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SFCL Annual Report 2019

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SFCL Annual Report 2019 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.
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