Mayberry, NCB and now Sagicor Jamaica. The opening months of 2026 have proven to be a tough period for financial sector players, where some are seeing net profits eroded with unrealised losses being a bugbear.

For the three-month period ended March 2026,  Sagicor Group Jamaica reported a net profit attributable to stockholders of J$2.01 billion, a significant drop from the $3.97 billion reported for the same period last year.

However, Sagicor Group Jamaica’s total assets increased by 16 per cent to $717.2 billion, with adjusted stockholders’equity climbing to $160.5 billion, a 7 per cent increase.

For the quarter under review, Sagicor recorded total assets under management of $1.2 trillion, a 9 per cent uptick on the same quarter in the prior year. 

Sagicor Group Jamaica is the largest insurance player in the country, and the jewel in its crown, insurance, came good for it during the quarter under review.

Insurance revenue saw a 6 per cent bump year-on-year, increasing by $0.90 billion. Long-term insurance generated a net profit of $2.08 billion, a fall from the $2.35 billion posted in 2025.

Insurance service ended the March quarter at $1.53 billion, a slight improvement on the corresponding quarter in the previous year. 

Short-term insurance ( products whose contract boundaries are less than one year) saw revenue increase to $9.36 billion, but this was offset by higher insurance expenses net of reinsurance of $9.36 billion ( it was $7.55 billion in 2025). Bear in mind provisions were made for the devastating damage caused by Category 5 Hurricane Melissa. As far as short-term insurance was concerned, this segment made a net loss of $0.02 billion. On the bright side, Group Health and Life Products generated new business sales of $200 million.

Advantage General Insurance Company Limited made additional provisions of $0.77 billion as a result of Hurricane Melissa. 

Sagicor Bank, the Group’s commercial banking arm under the stewardship of Chorvelle Johnson-Cunningham, did well given the operating environment, increasing revenue by 13 per cent and posting a net profit of $830 million compared to the $490 million recorded for the same period in 2025. Sagiocor’s credit cards have become popular with young people.

Saghicor Bank has managed to grow its loan portfolio, and $12.46 billion in new loans were written in the March quarter. Importantly, and a key measurement for commercial banks, deposits grew by $8.65 billion, a big jump from the $3.31 billion recorded for March 2025.

Investment banking, as was expected, took a hit, recording a net profit of just $120 million compared to $540 million for the same period last year. Net interest income fell by 30 per cent to $1.12 billion due in the main to one-off trading gains in 2025.

Sagicor Group Jamaica’s market capitalisation fell by 6 per cent to $164 billion, and its Earnings Per Share (EPS) was shaved by half, coming in at $0.52 as opposed to $1.02 for March 2025. Return on Average Stockholders’ Equity (ROE) stood at 7 per cent, whereas it was 15 per cent for the same period in the prior year.

Sagicor Group Jamaica has had to contend with the impact and fallout of Hurricane Melissa and a contracting operating environment in which both the U.S. Federal Reserve and the Bank of Jamaica have not dropped interest rates. The war in Iran has become prolonged, with oil prices adding to global inflationary pressures.

CEO of Sagicor Group Jamaica, Christopher Zacca, commented: “While the operating environment remains dynamic, we are encouraged by the continued strength of our core businesses and the resilience of the Jamaican economy. Our focus remains on disciplined risk management, operational efficiency, innovation and creating sustainable long-term value. We believe the Group remains well positioned to navigate uncertainty while continuing to support our clients and communities.”