Challenging financial year leads to $54.8m fall

Sagicor’s net income fell in 2009 to $70.4m (£45.7m) from $125.2m the previous year. Chairman Stephen McNamara said: “The financial year 2009 was challenging for the financial services industry worldwide, as it was for Sagicor.

“Despite a slowly easing financial environment, the lingering strains of the global economic recession made the task of doing business in any sector quite demanding, even for strong companies like Sagicor.

“Within this context, I am pleased to report another solid performance from the Sagicor group of companies.

“As a result, your board is recommending a final dividend of 2c per share, bringing the total dividend for the year to 4c per share, compared to 5c for 2008. This represents a dividend payout ratio of 22.1% of 2009 earnings, compared to 14.4% for 2008.”