DOCSLIB.ORG

SFCL Annual Report 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Our Vision Our Values Our Brand Sagicor’s vision is We strongly believe To be loved by our “To be a great in Sagicor’s values Team Members and company committed of being a Timeless, Clients, to improving the Borderless, and and be admired by lives of the people Colourless entity. our Competitors. in the communities in which we operate.” Table of Contents 4 Sagicor 180 Years 30 Corporate & Social Responsibility Human Capital Report 8 Financial Highlights Innovation & Technology 11 Chairman’s Review 60 Management Discussion and Analysis 13 Group President & Chief Executive Officer’s Message 140 Index to the Consolidated 16 Board of Directors Financial Statements 24 Executive Management 318 Shareholder Information 27 Group Organisational Chart Sagicor Financial Company Ltd | 2019 Annual Report 1 SAGICOR 180 2 Sagicor Financial Company Ltd | 2019 Annual Report 1 2 3 180 Years In 1840, a group of forward thinking Barbadians came together and created Sagicor’s legacy company, the Barbados Mutual, but little did they know that they were setting the solid foundation of an indigenous company that would 4 5 transform the insurance landscape of the Caribbean some 180 years later. However, they knew that they wanted to be relevant to the needs of the people in their community, and this proactive value has remained at the very heart of the company, prudently guiding it through decades of growth and development across the Caribbean. 6 7 9 8 1. Sagicor’s newly built office in St John’s, Antigua. 2. The first General Manager of the Barbados Mutual Life Assurance Society, Mr J. V. C. Bellamy. 3. Choc Estate office in Castries, St Lucia opens for business. 4. The Mutual’s Head Office Management and Team in Collymore Rock, Barbados, in 1989. 5. The Mutual’s Secretary, Major A.S. Warren, 10 11 outside the vault and archives. 6. Staff members of the Mutual during the 1950’s. 7. On March 8, 1988, the Kingsland Housing Project was launched, marking a major joint venture/development between the Mutual and Ideal Homes in Barbados. 8. Constructed in 1895 the iconic Mutual Building, Lower Broad Street, Bridgetown, Barbados was later the home to Barclays Bank. Here colourfully lit for the 1964 holiday season. 9. The office of De Caires Bros Ltd, Agents for the Barbados Mutual in Guyana circa 1950. 10. Mr Howard Gill (1810-1877) purchased the Mutual’s first policy for a sum assured of $10,000 for a premium of $312. 12 13 11. The new Mutual Centre in 1989, headquarters to the Trinidad and Tobago operations. 12. The ground breaking ceremony for a Mutual development in Antigua. 13. The Mutual Board of Directors at the Collymore Rock Board room in 1996. 14. Members of the Mutual Team gathered for this group photo in 1975. 14 14 1 2 3 Sagicor Today Well-positioned in the markets we serve, Sagicor is a strong company, operating in 20 countries, dedicated and committed to more than 4500 team members, our clients and the communities we serve. We continue the journey we began 180 years ago, 5 6 touching lives and moving forward in a spirit consistent with the values we hold dear. As we advance, creating even more significant milestones, we do so with the knowledge that our best moments will always be the ones that have made meaningful and relevant differences in people’s lives. 4 7 8 1. Sagicor Brand and Culture Week 2019 was a tremendous success, with many team members seen sporting new “#IAMSAGICOR” tattoos. 2. The Barbados Headquarters in Wildey, St Michael, Barbados. 3. June and July 2019 were busy months for young tennis enthusiasts in Trinidad and Tobago as Sagicor sponsored its 17th annual Junior Lawn Tennis tournament for beginner and intermediate players. 9 10 4. Sagicor’s Mobile Wellness Clinics offer convenient access to quality medical care, including blood pressure testing in Jamaica. 5. The R. Danny Williams building in Kingston, Jamaica, is the headquarters for Sagicor’s operations in that country. 6. Sagicor team members join together to show affection towards the company during a special Valentine’s Day engagement activity. 7. The Sagicor Foundation’s scholarship programme provided financial support to several secondary and tertiary students. 8. Barbados Community College, Origin Active Lifestyles and the Barbados Government sign a Memorandum of Understanding to develop 11 12 a new curriculum focusing on the care of the elderly to be taught in the College’s Division of Health Sciences. 9. Team members in the USA man the telephones during a fundraising drive for the Phoenix Children’s Hospital in Arizona. 10. Team Sagicor shares the love On Valentine’s Day at the Sky Mall Shopping Plaza, Barbados. 11. The headquarters of Sagicor USA is located in Tampa Florida, at 4010 W. Boy Scout Boulevard. 12. Sagicor Team members join with supporters of all ages during the warmup session preceding the 2019 Gynathon Run/Walk which raised both funds and awareness of below-the-belt cancers. 14 13. Sagicor’s nurse conducts a biometric assessment with a runner at the Barbados Defence Force’s “Have a Heart” charity run. 14. A Team member volunteers for the Adopt-A- School programme in Jamaica and helps to positively shape young lives. 15. Sagicor ‘painted towns pink’ across the Southern Caribbean, also using speed bumps and signage to remind the public of the importance of getting their breasts checked. 16. Sagicor appreciates its customers! One happy client shows off her goodie bag during a customer appreciation event. 13 15 16 FINANCIAL HIGHLIGHTS Amounts in US $ millions unless otherwise stated SHAREHOLDER RETURNS NET INCOME 1 COMMON DIVIDENDS BOOK VALUE PER SHARE 3 (Amounts in US ¢) 56 60 62 37 872 12 14 15 15 15 723 766 883 850 781 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 1 from continuing operations 2 before Alignvest Acquisition II Corporation transaction costs 2015 2016 2017 2018 2019 2 3 under the Alignvest transaction, Sagicor Financial Corporation Limited common shares not purchased for cash, were exchanged for common shares of Sagicor Financial Company Ltd on an exchange ratio of one Basic earnings per share 3 78.8¢ 84.4¢ 88.7¢ 51.7¢ 57.5¢ Sagicor Financial Company Ltd. common share for 4.328 of Sagicor Financial Corporation Limited common shares (“Exchange Ratio”). This exchange ratio has been used to convert the 2018 and prior years outstanding shares to the Sagicor Financial Company Ltd equivalent. Return on shareholder’s equity 1, 2 11.7% 12.3% 11.3% 6.2% 10.5% GROUP FINANCIAL POSITION ASSETS 1 OPERATING LIABILITIES EQUITY & DEBT CAPITAL (TOTAL CAPITAL) 6,400 6,532 6,805 7,308 8,729 5,139 5,341 5,464 5,700 6,461 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 1,215 1,190 1,352 1,622 2,266 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Debt to Capital 39.2% 33.2% 30.5% 30.2% 22.8% 1 from continuing operations MCCSR 301% 249% 258% 234% 253% 8 Sagicor Financial Company Ltd | 2019 Annual Report FINANCIAL HIGHLIGHTS Amounts in US $ millions unless otherwise stated GROUP RESULTS 1 NET INCOME 1 REVENUE BENEFITS 553 560 659 765 1,117 98 108 106 96 147 1,105 1,134 1,219 1,386 1,867 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 1 from continuing operations (before Alignvest Acquisition II Corporation transaction costs) SEGMENT RESULTS SAGICOR LIFE INC - NET INCOME 1 SAGICOR GROUP JAMAICA - NET INCOME 1 SAGICOR USA - NET INCOME 1 71 65 64 47 59 79 90 95 111 124 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 7 10 13 18 35 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Revenue 471 411 421 340 533 Revenue 511 524 590 586 735 Revenue 78 149 159 421 562 Assets 1,904 1,928 1,953 2,008 2,116 Assets 2,513 2,674 2,836 3,104 3,482 Assets 1,783 1,901 1,982 2,293 2,842 1 from continuing operations Sagicor Financial Company Ltd | 2019 Annual Report 9 Timothy Hodgson Sagicor Group Chairman SAGICOR GROUP CHAIRMAN’S REVIEW Dear Shareholders Richard P. Young who retired on December 6, 2019, and Mr. Monish Dutt and Mr. Rik Parkhill, who will retire on June 15, 2020 for their very capable service As we review the events of 2019, we do so with the confidence and knowledge that and invaluable contributions to the former Board. I expect Sagicor to benefit a carefully crafted strategic initiative came to fruition. This initiative, the Sagicor tremendously from the composition of the new board being a mix of continuing Alignvest Transaction (the “Transaction”), was completed in December 2019, marking directors with depth of historical insight and new directors that help expand our one of our most significant milestones in the illustrious history of our company. capital and skillset. Underlying our active dialogue will be an assurance that the Sagicor has now entered a new era as an indigenously led, pan-Caribbean public Caribbean focus of Sagicor is well-maintained and supported. company listed on the Toronto Stock Exchange. As we continue our journey, I am honoured to serve as Chair of one of the oldest The Transaction was quite an accomplishment and I take this opportunity to thank and most successful insurers in the Americas. Much can be respectfully said about past and present Shareholders, who showed their confidence in our company, Sagicor’s 180-year history.
Recommended publications
  • The BBC's Use of Spectrum

    The BBC's Use of Spectrum

    The BBC’s Efficient and Effective use of Spectrum Review by Deloitte & Touche LLP commissioned by the BBC Trust’s Finance and Strategy Committee BBC’s Trust Response to the Deloitte & Touche LLPValue for Money study It is the responsibility of the BBC Trust,under the As the report acknowledges the BBC’s focus since Royal Charter,to ensure that Value for Money is the launch of Freeview on maximising the reach achieved by the BBC through its spending of the of the service, the robustness of the signal and licence fee. the picture quality has supported the development In order to fulfil this responsibility,the Trust and success of the digital terrestrial television commissions and publishes a series of independent (DTT) platform. Freeview is now established as the Value for Money reviews each year after discussing most popular digital TV platform. its programme with the Comptroller and Auditor This has led to increased demand for capacity General – the head of the National Audit Office as the BBC and other broadcasters develop (NAO).The reviews are undertaken by the NAO aspirations for new services such as high definition or other external agencies. television. Since capacity on the platform is finite, This study,commissioned by the Trust’s Finance the opportunity costs of spectrum use are high. and Strategy Committee on behalf of the Trust and The BBC must now change its focus from building undertaken by Deloitte & Touche LLP (“Deloitte”), the DTT platform to ensuring that it uses its looks at how efficiently and effectively the BBC spectrum capacity as efficiently as possible and uses the spectrum available to it, and provides provides maximum Value for Money to licence insight into the future challenges and opportunities payers.The BBC Executive affirms this position facing the BBC in the use of the spectrum.
  • February 1, 2018 MASSACHUSETTS PRIVATE PASSENGER RESIDUAL MARKET AUTOMOBILE INSURANCE MANUAL

    February 1, 2018 MASSACHUSETTS PRIVATE PASSENGER RESIDUAL MARKET AUTOMOBILE INSURANCE MANUAL

    MASSACHUSETTS PRIVATE PASSENGER RESIDUAL MARKET AUTOMOBILE INSURANCE MANUAL SECTION I - GENERAL RULES RULE 1. ELIGIBILITY All individually owned vehicles registered under the Massachusetts Compulsory Motor Vehicle Law that are eligible for private passenger motor vehicle insurance under the rules of the Massachusetts Automobile Insurance Plan (MAIP) may be rated in accordance with this manual and written on the Massachusetts Automobile Insurance Policy. RULE 2. COVERAGES AND LIMITS The types of coverages available in the CAR Massachusetts Automobile Insurance Policy are: Compulsory Insurance Coverages Part 1 - Bodily Injury to Others The basic limits are $20,000 each person and $40,000 each accident. Part 2 - Personal Injury Protection The basic limit is $8,000 for each person. Refer to Rule 30 for available deductibles. Part 3 - Bodily Injury Caused By an Uninsured Auto The basic limits are $20,000 each person and $40,000 each accident. Increased limits are available. The limits may not exceed the limits of Part 5, or if Part 5 is not purchased, Part 1 of this policy. This coverage is excess over Personal Injury Protection. Part 4 - Damage to Someone Else’s Property The basic limit is $5,000 each accident. Increased limits are available. Optional Insurance Coverages Part 5 - Optional Bodily Injury to Others The basic limits are $20,000 each person and $40,000 each accident. Increased limits are available. Part 6 - Medical Payments The basic limit is $5,000 each person. Higher limits are available for all motor vehicles rated in this manual. Motorcycle limits are available from $500 to $25,000. This coverage is excess over Personal Injury Protection.
  • 786-1 Credit for Reinsurance Model Regulation

    786-1 Credit for Reinsurance Model Regulation

    NAIC Model Laws, Regulations, Guidelines and Other Resources—Summer 2019 CREDIT FOR REINSURANCE MODEL REGULATION Table of Contents Section 1. Authority Section 2. Purpose Section 3. Severability Section 4. Credit for Reinsurance—Reinsurer Licensed in this State Section 5. Credit for Reinsurance—Accredited Reinsurers Section 6. Credit for Reinsurance—Reinsurer Domiciled in Another State Section 7. Credit for Reinsurance—Reinsurers Maintaining Trust Funds Section 8. Credit for Reinsurance––Certified Reinsurers Section 9. Credit for Reinsurance—Reciprocal Jurisdictions Section 10. Credit for Reinsurance Required by Law Section 11. Asset or Reduction from Liability for Reinsurance Ceded to Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 4 Through 10 Section 12. Trust Agreements Qualified Under Section 11 Section 13. Letters of Credit Qualified Under Section 11 Section 14. Other Security Section 15. Reinsurance Contract Section 16. Contracts Affected Form AR-1 Certificate of Assuming Insurer Form CR-1 Certificate of Certified Reinsurer Form RJ-1 Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction Form CR-F Form CR-S Section 1. Authority This regulation is promulgated pursuant to the authority granted by Sections [insert applicable section number] and [insert applicable section number] of the Insurance Code. Section 2. Purpose The purpose of this regulation is to set forth rules and procedural requirements that the commissioner deems necessary to carry out the provisions of the [cite state law equivalent to the Credit for Reinsurance Model Law (#785)] (the Act). The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state.
  • Credit for Reinsurance Model Regulation

    Credit for Reinsurance Model Regulation

    Model Regulation Service—January 1997 CREDIT FOR REINSURANCE MODEL REGULATION Table of Contents Section 1. Authority Section 2. Purpose Section 3. Severability Section 4. Credit for Reinsurance—Reinsurer Licensed in this State Section 5. Credit for Reinsurance—Accredited Reinsurers Section 6. Credit for Reinsurance—Reinsurer Domiciled and Licensed in Another State Section 7. Credit for Reinsurance—Reinsurers Maintaining Trust Funds Section 8. Credit for Reinsurance Required by Law Section 9. Asset or Reduction from Liability for Reinsurance Ceded to Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 4 Through 8 Section 10. Trust Agreements Qualified Under Section 9 Section 11. Letters of Credit Qualified Under Section 9 Section 12. Other Security Section 13. Reinsurance Contract Section 14. Contracts Affected Form AR-1 Certificate of Assuming Insurer Section 1. Authority This regulation is promulgated pursuant to the authority granted by Sections [insert applicable section number] and [insert applicable section number] of the Insurance Code. Section 2. Purpose The purpose of this regulation is to set forth rules and procedural requirements that the commissioner deems necessary to carry out the provisions of the [cite state law equivalent to the Credit for Reinsurance Model Law] (the Act). The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state. Section 3. Severability If any provision of this regulation, or the application of the provision to any person or circumstance, is held invalid, the remainder of the regulation, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected.
  • Stronger Together

    Stronger Together

    Stronger Together 2020 ANNUAL REPORT Stronger Together | 2020 Annual Report OUR VISION To be a great company committed to improving the lives of people in the communities in which we operate. 1 TABLE OF CONTENTS FINANCIAL HIGHLIGHTS 2 SAGICOR GROUP CHAIRMAN’S REVIEW 5 SAGICOR GROUP PRESIDENT & CHIEF EXECUTIVE OFFICER’S MESSAGE 7 BOARD OF DIRECTORS 10 EXECUTIVE MANAGEMENT 16 GROUP ORGANISATIONAL CHART 22 CORPORATE & SOCIAL RESPONSIBILITY 24 HUMAN CAPITAL REPORT 39 INNOVATION & TECHNOLOGY 45 MANAGEMENT DISCUSSION & ANALYSIS 46 INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS 130 SHAREHOLDER INFORMATION 308 OFFICES 310 2 FINANCIAL HIGHLIGHTS SHAREHOLDERS’ RETURNS NET INCOME 1 COMMON DIVIDENDS BOOK VALUE PER SHARE3 7.59 7.81 8.50 8.83 7.66 (4) 87 37 62 60 33 15 15 15 14 2020 20192 2018 2017 2016 2020 20192 2018 2017 2016 2020 2019 2018 2017 2016 1 from continuing operations 2 2020 2019 2018 2017 2016 2 before Alignvest Acquisition II Corporation transaction costs 3 3 Basic earnings per share (2.4¢) 57.5¢ 51.7¢ 88.7¢ 84.4 under the Alignvest transaction, Sagicor Financial Corporation Limited common shares not purchased for cash, were exchanged for common shares of Sagicor Financial Company Ltd on an exchange 1,2 ratio of one Sagicor Financial Company Ltd. common share for 4.328 of Sagicor Financial Corporation Limited common shares (“Exchange Ratio”). This exchange ratio has been used to convert the 2018 Return on shareholder’s equity (0.3%) 10.50% 6.20% 11.30% 12.30 and prior years outstanding shares to the Sagicor Financial Company Ltd equivalent.
  • Addressing the Protection Gap for Pandemic Risk: Finding a Way Forward

    Addressing the Protection Gap for Pandemic Risk: Finding a Way Forward

    ADDRESSING THE PROTECTION GAP FOR PANDEMIC RISK: FINDING A WAY FORWARD In collaboration with: Please cite this publication as: OECD (2021), Addressing the Protection Gap for Pandemic Risk: Finding a Way Forward, https://www.oecd.org/finance/insurance/addressing-protection-gap-pandemic-risk.htm This document is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries.This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries, and to the name of any territory, city, or area. © OECD 2021 | 1 KEY TAKEAWAYS • The necessary public health measures to contain the spread of COVID-19 have had devastating impacts for many businesses around the world that have been forced to curtail their activities and/or adapt to changing consumer preferences. • The magnitude of simultaneous losses around the globe and the complexity of predicting government containment decisions and changes in consumer behaviour make this risk impossible for the insurance and reinsurance sector to assume alone. As a result, insurers and reinsurers are ensuring that exclusions of pandemic risk are unambiguous in future contracts across several lines of business with implications for the recovery of many sectors that depend on such coverage. • (Re)insurers and brokers around the world have developed pandemic insurance frameworks and are engaging in discussions about the structure of a potential public-private partnership program for future events. The proposals rely on significant government support, but acknowledge a role for the insurance sector and insurance buyers.
  • US/EU/En 1 BILATERAL AGREEMENT BETWEEN

    US/EU/En 1 BILATERAL AGREEMENT BETWEEN

    BILATERAL AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE EUROPEAN UNION ON PRUDENTIAL MEASURES REGARDING INSURANCE AND REINSURANCE US/EU/en 1 Preamble The United States of America (United States or U.S.) and the European Union (EU), Parties to this Agreement, Sharing the goal of protecting insurance and reinsurance policyholders and other consumers, while respecting each Party’s system for insurance and reinsurance supervision and regulation; Affirming that for the United States, prudential measures applicable in the European Union, together with the requirements and undertakings provided for in this Agreement, achieve a level of protection for policyholders and other consumers with respect to reinsurance cessions and group supervision consistent with the requirements of the Federal Insurance Office Act of 2010; Acknowledging the growing need for co-operation between EU and U.S. supervisory authorities including the exchange of confidential information, given the increased globalisation of insurance and reinsurance markets; Taking into account that practical arrangements concerning cross-border cooperation are essential for supervision of insurers and reinsurers both during times of stability and during times of crisis; Taking into account information exchanged on each Party’s regulatory frameworks and after careful consideration of these frameworks; Noting the benefits of enhancing regulatory certainty in the application of insurance and reinsurance regulatory frameworks for insurers and reinsurers operating in the territory
  • Digital One’S Response to the Ofcom Consultation “Future Pricing of Spectrum Used for Terrestrial Broadcasting”

    Digital One’S Response to the Ofcom Consultation “Future Pricing of Spectrum Used for Terrestrial Broadcasting”

    Digital One’s Response to the Ofcom Consultation “Future pricing of spectrum used for terrestrial broadcasting” 1. Digital One operates the UK’s only national commercial DAB digital radio multiplex. Its shareholders are GCap Media (63%) and Arqiva (37%). Digital One’s transmission network (which is operated by Arqiva) is the world’s biggest DAB digital radio network with coverage well in excess of 85% of the British population. Digital One’s multiplex broadcasts: - the three INRs (Classic FM, Virgin Radio and talkSPORT); - four digital-only national stations (Capital Life, Core, Oneword and Planet Rock) with a further station being launched in the next few months; - TV channels and an Electronic Programme Guide broadcast as part of BT Movio. Digital One is a leading stakeholder in the UK’s Digital Radio Development Bureau and the WorldDAB Forum (which is responsible for the DAB digital radio standard and works to coordinate the international roll-out of Eureka 147 based technologies). 2. Digital One is licensed under the 1996 Broadcasting Act, and has licence obligations which help deliver public policy benefits. These limit Digital One’s ability to use the spectrum it has been allocated in the most efficient manner (in economic terms). For example: - the obligation to operate a transmitter network which delivers high population coverage; - the obligation (at the direction of the Secretary of State for the Department of Culture, Media and Sport) to carry the three INRs and to offer each INR an amount of capacity dictated by the regulator;
  • Delivering Value to the Insurance and Reinsurance Industry

    Delivering Value to the Insurance and Reinsurance Industry

    Delivering value to the insurance and reinsurance industry Audit and assurance, advisory, actuarial and tax services www.pwc.com/bermudainsurance Contents PwC – The leading provider of services to the insurance and reinsurance industry 4 PwC market focus – Our firm in your sector 5 PwC industry focus – insurance and reinsurance 6 PwC’s commitment to the business community 7 Audit and assurance 8 Advisory 10 Business recovery and insolvency services 12 Tax 13 Actuarial 14 Executive search and selection services & human capital consulting 15 People 16 Global Insurance Leadership Team 18 Creating value with our clients through strong and enduring relationships. We are privileged to be the leading professional services firm and the market leader in the insurance and reinsurance sector both in Bermuda, and globally. We take this position very seriously. Our dedicated team of industry specialists is proud to deliver lasting value to our clients, markets, and our business community. This overview of our insurance and reinsurance capabilities demonstrates our strength in your industry. We look forward to exploring further with you the value our firm can and will deliver. Arthur Wightman Insurance Leader ( +1 (441) 299-7127 * arthur.wightman @bm.pwc.com Delivering value to the insurance and reinsurance industry 3 PwC as these, specialised, timely upon an international, multi- business advice from skilled disciplinary network of PwC - The leading professionals has never been insurance and reinsurance more crucial – or hard to find. accounting, assurance, tax provider of services and advisory professionals to PwC in Bermuda, as well bring a global industry scope to the insurance and as globally, is the market and experience as well as leader in the insurance and comprehensive knowledge reinsurance industry reinsurance sector – no one of Bermuda issues and serves more insurance and regulations.
  • Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company)

    Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company)

    SAUDI RE FOR COOPERATIVE REINSURANCE COMPANY (A SAUDI JOINT STOCK COMPANY) UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED 30 JUNE 2020 Public Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company) UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT For the three month And six month periods ended 30 June 2020 INDEX PAGES INDEPENDENT AUDITORS’ REVIEW REPORT INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION 1 INTERIM CONDENSED STATEMENT OF INCOME 2 INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME 3 INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY 4 INTERIM CONDENSED STATEMENT OF CASH FLOWS 5 NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 6 - 40 Public Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company) NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (UNAUDITED) For the three month and six month periods ended 30 June 2020 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Saudi Re for Cooperative Reinsurance Company (the “Company”) is a Saudi Joint Stock Company registered in the Kingdom of Saudi Arabia under commercial registration number 1010250125 dated 12 Jumada Al-Awal 1429H (corresponding to 17 May 2008) with a branch in the Federal Territory of Labuan, Malaysia with license number IS2014146. The address of the Company’s registered office is at 4130 Northern Ring Road Al Wadi, Unit number 1, Riyadh 13313-6684, Kingdom of Saudi Arabia. The objective
  • Classic FM Relocates

    Classic FM Relocates

    Classic FM Relocates Lawrie Hallett MIBS reports on Classic FM’s move last year to GCAP’s London Radio Centre. Classic FM’s production studio at Leicester Square n 9 May 2006 the UK’s two largest only when this rival group was unable to June/July 1999 edition of Line Up.) commercial radio companies – the raise the considerable pre-launch capital Classic FM enhanced its presence on O Capital Radio Group and the GWR needed for its proposed service that the FM (it now has 42 transmitters across the Group – completed their merger to form contract was awarded instead to Classic FM country) as well as raising its profile GCap Media plc. Soon after its formation, as the runner-up in the contest. through involvement in the ‘Digital 1’ and doubtless recognising the potential cost Once it had the green-light, Classic FM national DAB multiplex. It has also savings and operational synergies which wasted little time in getting on-air in 1993, broadcast via the Sky satellite TV system should arise, it was decided to consolidate and its transmitter network quickly since 1999 and the same service is available the London departments under a single expanded to cover 82% of the total on Virgin’s digital cable system, the Tiscali roof. The chosen location was what had population – just over the 80% required by (formerly Home Choice) network and, of been the Capital Group’s Leicester Square the INR1 licence. The old GWR Group had course, via the Internet. headquarters, so the former GWR broadcast provided technical expertise and support stations as well as a newly combined for the fledgling national broadcaster, and in Location, Location, Location national sales team have all taken up 1997 it bought out the entire company.
  • Management Discussion and Analysis Are As Follows

    Management Discussion and Analysis Are As Follows

    SAGICOR FINANCIAL COMPANY LTD. MANAGEMENT’S DISCUSSION & ANALYSIS For the three-month periods and years ended December 31, 2020 and December 31, 2019 MANAGEMENT’S DISCUSSION AND ANALYSIS Introduction and Notice The principal activities of the Sagicor Group are as follows: • Life and health insurance, This Management’s Discussion and Analysis (“MD&A”) contains important information about • Annuities and pension administration services, Sagicor’s business and its performance for the three-month period and year ended December • Banking and investment management services, 31, 2020 with comparative analysis for the corresponding periods ended December 31, 2019. This MD&A should be read in conjunction with the Company’s annual financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), in effect on and its principal operating companies are as follows: the date of such information. • Sagicor Life Inc. (Barbados and Trinidad & Tobago), The following discussion is based on the financial condition and results of operations of Sagicor, • Sagicor Life Jamaica Limited (Jamaica), unless otherwise specified or indicated. Financial information is presented in millions of US • Sagicor Bank Jamaica Limited (Jamaica), dollars, unless otherwise indicated. Amounts for subtotals, totals and percentage variances • Sagicor Life Insurance Company (USA). included in tables in this MD&A may not sum or calculate using the numbers as they appear in the tables due to rounding. The Group also underwrites property and casualty insurance and provides hospitality services. Legal Constitution and General Information Result of Operations Sagicor Financial Company Ltd. (“Sagicor”) (“the Company”) (TSX: SFC) is a leading financial services provider in the Caribbean, with over 180 years of history.