(CMR) Sagicor Group Jamaica recently received regulatory approval to start operations in the Cayman Islands, on the heels of historic quarterly earnings of more than $8 billion, the Jamaica Gleaner has reported.
The company said: “Our Cayman investment company finally got its license this year and is ramping up. We are building out an office, which we are required to do, and we are building the structure around launching new products to the international market through that venture.”
According to the Gleaner business report, in 2019, Sagicor announced that it would spend US$20 million to set up investment services in the Cayman Islands as a platform to enter the region. Sagicor Investments said it planned to offer investment banking, along with wealth and asset management services.
The Cayman expansion is being done through the investment and wealth subsidiary Sagicor Investments Jamaica Limited. Sagicor Group, whose flagship business is life insurance, already registers revenue from the Cayman Islands, the Gleaner reported.
Over nine months, January to September 2021, the group earned $73.15 billion in revenue, of which $43.29 billion came from Jamaica, $26.82 billion came from the Cayman Islands and $3.03 billion from the United States. A year earlier, group revenue totaled $60.19 billion, of which $54.78 billion came from Jamaica, $3.56 billion from the Cayman Islands, and $1.85 billion from the US.
Sagicor Group produced an outstanding profit in the third quarter, July to September, which doubled year-on-year from $4.2 billion to $8.2 billion. Over nine months, Sagicor Group’s profit amounted to $13.5 billion, putting it on track for another record year of profit at the close of its fiscal period in December.
The group’s historic performance comes despite death claims under the COVID-19 pandemic. Alongside the growth in earnings, Sagicor Group has also got more prominent, with assets that have now risen above half-trillion dollars and a book value that has climbed to $114 billion.