Management upbeat given reasonable 2020 performance due to COVID-19

The Management of Sagicor Group Jamaica is upbeat about its future prospects in spite of a reasonable 2020 performance because of COVID-19.

Chris Zacca, Sagicor president and chief executive officer, is confident of a better 2021 performance, remarking, “we maintain a confident and optimistic outlook as we will rebound from the pandemic even stronger and Jamaica will continue its pursuit of fiscal responsibility. Consistent performance, innovation, execution and a bold pioneering philosophy are the reasons we are optimistic about our future. We shall overcome as we double efforts to spur growth on our national journey to recovery”.

In highlighting the 2020 performance to shareholders, Zacca explained that, for the year ended December 31, 2020, revenue amounted to $84.57 billion to reflect a net profit of $15.65 billion, which was basically flat in comparison to the 2019 profit of $15.46 billion. Revenues for the three months ended March 31, 2021 was $23.12 billion coming from $16.80 billion in 2019 for a  $2.90 billion increase in net profit.

Deliverables in 2020

The net profit for 2020 was $1.14 billion. Zacca highlighted the deliverables for 2020 such as the launch of Sagicor Bank on Wheels, Sagicor Bank Online Portal to Open Accounts, Sagicor Life Child Protector Plan-critical illness insurance for children, Sagicor Investments won the coveted Jamaica Stock Exchange Chairman’s Awards, Sagicor Investments raised $3 billion from Private Bonds Placement for Supreme Ventures, Sagicor Life allocated $40 million to help pensioners impacted by COVID and Sagicor Life launched its insurance plan for tourism workers.

The Sagicor Group president confirmed that the insurance-led financial conglomerate attained its strategic objectives, namely:

1.    Digitally transform the business

2.    Generate and grow revenue in new ways

3.    Build client intimacy and loyalty through effective relationships

4.    Improve team member engagement

5.    Expand geographical footprint

Zacca also spoke on the company’s COVID-19 response for clients such as increased Work From Home Arrangements with up to 70 per cent of team working from home during Government-mandated lockdown periods. Sagicor also developed a mandatory online training programme for all team members on Effectively Working From Home and Data Privacy and Security and exhibited consistency in communication.

This was done through regular team webinars, sharing regular updates and tips with the team via email, dedicated space on the intranet and dedicated email address for queries.

In addition the group prioritised a range of electronic service channels across the Group including eBank, eLife, eInvest, virtual onboarding so clients can open accounts online and launched B2B Payment Gateway Service to facilitate e-commerce and continued engagement with clients providing assistance in navigating through the impact of the period on their businesses.