Q1 Highlights
Core earnings to shareholders(1) of $24.9 million
Net loss to shareholders of $34.4 million
Core basic earnings per share(1) (Core basic EPS) of 18.4¢
Core return on shareholders' equity (Core ROE)(1) (annualized) of 9.9%
New business CSM(1) of $36.7 million
Shareholders' equity of $1.0 billion, with book value per share of US$7.18 or C$10.01
Shareholders' equity plus net CSM to shareholders(1) of $2.1 billion, or US$15.47 or C$21.57 per share
Group LICAT(1) ratio of 134%
Financial leverage ratio(1) of 27.5%
Dividend of 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:
"While our underlying business is sound, our Q1 financials delivered seasonally soft core earnings(1) and a loss due to a combination of asset price movement and certain one-time items. Core earnings to shareholders(1) of $25 million included $8 million of negative core insurance experience,(1) predominantly due to seasonal mortality in our North American segments. Absent that mortality, we would have hit a core ROE(1) of approximately 13%.
Q1 was adversely affected by $49 million of market experience losses(1) related to lower asset prices in the U.S. and Canadian fixed income and equity markets, partially offset by the mitigating impact of liability revaluations. While these values create significant volatility in our reported net income from quarter to quarter, we expect these gains and losses to trend to approximately nil over time. We remind our investors that our market experience has been net positive in aggregate since the current accounting standard that drives this volatility was implemented in 2023. Q1 was also affected by certain one-time charges related to our Sagicor Life segment as we prepare to merge our Caribbean subsidiaries.
Seeing through this noisy quarter, we continue to make excellent progress on our strategic initiatives to drive return on equity(1) expansion and future growth, and we reiterate our 2027 and 2028 targets for 14% and 15% core returns on shareholders' equity,(1) respectively."
Overall Sagicor Group, Financial Highlights
Sagicor's first quarter 2026 core earnings to shareholders(1) were $24.9 million. The Company's operating segments generated steady new business production(1) leading to solid new business CSM(1) of $36.7 million. Core ROE(1) was 9.9%. When adjusted for core insurance experience losses,(1) core ROE(1) would have been approximately 13%, within management's expectations.
Sagicor remains well capitalized with a Group LICAT(1) ratio of 134% and a financial leverage ratio(1) of 27.5%.
Consolidated Highlights
Profitability (US$ millions)
Q1 2026
Q1 2025
Change
Y/Y
Core earnings to shareholders(1)
24.9
29.7
(16 %)
Core basic EPS(1)
18.4¢
21.9¢
(16 %)
Net income / (loss) to shareholders
(34.4)
6.7
(>100%)
Core return on shareholders' equity(1) (annualized) (%)
9.9 %
12.4 %
(2.5 pts)
New business CSM(1)
36.7
46.1
(20 %)
Financial Strength (US$ millions)
Q1 2026
Q1 2025
Change
Y/Y
Shareholders' equity
977.6
958.2
2 %
Net CSM to shareholders(1)
1,129.3
1,081.5
4 %
Shareholders' equity plus net CSM to shareholders(1)
2,106.9
2,039.7
3 %
Net CSM(1)
1,281.0
1,224.9
5 %
Book value per share(1) (US$)
$7.18
$7.05
2 %
Book value per share(1) (C$)
$10.01
$10.14
(<1%)
Group LICAT(1) ratio
134 %
137 %
(3 pts)
Financial leverage ratio(1)
27.5 %
27.2 %
0.3 pts
Business Segment Performance
Sagicor has four main reporting operating segments: Sagicor Canada (ivari), Sagicor Life USA, Sagicor Jamaica (of which the
Company owns 49.1% and which is consolidated by the Company), and Sagicor Life (which includes the southern Caribbean).
Profitability (US$ millions)
Q1 2026
Q1 2025
Change
Y/Y
Core Earnings / (Loss) to Shareholders(1)
Sagicor Canada
22.5
24.6
(9 %)
Sagicor Life USA
5.0
6.3
(21 %)
Sagicor Jamaica
9.5
9.5
0 %
Sagicor Life
10.0
10.8
(7 %)
Head office(2)
(22.1)
(21.5)
(3 %)
Total
24.9
29.7
(16 %)
Net Income / (Loss) to Shareholders
Sagicor Canada
(0.7)
10.9
(>100%)
Sagicor Life USA
(7.4)
(0.1)
(>100%)
Sagicor Jamaica
6.4
12.5
(49 %)
Sagicor Life
(11.1)
7.7
(>100%)
Head office(2)
(21.6)
(24.3)
11 %
Total
(34.4)
6.7
(>100%)
Other Key Performance Indicators (US$ millions)
Q1 2026
Q1 2025
Change
Y/Y
New Business CSM(1)
Sagicor Canada
10.2
11.5
(11 %)
Sagicor Life USA
7.7
9.9
(22 %)
Sagicor Jamaica
10.9
13.6
(20 %)
Sagicor Life
7.9
11.1
(29 %)
Head office(2)
-
-
-
Total
36.7
46.1
(20 %)
Revenues(1)
Sagicor Canada
140.8
207.0
(32 %)
Sagicor Life USA
47.6
125.9
(62 %)
Sagicor Jamaica
187.9
202.9
(7 %)
Sagicor Life
