Sagicor’s T&T offices on Queen’s Park West in Port of Spain.

Sagicor Group recorded a net loss of US$29.5 million for the nine months ended September 30, 2020, compared to net income of US$79.5 million for the same period in 2019.

The company reported a net loss from continuing operations attributable to common shareholders of US$32.6 million compared to net income US $32.5 million, for the same period in the prior year.

In the analysis accompanying its report for the period ending September 30, 2020, Sagicor said: “The main contributing factors to the net loss were the impacts of higher Expected Credit Losses (ECLs), the strengthening of our actuarial liabilities within our US segment and our share of net loss and impairment related to our associated company investment in Playa Hotels & Resorts, all due to the economic environment occasioned by the pandemic. The Group was also impacted by net mark-to-market losses as a result of the markets’ response to Covid-19.”

Sagicor also said the hotel business in the region also declined significantly as the industry continued to be impacted by travel restrictions associated with the Covid-19 pandemic.

The company said its net premiums and net investment income showed declines for the nine-months ended September 30, 2020 when compared to the same period in the prior year. Net premium revenue fell 5 per cent compared to 2019: the prior year included a significant one-time single premium annuity sale which was not repeated in the period.

Sagicor’s net investment income was impacted by mark-to-market declines on financial assets, the company said, adding, “These declines have impacted our regional and international portfolios and were largely a result of the capital markets reaction to the Covid-19 pandemic. As a result, the group closed the period under review with total revenue contracting by 14 per cent when compared to the same period in 2019.”

The group recorded net investment income of US$210.5 million for the nine-month period ended September 30, 2020 compared to US $312.1 million for the same period in the prior year, the company said. Its annualised net investment return was 4.2 per cent compared to 7.5 per cent for the same period in the prior year.

Group capital remains strong, with the Group closing the second quarter of 2020 with a Minimum Continuing Capital and Surplus Requirement (MCCSR) of 250 per cent, well above our target capital standards, and with ample liquidity following the transaction with Alignvest completed in December 2019.

The group said its outlook for the fourth quarter of 2020 continues to be uncertain.

Sagicor’s principal markets are Barbados, Jamaica, Trinidad and Tobago, and the US.

Sagicor said: “The Group’s financial results have begun to normalise in Q3, after the asset price volatility of Q1 and Q2 was moderated and some restrictions were loosened in our markets in Q3. However, the economies in which we operate continue to be directly impacted by the lockdown in our markets and reduction in global economic activity, including tourism, which affects our Caribbean economies significantly.

“Further, the uncertain outlook and interest rate environment is prompting Sagicor and its subsidiaries to continually re-examine the appropriateness of certain long-term assumptions underlying the group’s actuarial reserves. The length and severity of economic contraction in our operating jurisdictions remains unpredictable, as does the impact on the group’s financial results.”

Sagicor offers a wide range of products and services including life and health insurance, annuities, pension administration, property and casualty insurance, asset management, investment and merchant banking, securities brokerage, mutual funds and real estate development, and commercial banking.


ADJACENT to the country’s capital city, to the east of Port of Spain, lies an area that some have classified as a hotspot: from the hills of Laventille at its top; through Beetham Gardens in the middle and Sea Lots at its south.

It’s an area usually classified with high crime rates and unemployment.

Fourteen years ago, a company of the same name—the East Port of Spain Development Company (EPOS), was set up to regenerate the area.

Supermarket operators are getting anxious about when they will receive the official list from the Government on which imported food items will now attract value added tax (VAT) from January.

The Supermarket Association said yesterday no word has come from the Finance Ministry with regard to the list of food items on which 12.5 per VAT will be implemented from January 1.

Please, Prime Minister. Let us open our bars.

The Barkeepers and Operators Association of Trinidad and Tobago (BOATT) has made another appeal to Prime Minister Dr Keith Rowley to fully reopen bars and to lead the 20,000 employees and 5,000 owners in the bar industry out of a local crisis as a result of the Covid-19 coronavirus restrictions.

Trinidad and Tobago Securities and Exchange Commission

Globally, as at November 7, 2020, there were over 6,700 types of cryptocurrencies including Bitcoin, the most popular digital currency, which last week traded at USD$15,014.90.

WIPAY chief executive, Aldwyn Wayne, says the T&T-based payment platform company, has been planning its latest innovation, called WiLoan, for more than a year.

WiPay received a moneylender’s licence in November 2019 and has been actively planning WiLoan since then and is ready to start lending money from December 1, said Wayne.