03/28/2024 | Press release | Distributed by Public on 03/28/2024 20:28
Toronto and Barbados (March 28, 2024) - Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in the Caribbean and Canada, with a growing presence in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2023. All figures are in US$ unless otherwise stated.
"2023 was a monumental year for Sagicor. Our team worked tirelessly to complete the conversion to IFRS 17, bring ivari into our corporate structure, and regain our investment grade status while driving forward on other initiatives that will drive value in the years to come. I would like to express my gratitude and congratulations to all of our Sagicor team members for a fabulous year."
Mr. Mousseau continued, "We are pleased to set forth our more precise guidance for 2024 of $90 million to $105 million of core net income to shareholders(1). This is consistent with our prior guidance. The targeted 2024 ROE of approximately 10% is lower than previous guidance due to higher than projected book value at the end of 2023. This additional capital will give us flexibility to drive profitable growth in years to come.
"We are also pleased to announce an increase in our dividend to US$0.06 per quarter. We will continue to balance our meaningful growth opportunities with return of capital to our shareholders through this increasing dividend stream, as well as share buybacks through our normal course issuer bid program. Our new targeted dividend payout(1) guidance will give us a framework to examine possible further dividend increases in the future."
[1]Represents a non-IFRS measure. See the Non-IFRS Measures section in this document and in our MD&A for relevant information about such measures.
[2]Excludes contracts acquired on October 3, 2023, as a result of the ivari acquisition.