{"id":2702,"date":"2022-04-13T09:00:20","date_gmt":"2022-04-13T13:00:20","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2702"},"modified":"2025-07-01T09:02:38","modified_gmt":"2025-07-01T13:02:38","slug":"sagicor-life-jamaica-limited-6","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/sagicor-life-jamaica-limited-6\/","title":{"rendered":"Sagicor Life Jamaica Limited"},"content":{"rendered":"<h4><strong>RATING DRIVERS<\/strong><\/h4>\n<p class=\"badge\"><strong>Supporting Factors<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Leading market position in the Jamaica insurance industry and a strong distribution network support a consistent and healthy financial performance<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Overall financial stability supported by continued healthy profitability<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Strong capitalisation level, in excess of regulatory requirement<\/span><\/li>\n<\/ul>\n<p class=\"badge\"><strong>Constraining Factors<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Interest rate environment can challenge SLJ\u2019s Asset Liability Management (ALM) position although rates are expected to increase in 2022<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Significant business and financial exposure to the highly indebted Jamaican economy<\/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;\"><strong>Factors that could, individually or collectively, lead to an improvement in the rating and\/ or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Improvements in the macroeconomic environment of Jamaica resulting in sustained higher levels of economic growth, i.e., real GDP growth of 2% &#8211; 3% sustained over the next 12 \u2013 15 months, or significantly lower debt levels i.e., a debt to GDP ratio of below 75% by June 2023<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>Factors that could, individually or collectively, lead to a lowering of the rating and\/ or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Restructuring of the sovereign (GoJ) debt profile leading to a haircut in the principal of government bonds or a more than 30% reduction in the value of these bonds, thereby adversely impacting SLJ\u2019s concentrated long term annuity business<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Deterioration in the financial performance and profitability of SLJ, with a greater than 10% fall in premium income.<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>COMPANY BACKGROUND<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Sagicor Life Jamaica Limited (SLJ or the Company), a member of the Sagicor Group of Companies, commenced operations in 1970 as the first Jamaican-owned life insurance company. In 2013, a holding company, Sagicor Group Jamaica Limited (SGJ) was established, and this entity owns 100% of SLJ. Sagicor Life Incorporated (SLI) is the majority shareholder of SGJ and the principal operating subsidiary of Sagicor Financial Company Limited (SFC)<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a>, which itself owns 49.11% of SGJ. SLJ is considered the main operating subsidiary of SGJ. Following the reorganisation of the Jamaican operations, SLJ was delisted from the Jamaica Stock Exchange and replaced by SGJ.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">The Company markets an extensive range of long-term and equity-linked Individual Life insurance products, Group Life, Group Health, Personal Accident plans and Group Pension plans. Some of the Company\u2019s other services include residential and commercial mortgages, annuities, real estate development and management, investment management and lease financing.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Analytical Contacts:<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Megan Dass<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <\/em><em><a href=\"mailto:mdass@caricris.com\">mdass@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Keith Hamlet<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Cell: 1-868-487-8356<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <\/em><em><a href=\"mailto:khamlet@caricris.com\">khamlet@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 position in the Jamaica insurance industry and a strong distribution network support a consistent and healthy financial performance Overall financial stability supported by continued healthy profitability Strong capitalisation level, in excess of regulatory requirement Constraining Factors Interest rate environment can challenge SLJ\u2019s Asset Liability Management (ALM) position although rates [&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-2702","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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