The Jamaican insurance unit of Barbados financial group Sagicor made third quarter profits of J$958mn (US$13.3mn), down 20.9% from J$1.21bn in 3Q07, the company's latest filing on the local stock exchange showed.
From January 1 to end-September, Sagicor Life Jamaica saw profits up 2.94% from the same period last year to J$2.74bn.
Net premiums hit J$3.78bn for Q3, up 36.3% from the same quarter in 2007, while investment income was up to J$1.13bn, an increase of 8.58%.
While revenues increased, costs were up 47.5% for the quarter to J$4.20bn, driven mainly by a large increase in insurance and annuity liabilities, the statement showed.
Overall, the local Sagicor unit saw assets grow 15.0% year-on-year to J$98.7bn at end-September and is still waiting for final approval from the Jamaican government for the July purchase agreement of the group health insurance portfolio of Blue Cross Jamaica.
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