Recent Insider Transactions • May 22
Insider recently bought €107k worth of stock On the 19th of May, Alan Ryder bought around 20k shares on-market at roughly €5.36 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 €666k 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 51,260%, 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). Buy Or Sell Opportunity • Mar 30
Now 40% undervalued after recent price drop Over the last 90 days, the stock has fallen 100% to €0.0005. The fair value is estimated to be €0.00084, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Mar 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (29% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.3% net profit margin). 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). 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 New Risk • Jan 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 29% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (29% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (6.5% net profit margin). 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 €247k worth of stock On the 19th of November, Gilbert Palter bought around 50k shares on-market at roughly €4.93 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 €2.2m more in shares than they bought in the last 12 months. Declared Dividend • Nov 17
Third quarter dividend of US$0.068 announced Shareholders will receive a dividend of US$0.068. Ex-date: 25th November 2025 Payment date: 16th December 2025 Dividend yield will be 5.4%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (6% earnings payout ratio) and cash flows (10% 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 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
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 3% 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 • Aug 24
Non-Independent Director recently bought €129k worth of stock On the 21st of August, Gilbert Palter bought around 25k shares on-market at roughly €5.08 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 €1.7m more in shares than they bought in the last 12 months. Declared Dividend • Aug 18
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 5.6%, 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. Reported Earnings • Aug 14
Second quarter 2025 earnings released: US$0.047 loss per share (vs US$0.29 loss in 2Q 2024) Second quarter 2025 results: US$0.047 loss per share (improved from US$0.29 loss in 2Q 2024). Revenue: US$471.6m (up 9.9% from 2Q 2024). Net loss: US$6.45m (loss narrowed 84% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 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 19
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 4.8%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (44% 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 3% 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 €1.9m worth of stock On the 24th of March, Dodridge Miller sold around 376k shares on-market at roughly €4.94 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 €806k more than they bought in the last 12 months. Declared Dividend • Mar 24
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 4.8%, 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. Reported Earnings • Mar 15
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 3% 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. New Risk • Nov 19
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 18
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 5.7%, 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. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: US$0.42 (vs US$0.025 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.42 (up from US$0.025 loss in 3Q 2023). Revenue: US$570.8m (up 100% from 3Q 2023). Net income: US$59.1m (up US$62.6m from 3Q 2023). Profit margin: 10% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 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 28
Insider recently bought €837k worth of stock On the 26th of September, Gilbert Palter bought around 225k shares on-market at roughly €3.72 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 €1.0m 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%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.1%). Declared Dividend • Aug 19
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 5.8%, 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. Reported Earnings • Aug 18
Second quarter 2024 earnings released: US$0.28 loss per share (vs US$0.34 profit in 2Q 2023) 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 is expected to decline by 7.4% p.a. on average during the next 2 years, while revenues in the Insurance industry in Europe are expected to grow by 5.0%. 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 1% per year, which means it is significantly lagging earnings. 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. Buy Or Sell Opportunity • Jul 30
Now 25% overvalued Over the last 90 days, the stock has fallen 11% to €3.88. The fair value is estimated to be €3.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 14% in a year. Earnings are forecast to decline by 81% in the next year. 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 €110k worth of stock On the 18th of June, Gilbert Palter bought around 25k shares on-market at roughly €4.40 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 €321k 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. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: US$0.19 (vs US$0.01 in 1Q 2023) First quarter 2024 results: EPS: US$0.19 (up from US$0.01 in 1Q 2023). Revenue: US$512.5m (up 79% from 1Q 2023). Net income: US$26.2m (up US$24.8m from 1Q 2023). Profit margin: 5.1% (up from 0.5% in 1Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 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. Declared Dividend • Apr 08
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 4.5%, 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 • Mar 31
Full year 2023 earnings released: EPS: US$3.74 (vs US$0.81 in FY 2022) Full year 2023 results: EPS: US$3.74 (up from US$0.81 in FY 2022). Revenue: US$1.53b (down 40% from FY 2022). Net income: US$532.1m (up 360% from FY 2022). Profit margin: 35% (up from 4.5% in FY 2022). Revenue is forecast to stay flat during the next 2 years compared to a 12% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 17
Insider recently bought €154k worth of stock On the 12th of December, Gilbert Palter bought around 39k shares on-market at roughly €3.94 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 €248k more in shares than they have sold in the last 12 months. New Risk • Dec 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 60% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Nov 14
Third quarter 2023 earnings released: US$0.025 loss per share (vs US$0.18 profit in 3Q 2022) 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). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has remained flat, 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 €59k worth of stock On the 17th of August, Andre Mousseau bought around 20k shares on-market at roughly €2.96 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 €102k worth in shares. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: US$0.34 (vs US$0.25 in 2Q 2022) 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. 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 10% per year, which means it is significantly lagging earnings. 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 4% 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 Buying Opportunity • Jan 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €4.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 60%. Revenue is forecast to grow by 9.5% in a year. Earnings is forecast to decline by 4.8% in the next year. Buying Opportunity • Jan 05
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €4.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 60%. Revenue is forecast to grow by 9.5% in a year. Earnings is forecast to decline by 4.8% in the next year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: US$0.18 (vs US$0.35 in 3Q 2021) 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 is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Insurance industry in Germany. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: US$0.25 (vs US$0.065 in 2Q 2021) 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. Over the next year, revenue is expected to shrink by 9.4% compared to a 26% growth forecast for the industry in Germany. Buying Opportunity • Aug 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be €5.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to decline by 5.2% in a year. Earnings is forecast to decline by 2.4% in the next year. Buying Opportunity • Jun 28
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 6.7%. The fair value is estimated to be €5.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to decline by 4.2% in a year. Earnings is forecast to decline by 15% in the next year. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: US$0.29 (vs US$0.21 in 1Q 2021) 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. Over the next year, revenue is expected to shrink by 5.9% compared to a 20% growth forecast for the industry in Germany. Buying Opportunity • Mar 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be US$5.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS US$0.35 (vs US$0.02 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$783.5m (up 94% from 3Q 2020). Net income: US$50.4m (up US$53.5m from 3Q 2020). Profit margin: 6.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Upcoming Dividend • Aug 20
Upcoming dividend of US$0.056 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 20 September 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (4.3%). Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS US$0.064 (vs US$0.002 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$513.4m (up 13% from 2Q 2020). Net income: US$9.33m (up US$9.61m from 2Q 2020). Profit margin: 1.8% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • May 15
First quarter 2021 earnings released: EPS US$0.21 (vs US$0.20 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$431.0m (up 20% from 1Q 2020). Net income: US$31.5m (up US$60.8m from 1Q 2020). Profit margin: 7.3% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Announcement • Mar 20
Sagicor Financial Company Ltd., Annual General Meeting, Jun 04, 2021 Sagicor Financial Company Ltd., Annual General Meeting, Jun 04, 2021. Is New 90 Day High Low • Feb 18
New 90-day low: €3.64 The company is down 5.0% from its price of €3.84 on 19 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: €3.72 The company is down 9.0% from its price of €4.08 on 30 October 2020. The German market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 20% over the same period. Is New 90 Day High Low • Nov 21
New 90-day low: €3.78 The company is down 4.0% from its price of €3.94 on 21 August 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: US$0.02 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: US$400.5m (down 1.4% from 3Q 2019). Net loss: US$3.03m (down 148% from profit in 3Q 2019). 