{"id":2698,"date":"2022-04-13T08:34:43","date_gmt":"2022-04-13T12:34:43","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2698"},"modified":"2025-07-01T08:58:57","modified_gmt":"2025-07-01T12:58:57","slug":"sagicor-group-jamaica-limited","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/sagicor-group-jamaica-limited\/","title":{"rendered":"Sagicor Group Jamaica Limited"},"content":{"rendered":"<h3><span style=\"font-family: 'book antiqua', palatino;\"><strong>RATING DRIVERS<\/strong><\/span><\/h3>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>Supporting Factors<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Leading market positions and strong brand equity support a consistent and healthy financial performance<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Rebound in financial performance in 2021, following negative impacts of Covid-19 pandemic in 2020<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Continued comfortable capitalisation levels<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Strong and comprehensive enterprise risk management<\/span><\/li>\n<\/ul>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>Constraining Factors<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Uncertain interest rate environment has the potential to challenge the Group\u2019s asset liability management<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Significant sovereign risk exposure to the highly indebted Jamaican economy despite the improved economic conditions<\/span><\/li>\n<\/ul>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>Rating Sensitivity Factors<\/strong><\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to an improvement in the ratings and \/or outlook include:<\/strong><\/span><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An increase in our internal ratings assigned to the sovereign, driven by continued favourable improvements in the macroeconomic environment of Jamaica and a lowering of the debt\/GDP ratio<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to a lowering of the ratings\/or outlook include:<\/strong><\/span><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Substantial deterioration in the financial performance and profitability of the Group, with a greater than 20% increase in net insurance benefits and claims and an accompanying 15% rise in operating expenses.<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>COMPANY BACKGROUND<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Sagicor Group Jamaica Limited (\u201cSGJ\u201d or the \u201cGroup\u201d) is a financial services conglomerate that was incorporated in 2013 and is domiciled in Jamaica.\u00a0 The Group, which is listed on the Jamaica Stock Exchange (JSE), is 32.45% owned by LOJ Holdings Limited and 16.66% owned by Sagicor Life Incorporated, both wholly owned subsidiaries of Sagicor Financial Company Limited (SFC)<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a>.\u00a0 Its other major shareholder is PanJam Investment Limited (30.21%).\u00a0 The Group is comprised of thirteen (13) subsidiaries with operations in three main countries<a id=\"_ftnref2\" href=\"#_ftn2\"><sup>[2]<\/sup><\/a>, these being Jamaica, The Cayman Islands and the United States of America.\u00a0 Its three (3) largest operating subsidiaries are Sagicor Life Jamaica Limited (SLJ), Sagicor Bank Jamaica Limited (SBJ) and Sagicor Investments Jamaica Limited (SIJ).\u00a0 The Group offers an extensive range of financial products and services in the areas of insurance, banking, asset management, real estate and retirement planning. As at September 30, 2021 the Group\u2019s total assets stood at J $506.5 billion and total revenue was J $73.1 billion<a id=\"_ftnref3\" href=\"#_ftn3\"><sup>[3]<\/sup><\/a>. In 2020, SGJ declared profit attributable to shareholders of J $13.8 billion, the second highest of conglomerates listed on the Jamaica Stock Exchange.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Analytical Contacts :<\/em><\/span><\/p>\n<h5><strong><span style=\"font-family: 'book antiqua', palatino;\">Jeffrey James<\/span><\/strong><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:jjames@caricris.com\">jjames@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Anelia Oudit<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Mobile: 1-868-487-8364<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">E-mail: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong>Disclaimer<\/strong><strong>:<\/strong> CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.\u00a0 However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Leading market positions and strong brand equity support a consistent and healthy financial performance Rebound in financial performance in 2021, following negative impacts of Covid-19 pandemic in 2020 Continued comfortable capitalisation levels Strong and comprehensive enterprise risk management Constraining Factors Uncertain interest rate environment has the potential to challenge the Group\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2698","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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