In a strategic move to bolster its presence in Latin America, Sagicor Group Jamaica successfully expanded its operations through the acquisition of Sagicor Panama, effective January 1, 2024. This milestone was achieved via a joint venture with Costa Rican partners, Capital & Advice Inc., facilitated by the purchase from Sagicor Life Inc. in Barbados.Sagicor Group Jamaica’s latest financial report reveals a robust performance, marking the completion of its fourth year of operations. The Group reported a total investment income of J$765.56 million, a net profit attributable to shareholders of J$211.44 million, and total shareholders’ equity amounting to J$7.80 billion. The real estate investment assets of its subsidiary, Sygnus Real Estate Finance Ltd., approached J$15 billion, experiencing a significant growth of 13.5%.
Mr. Willard Brown, Chief Technology and Insurance Operations Officer at Sagicor Life, highlighted the Group’s strategic objectives for regional expansion. When questioned about the distinctions between the Caribbean and Latin American insurance markets, Mr. Brown provided insightful perspectives. Sagicor Group Jamaica continues to demonstrate resilience and strategic vision in navigating the evolving landscape of financial and real estate markets, positioning itself for sustained success in the years ahead.
Sygnus Real Estate Finance has initiated the process of partially exiting its investment in One Belmont, a move expected to conclude in the second half of the 2024 calendar year. Following the completion of its first investment cycle, the company anticipates a temporary slowdown in activity as it finalizes plans for new projects.
During the fiscal year, the flagship One Belmont Commercial Office Tower in Kingston reached 90% completion, achieving practical completion subsequent to the year-end. Interior buildouts are scheduled to commence in early 2024, with occupancy expected by mid-2024. Sygnus Real Estate Finance anticipates unveiling the first leasable Class A office space in Kingston in the past two decades with this property.
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