August 13, 2026
Sagicor Group Jamaica Limited (SJ)
Unaudited Interim Financials for the Six Months Ended June 30, 2026
Sagicor Group Jamaica Limited (SJ), for the six months ended June 30, 2026, reported a 5% increase in Insurance Revenue to J$30.81 billion, compared to J$29.43 billion recorded in the corresponding period in 2025, supported by continued growth across the Group Health and Life portfolios. For the second quarter, Insurance Revenue amounted to J$15.61 billion (Q2 2025: J$15.13 billion), a 3% increase year-over-year. Insurance Service Expenses rose sharply, however, climbing 43% to J$30.78 billion for the six months (H1 2025: J$21.52 billion), driven principally by elevated claims provisioning related to Hurricane Melissa. Consequently, the Insurance Service Result fell 29% to J$4.32 billion for the six months (H1 2025: J$6.12 billion), and 25% for the quarter to J$2.66 billion (Q2 2025: J$3.53 billion).
Net Investment Income for the six months amounted to J$16.67 billion, a 13% decrease relative to J$19.15 billion in H1 2025, as the prior year benefited from higher realised and unrealised capital gains. Net Interest Income, however, grew 14% to J$15.85 billion (H1 2025: J$13.89 billion), reflecting higher yields on the Group’s investment portfolio. Fees and Other Revenue rose 4% to J$10.41 billion (H1 2025: J$9.97 billion), driven by stronger performance from the Commercial Banking segment. Other Operating Expenses increased 15% to J$18.70 billion (H1 2025: J$16.27 billion).
Profit Before Taxation for the six months ended June 30, 2026 closed at J$7.07 billion, a 39% decrease relative to J$11.57 billion in H1 2025. For the second quarter, Profit Before Taxation amounted to J$4.20 billion (Q2 2025: J$6.23 billion), a 32% 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$2.28 billion (H1 2025: J$2.74 billion), resulting in Net Income of J$4.79 billion for the six-month period, a 46% decrease relative to J$8.83 billion in H1 2025.
Stockholders’ Profit amounted to J$4.87 billion, a 44% decrease relative to J$8.73 billion in H1 2025. Net Profit attributable to stockholders for the second quarter amounted to J$2.85 billion (Q2 2025: J$4.76 billion), a 40% decrease.
Consequently, Earnings Per Share for the six months amounted to J$1.25 (H1 2025: J$2.24), while Earnings Per Share for the second quarter totalled J$0.73 (Q2 2025: J$1.22). The twelve-month trailing EPS was $3.16, and the number of shares used in these calculations was 3,905,634,916.
By segment, Long-Term Insurance delivered net profit of J$3.66 billion (H1 2025: J$5.45 billion), impacted by higher onerosity and adverse market experience, though supported by CSM releases of J$3.30 billion (H1 2025: J$3.09 billion) and new business CSM generation of J$3.89 billion (H1 2025: J$3.55 billion). Short-Term Insurance reported net profit of J$0.66 billion (H1 2025: J$1.65 billion), as higher insurance expenses tied to Hurricane Melissa-related claims offset modest revenue growth. Commercial Banking delivered net profit of J$2.26 billion (H1 2025: J$1.64 billion), a 38% increase, driven by higher net investment income and a significant reduction in credit impairment losses. Investment Banking recorded net profit of J$0.58 billion (H1 2025: J$0.96 billion), reflecting lower realised capital gains.
Notably, SJ’s stock price closed on August 12, 2026, at J$41.14, with a corresponding P/E ratio of 13x.
Balance Sheet Highlights
Total Assets of Sagicor Group Jamaica grew 11% to J$724.87 billion as at June 30, 2026, compared to J$652.70 billion as at June 30, 2025, and J$703.60 billion at December 31, 2025. The growth was mainly attributable to increases in cash resources and financial investments of J$9.33 billion and J$10.32 billion, respectively, since December 2025.
Total Stockholders’ Equity increased 6% to J$116.81 billion as at June 30, 2026, compared to J$110.28 billion as at June 30, 2025 , representing a book value per share of J$29.91 (2025: J$28.24).
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