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Sagicor Group Annual Report 2015

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YEARS WINNING FOR OUR SHAREHOLDERS, CLIENTS, COMMUNITIES AND OUR TEAM 2015 ANNUAL REPORT New Individual Life & Health Sales We are Sagicor 2.9 $ Billion We put our clients at the heart of everything we do. The service“ provided by all the advisors I met along my journey has been wonderful. Their services were quite professional, pleasant and friendly. # Cislyn 1 Sagicor Investments Client Stockbroker : 2015 Sagicor Investments Jamaica ” Contents Throughout our distinguished history, we 002 Our Group’s Performance 003 New Insurance and Annuities at a Glance have remained focused on upholding our 004 A Look Back traditional values based on service and 008 Statement of the Chairman & President integrity. Our values, founded in our past 010 Skyler’s Story 013 Individual Life Division but applied to the modern world today, 014 Group 10-Year Financial Statistics are embedded in our culture and underpin 016 Notice of Annual General Meeting everything we do. 017 Directors’ Report 019 Primla’s Story Pension Funds under management I’m proud“ to work for a 130.3 company that has taught $ Billion me the value of standing by my clients when It matters the most. Selena Sagicor Life Insurance Employee ” OUR VISION OUR VALUES To be a great company Our Values dictate who we are... committed to improving the lives our SCRIPT guides our actions. of people in the communities in which we operate Sagicor Values Service Communication OUR PHILOSOPHY Respect Only when our clients win, we win Integrity Performance Teamwork 020 Organisational Structure 071 Sagicor Investments Jamaica 091 FINANCIAL STATEMENTS 098 Company Statement of Cash Flows 021 Our Chairman…a true visionary 072 Our Subsidiaries 092 Index To The Financial Statements 099 Company Statement of Changes in Equity 022 Board of Directors 073 Corporate Data 093 Independent Auditors’ Report 099 Notes to the Financial Statements 026 Cislyn’s Story 077 Only When Clients Win, We Win 094 Consolidated Statement of Financial Position 190 Corporate Directory 028 Leadership Team 078 Team Highlights 095 Consolidated Income Statement 193 Disclosure of Shareholding 033 Employee Benefits Division 082 Team Member of The Year 2015 095 Consolidated Statement of Comprehensive Income FORM OF PROXY 034 Management’s Discussion And Analysis 083 Our Corporate Social Responsibility 096 Consolidated Statement of Changes in Equity 061 Sagicor Bank Jamaica 087 2015 Donations 097 Consolidated Statement of Cash Flows 062 The Future is Technology 088 45 Ways To Give Back 097 Company Statement of Financial Position 064 Corporate Governance 090 #SAGICORWINNING 098 Company Income Statement Sagicor Group Jamaica | 2015 Annual Report 001 Our Group’s Performance Sagicor maintained its track record of 16 consecutive years of increased profitability 9.79 Total Revenue Total Assets Dividend per Stock Unit 8.51 $55.00B $300.39B $0.73 21% Growth over 2014 6% Growth over 2014 16% Growth over 2014 Net Profit Stockholders’ Equity Earnings per Share $9.79B $46.57 B $2.51 5.87 15% Growth over 2014 1% Growth over 2014 14% Growth over 2014 4.67 3.93 2.57 1.43 0.86 0.21 2000 2002 2004 2006 2008 2010 2012 2014 2015 $Billions 002 Sagicor Group Jamaica | 2015 Annual Report Business Review New Insurance and Annuities at a Glance Corporate Governance Corporate 6% 3% New Insurance & New Insurance & Annuities Annuities Sales (API) by Sales (API) by Line of Business Geographic Area Group Pensions Bulk Annuities Single Premiums Our People 2015 Group Annuities2014 Group Health Single Premiums Jamaica Group Life & HealthJamaica Individual Annuities Cayman Cayman Financial Statements Individual Life & Health 94% 97% 6% 3% Additional Info 2015 2014 Jamaica Jamaica Cayman Cayman 2015 TOTAL 2014 TOTAL 94% 97% $11,328 M $11,053 M Sagicor Group Jamaica | 2015 Annual Report 003 1 2 3 A LOOK BACK Sagicor Jamaica began in 1970 as Life of Jamaica Ltd. The visionary, R. Danvers “Danny” Williams shared a view in the post-colonial era of the 1950s Jamaica that many had – to create a new life for his fellow Jamaicans. 7 8 The idea of establishing a locally controlled life insurance company took root in the minds of six enterprising young Jamaicans: Danny Williams, Adrian Foreman, Manley McAdam, Donald Davidson, Herbert Hall and Peter Rousseau. The company opened its doors on June 1, 1970 as Jamaica’s first publicly-owned life insurance company with an exuberant field force who wrote more than $1 million in life insurance on that first day alone. 10 11 14 004 Sagicor Group Jamaica | 2015 Annual Report 15 16 1. The North American Life Assurance Company Branch Office at 76 Harbour Street and the Hon. Douglas Fletcher, first chairman of the Company. 2. The first share certificate of LOJ. Pictured right is Ervin McNally, the first company accountant. 3. Students, teachers and LOJ staff at the official launch of the Company’s Adopt-A-School function at the New Kingston Shopping Centre in 1989. LOJ adopted 17 schools islandwide. 4. The former Jamaica Citizens Bank, King Street Branch. 4 5 6 5. The Hon. Patrick H. O. Rousseau (l), then chairman of the Board and R. Danny Williams, then president and CEO of LOJ in 1987. 6. R. Danny Williams (c) and Hugh Dyke (r) of the National Hotels and Properties signing documents concluding the purchase of the ‘Jamaica – Jamaica’ hotel by LOJ. At left is John Issa of Super Clubs (then operators of the hotel). 7. The former LOJ Head Office, 72-76 Harbour Street, Kingston (1970-1983). 8. The initial complement of office staff and field personnel pictured at the formation of the company in June 1970. 9. New Kingston land space primed for development by LOJ Properties in 1980. 10. Signing of construction contract for the new head office building in 1980. 9 Signing on behalf of Caribbean Construction Company are (l) Messrs Wilson Chang and H.V. Watson and on behalf of LOJ (right) Directors Danny Williams and Adrian Foreman. Looking on are Messrs Errol Spence, quantity surveyor, Richard Issa, Deputy Chairman LOJ and Ossie Harding, Director and General Counsel LOJ. 11. An artist’s rendering of the proposed new LOJ Head Office Building at 17 Dominica Drive, Kingston. 12. Romeo Sinclair, computer operator at LOJ in the 1980s, loads tape into the tape drive computer system. 13. President of LOJ in 1989, R. Danny Williams in the audience for one of the annual S.A.A.W. (Staff Appreciation and Awareness Week) concerts. 14. Jamaica’s then Industry and Commerce Minister, the Hon. Claude Clarke (2nd r) severs the ribbon to officially declare the LOJ Spanish Town Shopping Centre open on August 17, 1989. 12 13 15. The former LOJ Montego Bay Branch Building in a photograph taken in the 1980s. 16. Victor Cooke receives the LOJ President’s Cup for highest individual performance as an Underwriter for the Company in 1970. Mrs. Shirley Williams made the presentation. 17. Key members of the Pensions team at Sagicor in 1987 during a strategic planning meeting. 18. Keith McFarlane of LOJ presents the keys to a brand new bus for the Jamaica Cancer Society. 17 18 Sagicor Group Jamaica | 2015 Annual Report 005 1 2 3 PRESENT Today Sagicor Group Jamaica is a financial services conglomerate with business in Jamaica, the Cayman Islands and Costa Rica. The Group offers products and services in the areas of Banking, Insurance, Investments, Real 7 8 Estate, Asset Management and Retirement Planning. The Company prides itself still today on its rich history of community and national development. Sagicor Group Jamaica is a member of the wider Sagicor Financial Corporation. Sagicor Financial Corporation operates in over 20 countries and its operations date back to 1840. 11 12 13 006 Sagicor Group Jamaica | 2015 Annual Report 16 17 1. Recipients of Sagicor Foundation’s 2015 GSAT and Tertiary Scholarships along with Richard O. Byles (l, 1st row) and R Danny Williams (r, 2nd row). 2. The Sagicor Group Jamaica Head Office decorated in commemoration of Jamaica’s 50th year of Independence, 2012. 3. Children of Sagicor’s summer camp programme perform at the Jamaica 50 concert at the Company’s head office. 4. The current Head Office of Sagicor Life and Sagicor Group Jamaica, 28-48 Barbados Avenue. The building was renamed the “R. Danny Williams Building” in June 2012. 4 5 6 5. Students compete at the JTA Sagicor National Athletic Championships in May 2015. 6. Merrick Plummer (l), AVP Sales and Distribution, presents Loeri Robinson, Executive Agent of the Holborn Branch, with one of her many awards won at the Company’s Annual Corporate Awards in 2015. 7. Mrs. Gloria Williamson (c), manager of The Golden Age Home, happily accepted the donation of Three Hundred Thousand Dollars ($300,000) from Richard Byles and Mrs. Jacqueline Donaldson, AVP Group Corporate Services. The Golden Age Home was the first recipient of Sagicor’s #45WaysToGiveBack initiative. 8. Team members make repairs to the Strathmore Gardens Children’s Home in Spanish Town, St. Catherine. The home was the Sagicor Motivational Seminar Charity Recipient in 2015. 9. Members of Jamaica’s World Cup Netball Team are joined by Karl Williams, VP Group HR (l) and Ingrid Card, VP Group Marketing (back row - r) for a picture at the cocktail event where Sagicor’s $3-million sponsorship of the team was announced. 9 10 10. President & CEO of Sagicor Group Jamaica Limited Richard Byles (l) greets Regional Director / President North America of Temenos Russell Taylor after signing a major software licensing agreement with the banking software company. 11. The Hon. R. Danny Williams and his wife Shirley look at the bust created and installed in the lobby of the Sagicor Group Head Office on Barbados Avenue.
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