• The Issuer/ Corporate Credit ratings of Sagicor Group Jamaica Limited (SGJ) have been reaffirmed by Caribbean Information and Credit Rating Services Limited (CariCRIS).
  • On the regional scale, SGJ retained its CariA+ rating (Local Currency) and CariA (Foreign Currency Rating) on the regional rating scale. Its local ratings indicate that the level of creditworthiness of SGJ is good relative to other obligors in the Caribbean.
  • It also retained and jmAAA (Local Currency Rating) and jmAA+ (Foreign Currency Rating) on the national scale. Its local currency rating indicates that SGJ’s creditworthiness is the highest among other local currency debt obligors in Jamaica.
  • Notably, CariCRIS assigned a stable outlook on the ratings to reflect a high likelihood that SGJ will remain profitable over the next 12 to 15 months. The ratings also include a 1-notch credit uplift for the high likelihood of support, if needed, from SGJ’s ultimate parent company, Sagicor Financial Company Limited (SFC).
  • SGJ’s ratings and outlook reflect its leading market positions and strong brand equity, which continue to support its consistent and healthy financial performance in 2024, despite a fall in profitability. This, together with the Group’s continued comfortable capitalisation levels as well as a strong and comprehensive Enterprise Risk Management (ERM) framework, supports the ratings.
  • Nonetheless, these ratings are tempered by the interest rate environment. This could challenge SGJ’s Asset Liability Management (ALM) position and its significant sovereign risk exposure to the Jamaican economy, which could present downside risks to profitability.
  • Moreover, the ratings may be lowered in the event of Economic weakening, causing a >70% decline in investment portfolio and/or weak asset coverage, combined with deteriorating performance metrics (combined ratio >90% and cost-to-income ratio >80%). Conversely, a stronger Jamaican macroeconomic performance, leading to improved sovereign ratings and lower debt-to-GDP, could improve the ratings and/or Outlook. Likewise, the successful completion of the merger1, which would enhance scale, competitiveness, and earnings capacity, could have the same effect.
  • SGJ’s stock price has declined by 0.5% since the start of the year to close at $39.97 on Monday, April 13, 2026. At this price, the stock trades at a price-to-book (P/B) ratio of 1.4x, above the Main Market Financial Sector average of 1.1x.

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[1]SJ announced it is merging with Sagicor Life Inc. (SLI), a leading provider of life, health, and general insurance solutions across the Eastern and Southern Caribbean. The merger is expected to create greater scale and reach by bringing Sagicor’s Caribbean operations together under a single holding structure, Sagicor Group Caribbean (SGC).

(Source: CariCris)