Sagicor Group produced $250m of revenue for the three months ending
31 March 2009 – an increase of more than $24.5m compared with the corresponding three months in 2008. The group said that premium revenue was mainly responsible for this growth.
“Net premium revenue increased by 19.6% over 2008 to reach $166.2m for the period. This increase was largely attributable to the growth in our US and UK operations whose contribution to premium has increased by $25.3m,” said chairman Terrence Martins. However Sagicor’s net income for the quarter fell to $17.8m from the $20m it made in the same period last year. “If one excludes the gain on acquisition of $5.1m for the 2008 revenue, the 2009 results represent a growth of 19% over the same period in 2008,” said Martins.
Sagicor’s shares fell just 2.10% this week after it announced its first quarter results. But it was not alone – almost all LSE stocks on our watch list slumped this week, except for JLT who enjoyed a modest 1.07% rise to 426p per share.
Of the LSE insurers, Beazley’s shares fell the most by 6.14% to 95.50p per share.
It was the banks that were the losers this week. Lloyds TSB shares slumped a massive 12.69% this week to 63.30p per share, while Barclays dropped by 12.41%. RBS followed with a 9.20% fall with HSBC faring the best with only a 5.93% drop.
