Sagicor Financial Corporation Ltd Statement re press (9992Z)
21 December 2017 - 5:20AM
UK Regulatory
TIDMSFI
RNS Number : 9992Z
Sagicor Financial Corporation Ltd
20 December 2017
SAGICOR FINANCIAL CORPORATION LIMITED
PRESS STATEMENT
The Board and Management of Sagicor Financial Corporation
Limited (Sagicor) noted with concern, the article published in the
BARBADOS TODAY on Monday, December 18th, 2017 and wish to make the
following statement in the interest of our many and various
stakeholders:
-- Sagicor is a well governed, financially strong international
financial institution. Our total assets at September 30th 2017
stood at
US $6.8 billion with capital of US $1.3 billion.
-- We operate in 21 countries in the Caribbean, Latin America
and the United States and are actively regulated by all of the
regulators in these countries. We are in good standing in each of
these jurisdictions.
-- Sagicor is listed on the Barbados Stock Exchange, the
Trinidad & Tobago Stock Exchange and the London Stock Exchange.
We fully comply with the rigorous requirements of these
exchanges.
-- While there are no uniformed capital standards for the
Caribbean, Sagicor has voluntarily adopted the Canadian
international capital standard, "Minimum Continuing Capital and
Surplus Requirements" (MCCSR), and has been following this standard
since 1991. The MCCSR seeks to demonstrate to policyholders and
shareholders the capital strength of the company, as a measure of
its ability to meet its long-term obligations. Canadian regulators
expect insurance companies to maintain an MCCSR ratio of 150% and
Sagicor has consistently maintained a ratio above 175%. As at the
end of September 30th 2017 our MCCSR Ratio was 304%.
-- Sagicor is rated on an annual basis by AM Best, Standard and
Poor's Global Ratings, and Fitch Ratings. We have been rated by AM
Best since 1998, S&P since 2006 and Fitch since 2015. These
ratings are an independent measure of our financial strength. The
current
ratings are as follows:
o AM Best - "A-" Excellent
o S&P - BB- stable
o Fitch - B stable
The ratings are assigned after a comprehensive and independent
review. We encourage readers to view these independent reviews on
our Sagicor website (www.Sagicor.com) or alternatively on the
websites of the rating agencies: www.amBest.com,
www.StandardandPoors.com and www.fitchRatings.com.
-- Sagicor is a publicly listed company with over 36,000
shareholders. We publish quarterly financial results and audited
annual financial statements that are subjected to external audit
every year by PricewaterhouseCoopers (PwC). These financial
statements are delivered to and approved by our shareholders at our
annual general meetings. In addition, because Sagicor is listed on
the London Stock Exchange, PwC's audit of Sagicor has periodically
been subjected to further independent review from time to time.
-- Sagicor is therefore, one of the most highly and actively
regulated financial institutions in the Caribbean. While there are
no provisions for Group Regulations in the region, Sagicor has
always treated the Barbados Financial Services Commission (FSC) as
our Home Regulator and has an open and transparent relationship
with the FSC.
We frequently share Group wide information with all regulators
and have met with the Caribbean College of over 100 Regulators on
more than one occasion to update them on the Sagicor Group's
strategy.
We, therefore, find it grossly inaccurate and indeed recklessly
careless that an article or a report can be published to suggest
that Sagicor is an under-regulated financial institution. This
assertion is not supported by the facts as all can see from our
frequent and various public disclosures. We are a large company by
Caribbean standards, but we are a well-governed, successful, solid
institution. We would like to assure our policyholders,
shareholders and customers of our financial strength. We remain
committed to delivering quality products and services to our
customers and competitive returns to our stakeholders.
On behalf of the Board of Directors:
Stephen McNamara Dodridge Miller
Chairman President & CEO
This information is provided by RNS
The company news service from the London Stock Exchange
END
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