Sagicor still focused on diversification, growth 8/24/2013 Dodridge Miller, CEO of the Sagicor Life Insurance Companies, has indicated that even with the sale of Sagicor Europe Limited (SEL), which includes Sagicor at Lloyd’s Ltd., “diversification and growth” have still remained part of Sagicor’s strategy, as they also should for other companies operating in the Caribbean. He was speaking yesterday at a press conference to discuss the Sagicor Financial Corporation’s financial results for the six months ended June 30, 2013. “For a number of years, we have been following a deliberate strategy to grow in the Caribbean to become one of the leading Caribbean financial institutions and we have done that,” he asserted. “We use that as a launch pad to diversify outside of the Caribbean into the international arena that was the US, Latin America and the rest of the world through Sagicor Lloyd’s. The US has done very well, but we believe we have substantially resolved the issues around Sagicor Lloyd’s and Europe. The ongoing core operation in Sagicor group across all the other JRP’s are performing well and demonstrated that in the first six months.” He reiterated that the issue of Sagicor Lloyd’s had been settled and that Sagicor continues to look to the future, demonstrating that it can produce good results. Stephen McNamara, Chairman of the group, indicated in the report, “During the first six months of 2013, the global economy continued to demonstrate modest improvement. Both the US economy and the UK economy recorded modest growth, while the performance in Europe has been mixed. “In the Caribbean with the exception of Trinidad and Tobago, the economies continue to be under pressure, with no noticeable improvement in economic activity during the period. “Within this environment, the Sagicor Group has maintained good performance on its continuing operations. The sale of Sagicor Europe will allow the Board of Management to continue their focus on improving the performance of the continuing operations, while restructuring these to take advantage of opportunities for future profitable growth.” Elaborating on the Europe experience, Miller noted, “The first lesson is that international expansion is not without its challenges, but that is something we knew; it was just confirmed by our experience at Lloyd’s. The second lesson is that you just get back up and the Sagicor group will continue its programme of diversification and seek out opportunities in markets that we believe the return and risk are acceptable.” (NB)
Posted on: Wed, 25 Sep 2013 12:23:44 +0000
Trending Topics
Recently Viewed Topics
© 2015