Sagicor Group Jamaica Limited (SJ)
Unaudited Interim Financials for the Nine Months Ended September 30, 2026

Sagicor Group Jamaica Limited (SJ), for the nine months ended September 30, 2026, reported a 6% increase in Insurance Revenue to J$46.97 billion, compared to J$44.24 billion recorded in the corresponding period in 2025, supported by continued growth across the Group Health and Life portfolios as well as new business sales. For the third quarter, Insurance Revenue amounted to J$16.15 billion (Q3 2025: J$14.80 billion), a 9% increase year-over-year.

Insurance Service Expenses rose sharply, however, climbing 35% to J$43.35 billion for the nine months (9M 2025: J$32.01 billion), driven principally by elevated claims provisioning tied to a Hurricane Melissa-related claim and continued pressure in the Group Health and Creditor Life portfolios.

Net expenses from reinsurance contracts held swung to a net recovery of J$3.62 billion for the nine months (9M 2025: a net expense of J$3.01 billion), a partial offset.

Consequently, the Insurance Service Result fell 21% to J$7.24 billion for the nine months (9M 2025: J$9.22 billion), and 6% for the quarter to J$2.92 billion (Q3 2025: J$3.09 billion).

Net Investment Income for the nine months amounted to J$22.91 billion, a 21% decrease relative to J$29.19 billion in 9M 2025, as the prior year benefited from higher realised and unrealised capital gains; unrealised capital gains of J$6.77 billion in 9M 2025 swung to an unrealised loss of J$1.42 billion in the current period. Net Interest Income, however, grew 11% to J$23.87 billion (9M 2025: J$21.50 billion), reflecting higher yields on the Group’s investment portfolio.

Fees and Other Revenue rose 4% to J$15.69 billion (9M 2025: J$15.05 billion), driven by stronger performance from the Commercial Banking segment.

Other Operating Expenses increased 16% to J$28.15 billion (9M 2025: J$24.35 billion).

Profit Before Taxation for the nine months ended September 30, 2026 closed at J$11.40 billion, a 36% decrease relative to J$17.72 billion in 9M 2025. For the third quarter, Profit Before Taxation amounted to J$4.32 billion (Q3 2025: J$6.15 billion), a 30% decline, reflecting the combined impact of elevated claims costs, higher onerosity, adverse market experience, and the non-recurrence of one-off gains that benefited the prior period.

The Group reported an Income Tax charge of J$3.22 billion (9M 2025: J$4.32 billion), resulting in Net Income of J$8.17 billion for the nine-month period, a 39% decrease relative to J$13.40 billion in 9M 2025.

Stockholders’ Profit amounted to J$8.32 billion, a 37% decrease relative to J$13.22 billion in 9M 2025. Net Profit attributable to stockholders for the third quarter amounted to J$3.46 billion (Q3 2025: J$4.49 billion), a 23% decrease.

Consequently, Earnings Per Share for the nine months amounted to J$2.13 (9M 2025: J$3.39), while Earnings Per Share for the third quarter totalled J$0.89 (Q3 2025: J$1.15). The twelve-month trailing EPS was approximately J$2.90, and the number of shares used in these calculations was 3,905,634,916.

By segment, Long-Term Insurance delivered net profit of J$6.29 billion (9M 2025: J$7.86 billion), a 20% decrease, impacted by higher onerosity and adverse market experience, though supported by CSM releases of J$5.10 billion (9M 2025: J$4.72 billion), an 8% increase, and new business CSM generation of J$6.05 billion (9M 2025: J$5.68 billion), up 7%. Short-Term Insurance reported net profit of J$0.84 billion (9M 2025: J$2.28 billion), a 63% decline, as higher insurance expenses tied to a Hurricane Melissa-related claim offset modest revenue growth, and as the prior year had benefited from Incurred But Not Reported (IBNR) reserve releases. Commercial Banking delivered net profit of J$3.30 billion (9M 2025: J$2.94 billion), a 12% increase, supported by higher net investment income and growth in fee and other revenue, alongside loan portfolio growth of J$32.95 billion in new loans. Investment Banking recorded net profit of J$1.14 billion (9M 2025: J$1.35 billion), down 16%, reflecting lower net capital gains despite a 3% increase in net investment income.

Notably, SJ’s stock price closed today, November 11, 2026, at J$41.60, with a corresponding trailing twelve-month P/E ratio of approximately 14.35x.

Balance Sheet Highlights

Total Assets of Sagicor Group Jamaica grew 9% to J$733.25 billion as at September 30, 2026, compared to J$675.20 billion as at September 30, 2025, and J$703.60 billion at December 31, 2025. The growth since year-end was mainly attributable to increases in cash resources and financial investments of J$11.17 billion and J$11.79 billion, respectively, funded primarily by an J$18.07 billion increase in deposit and security liabilities.

Total Stockholders’ Equity increased 3% to J$115.55 billion as at September 30, 2026, compared to J$112.70 billion as at September 30, 2025, reflecting dividends of J$5.82 billion declared in the first and third quarters, representing a book value per share of J$29.59 (2025: J$28.86). Cash and cash equivalents stood at J$57.94 billion (2025: J$63.74 billion), with regulatory capital requirements continuing to be exceeded by all operating entities.

Management noted the quarter was shaped by the continuing effects of Hurricane Melissa, rising inflation, and higher interest rates, with the Board citing the Group’s solid balance sheet and diverse revenue base as supportive of long-term value creation despite near-term profitability pressure concentrated in the insurance businesses.