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Multi-million dollar profit for Sagicor Financial Corporation

Sagicor Financial Corporation has raked in US$115 million  in profits despite economic problems in some of  its markets.
 
Group chief operating officer Ravi Rambarran says Sagicor recorded its best overall performance since 2008. 
 
The positive financial outcome has continued into this year.
 
Last year, Sagicor earned a US$115.3 million profit, compared with US$109.3 million in 2016. 
 
In the first quarter ended March 31, its net income was US$38.9 million. 
 
It earned US$27 million in the same period in 2017.
 
Miller said about 14 per cent of Sagicor's business was in Barbados. Jamaica accounts for 32 per cent, the United States 24 per cent and Trinidad and Tobago between 11 and 15 per cent.
 
Meanwhile, Sagicor Financial plans to reduce its reliance on Jamaica and increase its business in the US.
 
Rambarran said Sagicor's performance in the region last year was noteworthy considering that all Caribbean countries had low economic growth, except Trinidad, which had a decline.
 
He also said Barbados and its neighbours had unsustainable fiscal deficits and debt stocks, and were trying to manage through various combinations of  tax increases, cuts in public expenditure and engaging in fiscal austerity.


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