TORONTO and BARBADOS, March 11, 2026 /CNW/ - Sagicor Financial Company Ltd. (TSX:SFC), a leading financial services provider in Canada, the United States, and the Caribbean, today announced its results for the fourth quarter and full year ended December 31, 2025. All figures are in US$ unless otherwise stated.
Highlights
Core earnings to shareholders(1) of $142.3 million for 2025 increased 57% Y/Y
Core basic earnings per share(1) (EPS) of 104.9¢ for 2025 increased 62% Y/Y
Core return on shareholders' equity(1) of 14.2% for 2025
Net income to shareholders of $66.9 million for 2025
Total comprehensive income to shareholders of $109.7 million for 2025
New business CSM(1) of $167.2 million for 2025
Shareholders' equity of $1.0 billion, with book value per share of US$7.65 or C$10.49
Shareholders' equity plus net CSM to shareholders(1) of $2.2 billion, or US$15.95 or C$21.87 per share
Group LICAT(1) ratio of 136%
Financial leverage ratio(1) of 26.9%
Increase of 11% in quarterly dividend to US 7.5¢ per share to be paid during the second quarter of 2026 (US 30.0¢ annualized dividend)
Andre Mousseau, President and Chief Executive Officer, said:
"We are pleased to conclude an exceptional 2025 reporting year with another solid quarter of core earnings to shareholders.(1) Our full year core earnings to shareholders(1) of $142 million reflected achievement of our medium-term targets amplified by approximately $15 million of positive gains from core insurance experience and gains from short-term business."
"In Q4 we made significant progress on our strategic initiatives, highlighted by the announcement of a definitive agreement to merge our two Caribbean operating segments under a single publicly-listed entity to be named Sagicor Group Caribbean Limited. We believe this combination will allow us to execute a robust digital transformation of these segments. This transformation, combined with continued organic growth of our North American segments, is informing our new guidance of 14% core ROE(1) in 2027 and 15% core ROE(1) in 2028."
"We are also pleased to reward our shareholders with a dividend increase to US 30.0¢ annualized. This is the third consecutive Q4 report in which we increased our dividend."
Overall Sagicor Group, Financial Highlights
Sagicor's core earnings to shareholders(1) for 2025 showed significant growth over 2024 with strong performances across all of our operating segments. Core earnings to shareholders(1) for 2025 of $142.3 million exceeded management's revised guidance of $120 million to $130 million, and new business CSM(1) of $167.2 million was within the guided range of $155 million to $175 million. Core basic earnings per share(1) grew by 62% Y/Y and book value per share(1) grew by 8% Y/Y.
Sagicor remains well capitalized with a Group LICAT(1) ratio of 136% and a financial leverage ratio(1) of 26.9%.
Consolidated Highlights
Profitability (US$ millions)
Q4 2025
Q4 2024
Change
Y/Y
2025
2024
Change Y/Y
Core earnings to shareholders(1)
31.6
28.0
13 %
142.3
90.9
57 %
Core basic EPS(1)
23.3¢
20.4¢
14 %
104.9¢
64.9¢
62 %
Net income / (loss) to shareholders
(14.4)
52.4
(>100%)
66.9
97.5
(31 %)
Core return on shareholders' equity(1) (annualized) (%)
12.1 %
11.7 %
0.4 pts
14.2 %
9.6 %
4.6 pts
New business CSM(1)
41.3
39.3
5 %
167.2
166.3
1 %
Financial Strength (US$ millions)
Q4 2025
Q4 2024
Change
Y/Y
Shareholders' equity
1,036.6
959.7
8 %
Net CSM to shareholders(1)
1,122.9
1,076.1
4 %
Shareholders' equity plus net CSM to shareholders(1)
2,159.5
2,035.8
6 %
Net CSM(1)
1,271.8
1,219.7
4 %
Book value per share(1) (US$)
$7.65
$7.08
8 %
Book value per share(1) (C$)
$10.49
$10.19
3 %
Group LICAT(1) ratio
136 %
139 %
(3 pts)
Financial leverage ratio(1)
26.9 %
27.3 %
(0.4 pts)
Outlook and Medium-Term Targets
Sagicor is updating its guidance on key measures:
Targeted core return on shareholders' equity (ROE)(1) for 2027 of 14%; and,
Targeted core return on shareholders' equity (ROE)(1) over the medium-term of 15%; and,
Targeted core dividend payout ratio(1) of 30% to 40%.
Please note: Outlook and financial guidance is based on certain factors and assumptions, including business, economic, and market conditions, as of the date hereof, as well as those described herein. Please refer to the Cautionary Statement Regarding Forward-looking Information in Sagicor's 2025 Annual MD&A for a discussion of material risks.
Dividend Increase
On March 11, 2026, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of US 7.5¢ per common share, an increase of 11% over the previous quarterly dividend of US 6.75¢ per common share. This quarterly dividend will be paid on April 17, 2026, to shareholders of record at the close of business on March 26, 2026.
Business Segment Performance
Sagicor has four main reporting operating segments: Sagicor Canada (ivari), Sagicor Life USA, Sagicor Jamaica (of which the
Company owns 49.1% and which is consolidated by the Company), and Sagicor Life (which includes the southern Caribbean).
Profitability (US$ millions)
Q4 2025
Q4 2024
Change
Y/Y
2025
2024
Change
Y/Y
Core Earnings / (Loss) to Shareholders(1)
Sagicor Canada
27.4
24.5
12 %
103.3
86.9
19 %
Sagicor Life USA
8.3
10.6
(22 %)
41.0
40.2
2 %
Sagicor Jamaica
12.2
7.5
63 %
47.9
31.1
54 %
Sagicor Life
6.8
5.8
17 %
41.8
26.3
59 %
Head office(3)
(23.1)
(20.4)
(13 %)
(91.7)
(93.6)
2 %
Total
31.6
28.0
13 %
142.3
90.9
57 %
Net Income / (Loss) to Shareholders
Sagicor Canada
8.6
7.8
10 %
76.2
96.2
(21 %)
Sagicor Life USA
(12.2)
41.9
(>100%)
8.2
51.6
(84 %)
Sagicor Jamaica
9.7
10.4
(7 %)
50.7
31.3
62 %
Sagicor Life
16.2
12.4
31 %
57.4
38.5
