S&P Global Reaffirms Rating for Sagicor Financial Company

• S&P Global Ratings (S&P) has affirmed its 'BBB' long-term local currency issuer credit rating on Sagicor Financial Company (SFC) and its Stable Outlook.
• Sagicor Group has healthy income diversification by business line and region, with its operations spanning 21 countries across the Caribbean and North America, providing life, health, and property/casualty insurance, annuities, and pension products to individuals and groups.
• The affirmation was driven by S&P’s revised criteria for analysing insurers' risk-based capital. Based on the revised criteria, the capital adequacy of Sagicor remains strong.
• Overall, S&P expects SFC to continue benefiting from the healthy demand for life and retirement products and the competitive interest rates in the multiyear guarantee annuity segment. Additionally, the company is set to maintain its solid brand recognition and strong relationships with policyholders and dealers.
• The stable outlook reflects the expectation that SFC will maintain total adjusted capital above S&P’s 'AA' category benchmark in the next two years, as well as stable debt.

(Source: S&P Global Ratings)