results on Aug 13, 2025 Sagicor Financial Company Ltd. announced that they will report Q2, 2025 results After-Market on Aug 13, 2025 Declared Dividend • May 16
First quarter dividend of US$0.068 announced Shareholders will receive a dividend of US$0.068. Ex-date: 26th May 2025 Payment date: 16th June 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 17% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: US$0.049 (vs US$0.19 in 1Q 2024) First quarter 2025 results: EPS: US$0.049 (down from US$0.19 in 1Q 2024). Revenue: US$479.7m (down 7.3% from 1Q 2024). Net income: US$6.70m (down 75% from 1Q 2024). Profit margin: 1.4% (down from 5.1% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Sagicor Financial Company Ltd. to Report Q1, 2025 Results on May 13, 2025 Sagicor Financial Company Ltd. announced that they will report Q1, 2025 results After-Market on May 13, 2025 Recent Insider Transactions • Mar 26
Director recently sold CA$2.9m worth of stock On the 24th of March, Dodridge Miller sold around 376k shares on-market at roughly CA$7.64 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$1.3m more than they bought in the last 12 months. Declared Dividend • Mar 19
Fourth quarter dividend of US$0.068 announced Shareholders will receive a dividend of US$0.068. Ex-date: 27th March 2025 Payment date: 17th April 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 18
Now 21% undervalued Over the last 90 days, the stock has risen 21% to CA$7.52. The fair value is estimated to be CA$9.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 79%. Price Target Changed • Mar 17
Price target increased by 12% to CA$10.75 Up from CA$9.56, the current price target is an average from 4 analysts. New target price is 35% above last closing price of CA$7.96. Stock is up 15% over the past year. The company is forecast to post earnings per share of US$0.76 for next year compared to US$0.70 last year. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: US$0.70 (vs US$3.74 in FY 2023) Full year 2024 results: EPS: US$0.70 (down from US$3.74 in FY 2023). Revenue: US$2.04b (up 34% from FY 2023). Net income: US$97.5m (down 82% from FY 2023). Profit margin: 4.8% (down from 35% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 11
Sagicor Financial Company Ltd. to Report Q4, 2024 Results on Mar 13, 2025 Sagicor Financial Company Ltd. announced that they will report Q4, 2024 results After-Market on Mar 13, 2025 Announcement • Mar 03
Sagicor Financial Company Ltd., Annual General Meeting, May 13, 2025 Sagicor Financial Company Ltd., Annual General Meeting, May 13, 2025. Buy Or Sell Opportunity • Feb 07
Now 21% undervalued Over the last 90 days, the stock has risen 30% to CA$7.94. The fair value is estimated to be CA$10.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% over the last 3 years. Earnings per share has grown by 85%. Price Target Changed • Jan 15
Price target increased by 7.7% to CA$9.33 Up from CA$8.67, the current price target is an average from 3 analysts. New target price is 45% above last closing price of CA$6.45. Stock is up 6.5% over the past year. The company is forecast to post earnings per share of US$0.47 for next year compared to US$3.74 last year. New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 95% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings are forecast to decline by an average of 95% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Declared Dividend • Nov 17
Third quarter dividend of US$0.06 announced Shareholders will receive a dividend of US$0.06. Ex-date: 26th November 2024 Payment date: 17th December 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (6% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.3% per year over the past 5 years and payments have been stable during that time. EPS is expected to decline by 97% over the next 2 years. Since a fall of 93% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Nov 15
Sagicor Financial Company Ltd. Declares Quarterly Dividend, Payable on December 17, 2024 On November 13, 2024, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of USD 0.06 per common share. This quarterly dividend will be paid on December 17, 2024, to shareholders of record at the close of business on November 26, 2024. Recent Insider Transactions • Sep 29
Insider recently bought CA$1.3m worth of stock On the 26th of September, Gilbert Palter bought around 225k shares on-market at roughly CA$5.60 per share. This transaction increased Gilbert Palter's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$1.6m more in shares than they have sold in the last 12 months. Upcoming Dividend • Aug 21
Upcoming dividend of US$0.06 per share Eligible shareholders must have bought the stock before 27 August 2024. Payment date: 17 September 2024. Payout ratio is a comfortable 7.0% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (3.7%). Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.28 loss per share (down from US$0.34 profit in 2Q 2023). Revenue: US$440.4m (up 32% from 2Q 2023). Net loss: US$40.2m (down 182% from profit in 2Q 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 7.4% p.a. on average during the next 2 years, while revenues in the Insurance industry in Canada are expected to grow by 7.3%. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 18
Second quarter dividend of US$0.06 announced Shareholders will receive a dividend of US$0.06. Ex-date: 27th August 2024 Payment date: 17th September 2024 Dividend yield will be 5.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.3% per year over the past 5 years and payments have been stable during that time. EPS is expected to decline by 106% over the next year. Since a fall of 92% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Aug 15
Sagicor Financial Company Ltd. Declares Quarterly Dividend, Payable on September 17, 2024 On August 13, 2024, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of USD 0.06 per common share. This quarterly dividend will be paid on September 17, 2024, to shareholders of record at the close of business on August 27, 2024. This will be the nineteenth consecutive dividend payment Sagicor will pay to its shareholders since becoming a publicly listed company on the Toronto Stock Exchange. Announcement • Jun 21
Sagicor Financial Company Ltd. announced that it has received CAD 250 million in funding On June 20, 2024, Sagicor Financial Company Ltd. closed the transaction. Recent Insider Transactions • Jun 20
Insider recently bought CA$162k worth of stock On the 18th of June, Gilbert Palter bought around 25k shares on-market at roughly CA$6.49 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$470k more in shares than they have sold in the last 12 months. Announcement • May 29
Sagicor Financial Company Ltd. Announces Executive Appointments Sagicor Financial Company Ltd. announced that Paula Walcott has been appointed Chief People Officer. Sagicor is also pleased to announce that Neil Freyke has been appointed Executive Vice President, Technology and Chief Digital Officer. Ms. Walcott will be based in Bridgetown, Barbados, and Mr. Freyke will be based in Toronto, Canada. Both will be members of Sagicor's Executive Committee. Sagicor also announced that Mr. Ronald Blitstein will retire as Executive Vice President and Group Chief Information Officer as of May 31, 2024, after eleven years of service to Sagicor. Ms. Walcott joined Sagicor in 2016 as Assistant Vice President, Human Resources and was subsequently promoted to Vice President, Human Resources in September 2021, and Senior Vice President, Human Resources in June 2022, both roles with Sagicor Life Inc. Paula holds a Bachelor of Social Sciences degree from the University of the West Indies Cave Hill Campus, and a Master of Science in Human Resource Management from the University of Surrey in the United Kingdom. Ms. Walcott is a Prosci Certified Change Management Practitioner, a Chartered Fellow of the Chartered Institute of Personnel and Development (UK), a Senior Certified Professional member of the Society for Human Resource Management (USA), a member of the Human Resource Management Association of Barbados, and a member of the International Association of Business Communicators, Barbados Chapter. Mr. Freyke was most recently Senior Vice President and Chief Information Officer, Group Functions, Global Technology at another large financial services group. Previously, he also held progressively senior roles within data, analytics, and technology management at a Canadian chartered bank. Neil holds a Bachelor of Arts degree from Memorial University of Newfoundland, and a Master of Business Administration degree from Saint Mary's University. Declared Dividend • May 19
First quarter dividend of US$0.06 announced Shareholders will receive a dividend of US$0.06. Ex-date: 29th May 2024 Payment date: 19th June 2024 Dividend yield will be 4.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (6% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to decline by 94% over the next year. A fall of 94% would increase the payout ratio to a potentially unsustainable range, which means the dividend may be at risk. New Risk • May 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 46% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 94% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • May 16
Sagicor Financial Company Ltd. Declares Quarterly Dividend, Payable on June 19, 2024 On May 10, 2024, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of USD 0.06 per common share, consistent with the increased dividend payment initiated in March 2024. The quarterly dividend will be paid on June 19, 2024, to shareholders of record at the close of business on May 29, 2024. Price Target Changed • Apr 04
Price target increased by 7.8% to CA$9.17 Up from CA$8.50, the current price target is an average from 3 analysts. New target price is 31% above last closing price of CA$7.00. Stock is up 44% over the past year. The company is forecast to post earnings per share of US$0.72 for next year compared to US$3.74 last year. Declared Dividend • Apr 03
Fourth quarter dividend of US$0.06 announced Shareholders will receive a dividend of US$0.06. Ex-date: 9th April 2024 Payment date: 30th April 2024 Dividend yield will be 4.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (6% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to decline by 97% over the next 2 years. Since a fall of 93% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Apr 01
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$3.74 (up from US$1.15 loss in FY 2022). Revenue: US$1.53b (up 87% from FY 2022). Net income: US$532.1m (up US$696.4m from FY 2022). Profit margin: 35% (up from net loss in FY 2022). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 91%. Revenue is forecast to stay flat during the next 2 years compared to a 8.0% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 18
Insider recently bought CA$225k worth of stock On the 12th of December, Gilbert Palter bought around 39k shares on-market at roughly CA$5.78 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$362k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: US$0.025 loss per share (down from US$0.18 profit in 3Q 2022). Revenue: US$284.6m (down 57% from 3Q 2022). Net loss: US$3.53m (down 114% from profit in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Oct 05
Sagicor Financial Company Ltd. (TSX:SFC) completed the acquisition of ivari Holdings ULC from Wilton Re Ltd. Sagicor Financial Company Ltd. (TSX:SFC) entered into a definitive agreement to acquire ivari Holdings ULC from Wilton Re Ltd. for approximately CAD 380 million on August 24, 2022. The expected consideration, to be paid in cash at closing, is approximately CAD 330 million, subject to certain adjustments. This purchase price assumes funding at ivari’s current target total capital ratio under the LICAT 2023 capital adequacy standard recently finalized by OSFI and following the implementation of IFRS 17, both of which will be in force commencing January 1, 2023. Prior to the closing, ivari is expected to have additional equity capital injected into the business to meet this new standard, which is reflected in the above expected purchase price. A commitment for up to approximately CAD 420 million of new debt financing has been entered into in the form of a 5-year senior secured term loan facility. 80% of the consideration will be funded with debt and rest 20% with cash. As part of its capital management strategy, Sagicor may opt to replace or refinance this term loan with debentures issued in the debt capital markets or other financing sources in whole or in part if and when appropriate. The transaction is expected to close in mid-2023. and is subject to the satisfaction of customary conditions, including required regulatory approvals. The acquisition is expected to be immediately accretive. Based on ivari’s 2021 net income of CAD 74 million, and assuming the financing as contemplated, the transaction would be greater than 25% accretive on an earnings per share pro forma 2021 basis. As of August 14, 2023, Sagicor is currently awaiting receipt of regulatory approvals required under the Canadian Insurance Companies Act with respect to the acquisition of ivari. All other conditions for closing, except those that are only capable of being satisfied on closing, have been satisfied. The transaction is to expect to receive regulatory approvals for the acquisition in Q3 2023 with closing occurring shortly thereafter. As of September 26, 2023, Sagicor Financial Company Ltd. has received all regulatory approvals. The transaction is expected to close on or about October 3, 2023, subject to the satisfaction of all closing conditions.National Bank Financial acted as lead financial advisor, J.P. Morgan and RBC Capital Markets acted as financial advisors, and Simon A. Romano, Michael Decicco, Stuart S. Carruthers, Michael Kilby, Jill Winton, Kathleen Chevalier, Jonathan N. Auerbach of Stikeman Elliott LLP and Paul Hastings LLP acted as legal advisors to Sagicor. Andrew Jamieson, Marilyn Lion, Kevin Schmidt, Sunil Savkar, J. Michael Snypes, Peter Schuur and Eric Juergens of Debevoise & Plimpton LLP acted as legal advisor to Wilton Re Ltd. in the transaction. Guy Berman and Blair Keefe of Torys LLP acted as legal advisor to ivari Holdings ULC.Sagicor Financial Company Ltd. (TSX:SFC) completed the acquisition of ivari Holdings ULC from Wilton Re Ltd. on October 3, 2023. Recent Insider Transactions • Aug 21
Group President recently bought CA$87k worth of stock On the 17th of August, Andre Mousseau bought around 20k shares on-market at roughly CA$4.35 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andre has been a buyer over the last 12 months, purchasing a net total of CA$149k worth in shares. Price Target Changed • Aug 17
Price target increased by 13% to CA$9.00 Up from CA$8.00, the current price target is an average from 2 analysts. New target price is 107% above last closing price of CA$4.35. Stock is down 32% over the past year. The company is forecast to post earnings per share of US$2.23 for next year compared to US$0.81 last year. Reported Earnings • Aug 14
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$0.34 (up from US$0.25 in 2Q 2022). Revenue: US$332.9m (down 51% from 2Q 2022). Net income: US$48.8m (up 38% from 2Q 2022). Profit margin: 15% (up from 5.2% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 180%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 01
Price target decreased by 11% to CA$8.00 Down from CA$9.00, the current price target is an average from 2 analysts. New target price is 63% above last closing price of CA$4.91. Stock is down 24% over the past year. The company is forecast to post earnings per share of US$0.50 for next year compared to US$0.81 last year. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: US$0.01 (vs US$0.29 in 1Q 2022) First quarter 2023 results: EPS: US$0.01 (down from US$0.29 in 1Q 2022). Revenue: US$386.6m (down 43% from 1Q 2022). Net income: US$1.41m (down 97% from 1Q 2022). Profit margin: 0.4% (down from 6.1% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 16
Sagicor Financial Company Ltd. to Report Q1, 2023 Results on May 15, 2023 Sagicor Financial Company Ltd. announced that they will report Q1, 2023 results on May 15, 2023 Announcement • Nov 16
Sagicor Financial Company Ltd. Announces Board Changes Sagicor Financial Company Ltd. announced the appointment of Alan Ryder to the Board of Directors, subject to customary regulatory approval. Mr. Ryder is a highly experienced insurance and reinsurance executive with over four decades of experience in North America. Mr. Ryder recently retired from his position as Chief Executive Officer of North America Life for PartnerRe Ltd., a global reinsurance company, in August 2021. Previously, Mr. Ryder founded and led Aurigen Capital Limited in 2006 which PartnerRe subsequently acquired in 2017. Prior to founding Aurigen Capital Limited, Mr. Ryder began his career as an actuary and held progressively senior executive roles in the insurance industry, bringing along a wealth of experience to Sagicor. Sagicor board member Jonathan Finkelstein has resigned as a director of the Company after more than two years on the board. Sagicor is thankful for Mr. Finkelstein's active participation and contributions to Sagicor. Sagicor board member Jonathan Finkelstein has resigned as a director of the Company after more than two years on the board. Sagicor is thankful for Mr. Finkelstein's active participation and contributions to Sagicor. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: US$0.18 (down from US$0.35 in 3Q 2021). Revenue: US$657.0m (down 16% from 3Q 2021). Net income: US$25.4m (down 50% from 3Q 2021). Profit margin: 3.9% (down from 6.4% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Insurance industry in Canada. Announcement • Nov 12
Sagicor Financial Company Ltd. Declares Quarterly Dividend, payable on December 14, 2022 On November 10, 2022, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of $0.05625 per common share. This quarterly dividend will be paid on December 14, 2022, to shareholders of record at the close of business on November 23, 2022. Announcement • Nov 11
Sagicor Financial Company Ltd. to Report Q3, 2022 Results on Nov 11, 2022 Sagicor Financial Company Ltd. announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 11, 2022 Announcement • Aug 27
Sagicor Financial Company Ltd. (TSX:SFC) entered into a definitive agreement to acquire ivari Holdings ULC from Wilton Re Ltd. for approximately CAD 370 million. Sagicor Financial Company Ltd. (TSX:SFC) entered into a definitive agreement to acquire ivari Holdings ULC from Wilton Re Ltd. for approximately CAD 370 million on August 25, 2022. The expected consideration, to be paid in cash at closing, is approximately CAD 330 million, subject to certain adjustments. This purchase price assumes funding at ivari’s current target total capital ratio under the LICAT 2023 capital adequacy standard recently finalized by OSFI and following the implementation of IFRS 17, both of which will be in force commencing January 1, 2023. Prior to the closing, ivari is expected to have additional equity capital injected into the business to meet this new standard, which is reflected in the above expected purchase price. A commitment for up to approximately CAD 420 million of new debt financing has been entered into in the form of a 5-year senior secured term loan facility. 80% of the consideration will be funded with debt and rest 20% with cash. As part of its capital management strategy, Sagicor may opt to replace or refinance this term loan with debentures issued in the debt capital markets or other financing sources in whole or in part if and when appropriate. The transaction is expected to close in the next 6 to 12 months and is subject to the satisfaction of customary conditions, including required regulatory approvals. The acquisition is expected to be immediately accretive. Based on ivari’s 2021 net income of CAD 74 million, and assuming the financing as contemplated, the transaction would be greater than 25% accretive on an earnings per share pro forma 2021 basis. National Bank Financial acted as lead financial advisor, J.P. Morgan and RBC Capital Markets acted as financial advisors, and Stikeman Elliott LLP and Paul Hastings LLP acted as legal advisors to Sagicor. Andrew Jamieson, Marilyn Lion, Kevin Schmidt, Sunil Savkar, J. Michael Snypes, Peter Schuur and Eric Juergens of Debevoise & Plimpton LLP acted as legal advisor to Wilton Re Ltd. in the transaction. Reported Earnings • Aug 14
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: US$0.25 (up from US$0.065 in 2Q 2021). Revenue: US$674.2m (up 30% from 2Q 2021). Net income: US$35.3m (up 278% from 2Q 2021). Profit margin: 5.2% (up from 1.8% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Over the next year, revenue is expected to shrink by 9.4% compared to a 101% growth forecast for the industry in Canada. Announcement • Aug 13
Sagicor Financial Company Ltd. Declares Quarterly Dividend, Payable on September 14, 2022 On August 11, 2022, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of USD 0.05625 per common share. This quarterly dividend will be paid on September 14, 2022, to shareholders of record at the close of business on August 24, 2022. Announcement • Aug 10
Sagicor Financial Company Ltd. to Report Q2, 2022 Results on Aug 12, 2022 Sagicor Financial Company Ltd. announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 12, 2022 Announcement • Aug 04
Sagicor Financial Company Ltd. Announces Appointment of Group Chief Risk Officer and Chief Sustainability Officer Sagicor Financial Company Ltd. announced the appointment of Lynda Gauthier as Group Chief Risk Officer and Chief Sustainability Officer effective August 2, 2022. Lynda joins from Royal Bank of Canada where she spent the last 18 years of her career. Through her time with the organization she held progressively senior positions across Capital Markets, Investor Relations and Group Risk Management in both Canada and the U.S. Most recently, Lynda was Vice President, Governance and Reporting, where she was responsible for leading the development of risk reports to the board, senior management, regulators, and the financial community. She also led various advancements of risk governance, controls, and policies to drive greater operational effectiveness. Lynda also oversaw the early development of RBC's climate-related risk efforts. Lynda holds a Master of Business Administration from the University of Chicago, Graduate School of Business, and a Bachelor of Commerce from Concordia University. Lynda is chair of the Finance, Audit and Risk Committee of Swim Drink Fish, an organization focused on creating swimmable, drinkable, and fishable waters for everyone, and is a member of the Investment Review Committee for Women United, a member of United Way. Announcement • Jul 01
Sagicor Financial Company Ltd. Announces Departure of Bart Catmull as Group Chief Risk Officer, Effective July 5, 2022 Sagicor Financial Company Ltd. announced that Mr. Bart Catmull will be stepping down from his position with Sagicor as Group Chief Risk Officer. Mr. Catmull has been with the Sagicor Group of companies for 23 years, principally with the Sagicor Group's U.S. operations. Mr. Catmull will continue to serve as Group Chief Risk Officer until his departure on July 5, 2022. Announcement • May 14
Sagicor Financial Company Ltd. Approves and Declared A Second Quarterly Dividend, Payable on June 15, 2022 Sagicor Financial Company Ltd. approved and declared a quarterly dividend of $0.05625 per common share. This quarterly dividend will be paid on June 15, 2022, to shareholders of record at the close of business on May 25, 2022. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.29 (up from US$0.21 in 1Q 2021). Revenue: US$681.0m (up 58% from 1Q 2021). Net income: US$41.8m (up 33% from 1Q 2021). Profit margin: 6.1% (down from 7.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 5.9% compared to a 55% growth forecast for the industry in Canada. Announcement • May 12
Sagicor Financial Company Ltd. to Report Q1, 2022 Results on May 13, 2022 Sagicor Financial Company Ltd. announced that they will report Q1, 2022 results Pre-Market on May 13, 2022 Announcement • Apr 02
Sagicor Financial Company Ltd., Annual General Meeting, Jun 17, 2022 Sagicor Financial Company Ltd., Annual General Meeting, Jun 17, 2022. Announcement • May 15
Sagicor Financial Company Ltd. Declares Quarterly Dividend, Payable on June 15, 2021 The Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of $0.05625 per common share. This quarterly dividend will be paid on June 15, 2021, to shareholders of record at the close of business on May 25, 2021. Announcement • Mar 21
Sagicor Financial Company Ltd. Declares Quarterly Dividend, Payable on April 21, 2021 Sagicor Financial Company Ltd. announced that its board of directors has approved and declared a quarterly dividend of USD 0.05625 per common share. This quarterly dividend will be paid on April 21, 2021, to shareholders of record at the close of business on March 31, 2021. Sagicor will continue to review its dividend policy going forward given the economic situation stemming from the COVID-19 pandemic. Announcement • Dec 16
Sagicor Financial Company Ltd. Announces Executive Changes Sagicor Financial Company Ltd. announced that Mr. Ravi Rambarran will be retiring from his position with Sagicor as President & CEO of Sagicor Life Inc. effective December 31st, 2020. Announcement • Nov 03
Sagicor Financial Company Ltd. Announces Board Changes The Board of Directors of Sagicor Financial Company Ltd. ("Sagicor") announces the reappointment of Mr. Monish Dutt to the Board, effective October 30, 2020, to replace Mr. John Shettle, Jr., who sadly passed away in September. Mr. Dutt will also assume the role of Chair of the Audit Committee and will be a member of the Investment & Risk and Capital Allocation Committees. Mr. Dutt was an independent director of Sagicor Financial Corporation Limited for almost 10 years until June 2020. He is a seasoned finance professional who, for the 25 years preceding 2011, held various positions with the International Finance Corporation ("IFC"), a member of the World Bank Group. He is the former Chief Credit Officer for IFC's Global Financial Institutions & Private Equity Funds. Announcement • Sep 22
Sagicor Financial Company Ltd. Announces Demise of Board Director John F. Shettle, Jr Sagicor Financial Company Ltd. announced the passing of John F. Shettle, Jr. on September 15, 2020. Shettle was a member of Board. He was a Director of Sagicor Financial Corporation Limited, the predecessor holding company to SFC, since 2008, and provided sterling service in his chairmanship of the SFC Board Audit Committee since 2019. He was also a member of the Board's Investment and Risk and Capital Allocation Committees. Shettle was also a Director of Sagicor Life Insurance Company since 2006, Sagicor's wholly-owned US-based subsidiary. Announcement • Aug 12
Sagicor Financial Company Ltd. to Report Q2, 2020 Results on Aug 14, 2020 Sagicor Financial Company Ltd. announced that they will report Q2, 2020 results at 5:00 PM, SA Western Standard Time on Aug 14, 2020