This news release for Sagicor Financial Company Ltd. ("Sagicor Financial" or "Sagicor" or the "Company") should be read in conjunction with the Company's Management's Discussion & Analysis ("MD&A") and the Condensed Consolidated Financial Statements (unaudited) three months ended March 31, 2024. These documents are available on Sagicor's website, at www.sagicor.com, under the heading "Financials and Filings" and under Sagicor's profile at www.sedarplus.ca. This news release presents non-IFRS and other financial measures used by Sagicor in evaluating its results and measuring its performance. These non-IFRS measures are not standardized financial measures, are not included in the Consolidated Financial Statements, and may not be comparable to similar financial measures used by other companies. They include return on shareholders' equity ("ROE"), book value per share, debt to capital ratio, total capital, revenues, Minimum Continuing Capital and Surplus Requirement ("MCCSR"), Group Life Insurance Capital Adequacy Test ("Group-LICAT"), new business contractual service margin ("CSM"), new business production, total net CSM, shareholders' equity plus net CSM to shareholders, and net CSM to shareholders. See the "Non-IFRS and Other Financial Measures" section in this document for relevant information about such measures. TORONTO and BARBADOS, May 14, 2024 /CNW/ - Sagicor Financial Company Ltd. (TSX:SFC), a leading financial services provider in the Caribbean and Canada, with a growing presence in the U.S., today announced its results for the first quarter ended March 31, 2024. All figures are in US$ unless otherwise stated. Q1 Highlights Net income to shareholders of $26.2 million New business CSM(1) of $40.1 million Shareholders' equity of $964.4 million, with book value per share of US$6.84 or C$9.27 Shareholders' equity plus net CSM to shareholders(1) of $2.1 billion, or US$14.97 or C$20.29 per share Debt to capital ratio(1) of 26.7% MCCSR ratio(1) of 303% Group-LICAT(1) of 136% Dividend of US$0.06 per common share to be paid during the second quarter of 2024 (US$0.24 annualised dividend) Andre Mousseau, President and Chief Executive Officer, said: "Sagicor is pleased to report another solid quarter in Q1 2024. Net income to shareholders was slightly ahead of plan as we benefited from positive asset price movement in aggregate, in particular in our U.S. segment. We continue to make progress on a number of strategic initiatives including integration of our new Canadian subsidiary and optimizing our balance sheet to take advantage of our new investment grade ratings." _________________________________ 1 Represents a non-IFRS or other financial measure. See the Non-IFRS and Other Financial Measures section in this document and in our MD&A for relevant information about such measures.  Overall Sagicor Group – Financial Highlights In Q1 2024, net income to shareholders was $26.2 million resulting from excellent profitability at Sagicor Life USA from market experience gains due to asset price appreciation and at Sagicor Life from positive market experience. Sagicor Canada's results were driven by favorable equity returns and narrowing corporate spreads offset by the negative impact of higher interest rates and Sagicor Jamaica's profitability was negatively impacted by market experience losses. All segments recorded strong new business production(1) reflecting continued solid performance. Sagicor's capital position remained stable during Q1 with a slight increase to shareholders' equity plus net CSM to shareholders(1) and total net CSM(1). Sagicor remains well capitalized with an MCCSR ratio(1) for its insurance businesses of 303%, a Group-LICAT(1) of 136%, and a debt to capital ratio(1) of 26.7%. Sagicor intends to disclose a drivers of earnings analysis and adopt a core net income to shareholders measure as a key performance indicator in future quarters. Sagicor believes this will support users' understanding of the underlying financial performance and the long-term performance and valuation of the business. Consolidated Highlights Profitability (US$ millions) Q1 2024 Q1 2023 ChangeY/Y Net income to shareholders 26.2 1.4 >100% Annualised return on shareholders' equity(1) (%) 12.2 % 1.3 % >100% New business CSM(1) 40.1 28.2 42 % Financial Strength (US$ millions) Q1 2024 Q4 2023 ChangeQ/Q Shareholders' equity 964.4 970.9 (1 %) Net CSM to shareholders(1) 1,145.4 1,135.0 1 % Shareholders' equity plus net CSM to shareholders(1) 2,109.8 2,105.9 0 % Total net CSM(1) 1,285.5 1,278.5 1 % Book value per share(1) (US$ per share) $6.84 $6.88 (1 %) MCCSR ratio(1) 303 % 301 % 2 pts Group-LICAT(1) 136 % 136 % 0 pts Debt to capital ratio(1) 26.7 % 26.6 % 0.1 pts _____________________________________ 1 Represents a non-IFRS or other financial measure. See the Non-IFRS and Other Financial Measures section in this document and in our MD&A for relevant information about such measures. Business Segment Performance Sagicor has four main reporting operating segments: Sagicor Canada (ivari), Sagicor Life USA, Sagicor Jamaica (of which the Company owns 49.1% and which is consolidated by the Company), and Sagicor Life (includes southern Caribbean). Performance (US$ millions) Q1 2024 Q1 2023 Change Y/Y Revenues(1) Sagicor Canada 242.2 - - Sagicor Life USA 126.3