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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
