Slides
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Sagicor Financial (TSX:SFC) Fixed Income Investor Update August 2025
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2 Company Overview
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3 Sagicor at a Glance • Sagicor Financial Company Ltd. (“Sagicor Financial” or “Sagicor”) is a leading provider of insurance products and related financial services ▪ Core products and services include life and health insurance, annuities, pension investment and administration, property and casualty insurance, and a suite of ancillary non-insurance financial products ▪ Focused on growing operating segments that have strong competitive advantages in niche markets, historically producing high ROEs1 • Over 180 years of building a diversified regional insurance leader operating in 19 countries Sagicor Canada ▫ Operating as ivari → formerly Transamerica Life Canada ▫ Leading middle-market Canadian life insurer ▫ In the market for over 90 years offering protection and retirement products and services Sagicor Life USA ▫ Operating over 70 years across 45 states and D.C. ▫ Formerly American Founders (founded in 1954) and Laurel Life (founded in 1984) ▫ One of the last independent U.S. annuities platforms Sagicor Life ▫ Leading life insurer in the Southern Caribbean ▫ Over 180 years offering life insurance products in the region Sagicor Jamaica ▫ Sagicor owns 49% of leading Jamaican life insurer along with a bank and a capital markets platform, as well as a property and casualty insurer ▫ Operating since 1970; Sagicor ownership since 2001 Jamaica Dutch Caribbean Trinidad & Tobago Eastern Caribbean Barbados Cayman Islands USAUSA Canada Long history of being a leading provider of insurance solutions to the middle-market across North America 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A.
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4 Credit Investment Highlights
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5 Sagicor’s Credit Investment Highlights Experienced management team and Board of Directors with a strong risk culture Life insurance operator with market leading positions in Canada and the Caribbean and a growing annuities platform in the U.S. Strong capital base providing stability through economic cycles Track record of sustainable growth and profitability Conservative leverage and prudent capital management Resilient investment portfolio driven by sound investment policies 1 2 3 6 4 5
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6 Sagicor Business Overview • Sagicor’s balance sheet is approximately 75% in Canada and the United States, providing a stable base for participation in those markets • Over 80% of revenues1 primarily comprised of life insurance, health insurance, and annuities sold to individuals and groups • Leading market share within our operating markets ▪ Sagicor ranks 1st in universal life insurance in Canada, 1st in life insurance, health insurance, and pensions in Jamaica, Barbados, and the Eastern Caribbean, and 2nd in Trinidad and Tobago2 1 Individual Insurance Group Insurance Banking and Other Financial Services P&C Insurance Other 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. 2,3Refer to Slide 24. Total Assets by Segment3 Core Earnings1 to Shareholders by Segment3 Revenues1 by Line of Business Resilient businesses with leading market positions across geographies Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life $24.1 billion Q2 2025 $218 million LTM Q2 2025 $3.2 billion LTM Q2 2025
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7 Total Equity $1.7 Total Equity $1.4 Net CSM2 $1.3 $2.6 At TSX Listing Q2 2025 Since listing on the Toronto Stock Exchange in Q4 2019, this team has: 1,3-6Refer to Slide 24. 2Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. ✓Grown total assets by over 170% ✓Grown comparable earnings by over 120%1 ✓Grown deployable capital2 / comparable book value by 50% ✓Restored investment grade status Profitability (US$ millions)Total Assets (US$ billions) Total Equity plus Net CSM2 (US$ billions) Assets by Geography (US$ billions) IFRS17 IFRS 4 Net Income Core Earnings2 $166 $148 New Business CSM2 $169 $335 At TSX Listing LTM Q2 2025 Canada USA Other IG Jamaica Barbados Other USA Other IG Jamaica Barbados Other At TSX Listing Q2 2025 Total Assets $8.7 billion Total Assets $24.1 billion 6 $8.7 $24.1 At TSX Listing Q2 2025 3 4 5 IFRS 17 IFRS 4 Track Record of Sustainable Growth and Profitability2
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81Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. ▪ Significant level of loss absorbing capital1 in excess of best estimate liabilities ▪ Voluntarily adopted Canadian regulatory frameworks in addition to local requirements ▫ Recently implemented Group LICAT1 ratio in coordination with IFRS 17 transition ▪ Conservative reserving and valuation of liabilities post IFRS 17 conversion ▪ Operating subsidiaries well above local requirements (see pages 14-17) ➢ Provisions on balance sheet and released into income over time (formerly PFADs) ➢ Contracted profit on balance sheet and amortizes into income over time (previously within equity) ➢ Robust ability to absorb shocks above and beyond Risk Adjustment and Contractual Service Margin Conservative capital management providing solid base to endure economic and non-economic volatility Total Equity US$1.4 billion Net Contractual Service Margin (CSM)1 US$1.3 billion Net Risk Adjustment (RA)1 US$0.7 billion Q2 2025 Deployable Capital1 $2.7 billion Loss Absorbing Capital1 $3.4 billion 136% 139% 141% 2023 2024 Q2 2025 Group LICAT1 Ratio Strong Capital Base Providing Stability Through Economic Cycles 3
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9 • Prudent capital management bolstered by additional over $1 billion in net capital raised since 2019 ▪ Target financial leverage of near or below 30% in ordinary course and committed to an investment grade platform • Layers of conservatism and strategy in place to manage stress ▪ More than $700 million in net risk adjustment, formerly provisions for adverse deviations (PFADs) ▪ Low frequency of large claims ▪ Simplified multi-year guaranteed annuity (MYGA) products in growing U.S. business reduces financial and non- financial risks ▪ Ample liquidity at operating subsidiaries supplemented by revolving credit facility ▪ Abundant access to reinsurance markets 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. 2Refer to Slide 24. Current Capitalization (US$ millions) 22.8% 22.2% 29.1% 29.6% 26.6% 27.3% 27.1% 2019 2020 2021 2022 2023 2024 Q2 2025 Financial Leverage Ratio1,2 Q2 2025 Notes due 2028 $538 Notes due 2029 $169 Other notes and loans $277 Notes and loans payable $984 Shareholders’ equity $990 Non-controlling Interest $381 Net contractual service margin1 $1,275 Total Capital1 $3,630 Financial leverage ratio1 27.1% Conservative Leverage and Prudent Capital Management4
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101-3Refer to Slide 24. Low risk investment portfolio backing conservative reserves Financial Investments by Asset Class Debt Securities – 71% Mortgage Loans – 5% Finance Loans – 4% Preferred Shares – 2% Deposits – 2% Common Equities – 2% Other – 2% Pass-Through Equities Backing Policyholder Funds1 – 12% AAA/AA – 27% A – 17% BBB – 41% BB – 11%2 B – 4%3 Debt Securities by Credit Rating $19.1 billion Q2 2025 $13.5 billion Q2 2025 Government debt required by local regulators 5 • Conservative investment portfolio comprised mostly of corporate and government bonds • Portfolio driven primarily by highly liquid investment grade debt • Limited exposure to real estate, private debt, private equity, and public equities Resilient Investment Portfolio Driven by Sound Investment Policies
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11 Andre Mousseau President and Chief Executive Officer Kathryn Jenkins Chief Financial Officer Anthony Chandler Chief Financial Controller Althea Hazzard EVP, General Counsel and Corporate Secretary Nari Persad Chief Actuary Lynda Gauthier Chief Risk Officer and Chief Sustainability Officer George Sipsis EVP, Corporate Development and Capital Markets Neil Freyke EVP, Technology and Chief Digital Officer ▪ Appointed President and Chief Executive Officer in April 2023 ▪ Previously held the positions of Group Chief Operating Officer from 2021 to 2023, and Group Chief Financial Officer from 2019 to 2023 ▪ Over 20 years of experience in the financial services industry ▪ Appointed Chief Financial Officer in March 2023 ▪ More than 20 years in the Insurance and Financial Services industries ▪ Holds Chartered Professional Accountant CPA, CA, and Certified Public Accountant, CPA (Illinois) designations ▪ Appointed Chief Risk Officer and Chief Sustainability Officer in 2022 ▪ Over 20 years of global experience in the financial services industry with particular focus on risk management, capital markets, investor relations and sustainability ▪ Holds an MBA from the University of Chicago Graduate School of Business and Bachelor of Commerce from Concordia University ▪ Appointed Chief Actuary in 2017 and Senior Vice President and Chief Actuary in 2021 ▪ More than 30 years of experience in the insurance industry, including positions at Crown Life Insurance Company, Canada Life Assurance Company, Toronto Dominion Life Insurance Company, Swiss Re Life and Health, and Dion Durrell + Associates ▪ Fellow of the Canadian Institute of Actuaries, Fellow of the Society of Actuaries, Member of the Caribbean Actuarial Association ▪ Appointed to current role in 2014, having previously served in the positions of Vice President, Legal and Compliance of Sagicor Life Inc and Corporate Secretary of Life of Barbados Limited ▪ An Attorney-at-Law, Chartered Secretary and Compliance Professional, Mrs. Hazzard joined Sagicor in 1997 ▪ Appointed Chief Financial Controller in 2013 ▪ Prior to this, he served as Executive Vice President and Chief Financial Officer of Sagicor Life Inc from 2011 ▪ Member of the Chartered Professional Accountants of B.C., Canada and holds an MBA from the University of Manchester ▪ Appointed to current role in 2023; joined Sagicor in 2021 ▪ Previously held progressively senior roles in the real estate and financial services groups of Scotiabank’s investment banking division in Toronto ▪ Responsible for the leadership of Group corporate development and capital market activities including M&A, capital raising, investor relations, and rating agencies engagement ▪ Joined Sagicor in 2024 ▪ Most recently Senior Vice President and Chief Information Officer, Group Functions, Global Technology at Manulife ▪ More than 20 years of global experience in data, analytics and technology management within the financial services industry Paula Walcott Chief People Officer ▪ Appointed Chief People Officer in October 2023, having held progressively senior roles within Sagicor since joining in 2016 ▪ More than 20 years experience in human resources management ▪ Prosci Certified Change Management Practitioner, holds a Master of Science Degree in Human Resources from the University of Surrey and a First-Class Honours Bachelor of Science degree in Social Sciences from the University of the West Indies 6 Experienced Management Team With a Strong Risk Culture
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12 Chairman President & CEO Directors Mahmood Khimji Andre Mousseau The Most Honourable Dodridge D. Miller Sir Hilary Beckles Dr. Archibald Campbell Peter E. Clarke Hon. Keith Duncan, OJ, CD. Monish Dutt Dennis L. Harris Cathleen McLaughlin Gilbert Palter Alan Ryder Reza Satchu Aviva Schneider Board of Directors Robust governance framework focused on long-term results Corporate Governance Overview 6 • In-depth corporate governance policies and procedures aligned with Sagicor’s public listing in Toronto ▪ Implementation of enhanced financial disclosures at year- and quarter-end in line with publicly listed Canadian companies ▪ Enhanced senior leadership team over the past few years to best position the organization for the future, including adding individuals with experience at larger organizations • The Board has five committees that play an integral role in the governance process ▪ Audit Committee ▪ Risk Committee ▪ Capital Allocation and Investment Committee ▪ Corporate Governance and Ethics Committee ▪ Compensation and Human Resources Committee • Strong risk culture supported by a robust enterprise risk management (ERM) framework ▪ Financial and non-financial risk exposures are quantified and reported to the Board ▪ Risk Committee oversees key risks and exposures and approve key ERM decisions and policies ▪ Group-level ERM supported by operating segment specific ERM frameworks ▪ Internal audit provides independent verification of policies and procedures Experienced and Aligned Board of Directors
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13 Business Overview
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14 • Sagicor Canada (ivari) is a leading middle-market life insurance platform founded as Transamerica Life Canada in 1927 ▪ Acquired by Sagicor in 2023 and furthers the company’s strategy of growing in individual life insurance • Primary offering includes universal life and traditional term life insurance with few guarantees ▪ Distributed through a national network of thousands of independent professional advisors with whom ivari has long-standing and productive relationships • Significant historical profits with strong capital generation ▪ Solid core underlying cash generation • Largest Sagicor segment by assets and net income ▪ Growth opportunity through expansion of products and distribution ▪ ROE1 expansion through synergies with rest of group ▪ Efficient operating platform designed to deliver excellent service and scale benefits Sagicor Canada $686 $87 $93 $95 $46 $46 $76 $76 $133 $139 2022 2023 2024 LTM Q2 2025 145% 131% 131% 130% 2022 2023 2024 Q2 2025 Total LICAT Ratio Regulatory minimum$10.0 $11.1 $10.6 $11.3 2022 2023 2024 Q2 2025 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. 2-5Refer to Slide 24. Total Assets2 US$ billions Profitability3 US$ millions 90% Total LICAT1 Ratio Sagicor Canada IFRS 4 IFRS 17 IFRS 4 IFRS 17 1Core Earnings1 Adjusted Net Income1,4 New Business CSM1
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15 • Acquired by Sagicor through two acquisitions in 2005 (American Founders and Laurel Life) ▪ Has since narrowed its focus to grow in the individual fixed annuities market, having doubled the size of its balance sheet in the last five years • Primarily offers fixed annuities ▪ Offered in 45 states and the District of Columbia and sold through independent marketing organizations and financial institutions reaching over 10,000 agents • Excellent growth in attractive market ▪ Fast-growing provider of simple and “easy-to-buy” individual fixed annuity and life insurance products ▪ Focused on growing pre- and post-retiree supported by strong secular trend of an aging population with increased retirement funding needs (+26% forecasted growth from 2022 to 2035 in 65 and older population)1 ▪ Largest insurance market globally: $428 billion individual annuity market2 ▪ Outstanding unit economics ▪ High-teen internal rate of return on marginal capital invested bolstered by solid investment performance • Strong financial profile and distribution ▪ Strong financial profile (A- by AM Best) fostering strong distribution relationships through independent channel Sagicor Life USA 330% 334% 362% 413% 2022 2023 2024 Q2 2025 Risk-based capital surplus "Company Action Level" minimum $48 $40 $48 $40 $37 $31 $140 $88 $77 $79 2022 2023 2024 LTM Q2 2025 1-2Refer to Slide 24. 3Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. $4.8 $5.3 $6.2 $6.4 2022 2023 2024 Q2 2025 Total Assets US$ billions Profitability US$ millions 200% Risk-Based Capital Surplus3 Sagicor Life Insurance Company IFRS 4 IFRS 17 IFRS 4 IFRS 17 3Core Earnings3 Net Income New Business CSM3
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16 • Largest publicly traded financial company on the Jamaica Stock Exchange (JSE:SJ) ▪ Leading life insurer and investments platform, commercial bank, and property and casualty insurer in the Jamaican market • Primarily offers life and health insurance and annuities but also includes banking services (commercial banking and investment banking) and asset management • Sagicor acquired its stake in 2001 ▪ Today Sagicor’s 49% stake is worth approximately US$500 million1 • Outstanding profitability ▪ 75% profitability growth2 with 4.8% compound annual growth rate since 2013 and track record of outstanding ROE3 (historical average ROE3 of 16.0% from 2019 to 2023)4 • Exceptional brand with strong loyalty complemented by one of the largest distribution networks in Jamaica and the Cayman Islands • Operates in a highly developed and managed regulatory regime with the Financial Services Commission Sagicor Jamaica 13% 13% 13% 13% 2022 2023 2024 Q2 2025 Capital / RWA Regulatory minimum 209% 155% 148% 145% 2022 2023 2024 Q2 2025 Jamaican MCCSR / JA-LICAT Regulatory minimum 1-2,4Refer to Slide 24. 3Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. $3.5 $3.7 $3.9 $4.1 2022 2023 2024 Q2 2025 $83 $63 $76 $36 $41 $47 $105 $119 $104 $123 2022 2023 2024 LTM Q2 2025 Total Assets US$ billions Profitability US$ millions 100% MCCSR3 JA-LICAT3 MCCSR3 / JA-LICAT Ratio3 Sagicor Life Jamaica Limited 150% 10% Capital / RWA3 Sagicor Bank Jamaica Limited IFRS 4 IFRS 17 IFRS 4 IFRS 17 3 3Core Earnings3 Net Income New Business CSM3 3 -
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17 • Sagicor Life was established in 1840 in Barbados as Barbados Mutual Life Assurance Society and has grown in many of its markets across the English-speaking Caribbean1 • Provides life and health insurance, annuities, pension services, and asset management • Strong brand and market share in life and health insurance and pensions ▪ Driven by long history of operations and best-in-class customer service • Exceptional distribution ▪ Largest captive distribution force with well-recognized brand and strong loyalty in the region provides for ability to maintain competitive advantages • Upside through technology and margin expansion Sagicor Life $2.5 $2.7 $2.6 $2.6 2022 2023 2024 Q2 2025 $15 $26 $39 $47 $43 $46 $28 $61 $69 $85 2022 2023 2024 LTM Q2 2025 IFRS 4 1Refer to Slide 24. 2Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. Profitability US$ millions Total Assets US$ billions IFRS 17 IFRS 4 IFRS 17 Core Earnings2 Net Income New Business CSM2
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18 Sustained Balance Sheet Growth Driving Strong Profitability $8.7 $9.3 $10.4 $10.8 $22.4 $22.8 $24.1 2019 2020 2021 2022 2023 2024 Q2 2025 Revenues1,2 (US$ millions) Profitability (US$ millions) Total Assets (US$ billions) Policy Liabilities1,3 (US$ billions) $1,867 $1,878 $2,359 $2,540 $2,534 $3,099 $3,237 2019 2020 2021 2022 2023 2024 LTM Q2 2025 $4.3 $4.9 $5.6 $6.0 $16.7 $17.0 $18.1 2019 2020 2021 2022 2023 2024 Q2 2025 $92 $122 $166 $131 $166 $169 $1484 ($15)5 $196 $170 $2236 $2896 $335 2019 2020 2021 2022 2023 2024 LTM Q2 2025 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. 2-6Refer to Slide 24. IFRS 4 IFRS 17 IFRS 4 IFRS 17 IFRS 4 IFRS 17 IFRS 4 IFRS 17 Core Earnings1 Net Income New Business CSM1
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19 Sagicor’s Growth Strategy • Growth through prudent and active management of the operating subsidiaries • Focused on growing high unit-economics businesses and products • Appropriately comprehensive view of returns on a risk-adjusted basis with risk management immersed throughout the business lines Growth levers provide a pathway to ROE1 expansion and compounding book value growth 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2025 MD&A. Continue to organically grow the U.S. annuities platform Refinance debt at investment grade levels Improve ROE1 in legacy Caribbean businesses through the use of technology and digital transformation Synergies through integration of Canada and the U.S. Multiple Avenues for Growth
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20 Appendix
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21 Management Team and Board With Significant Equity Ownership JMMB2 Other Anchor Investors and Insiders3 Float Insiders and anchor investors on board of directors owning over 40%1 Experienced and long-tenured local management and operations teams Expert finance and risk professionals with a strong and proven track record across large, global, and complex institutions 135.9 million Shares4 Q2 2025 1-4Refer to Slide 24. Motivated and Engaged Anchor Investors
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22 Enterprise Risk Management Framework ▪ Three lines of defense (“LOD”) ▪ Risk framework and policies Risk Governance ▪ Standardized risk taxonomy ▪ Interactive risk assessments ▪ Monitoring for known risks ▪ Scanning for unknown risks Risk Identification ▪ Quantification of key risks by subsidiaries (e.g. credit, liquidity, interest rate, and currency risks) ▪ Asset liability management Risk Quantification ▪ Various internal risk reports to management and board (at group and subsidiaries) ▪ Various external reports to regulators, public disclosures, etc. Risk Messaging SFC Board of Directors SFC Risk and Audit Committees Sagicor Life Risk and Audit Committees Sagicor Jamaica Risk and Audit Committees Sagicor Life USA Risk and Audit Committees ▪ Our risk aware culture is embedded throughout our organization, and is guided by our ERM and human resource and protocols ▪ Our risk appetite is aligned to our strategy and capital management activities ▪ Strategic initiative in place to evolve the Group’s risk management practices ▪ To supplement our risk management activities, we have entered into reinsurance agreements with some key parties ▪ Risk appetite and risk limits ▪ Integrated ERM into business decisions (moving to a more proactive risk management process) Risk Decision Making First Line of Defense ▪ All employees across our subsidiaries (including business and functional areas) ▪ Accountable for identifying, quantifying, managing and reporting risks Second Line of Defense ▪ Risk Management (group and subsidiaries) ▪ Compliance ▪ Anti-Money Laundering ▪ Direct access to the Risk Committees of the Board ▪ Establishes risk management practices and provides risk guidance ▪ Provides oversight of the 1st LOD risk management practices ▪ Monitors and independently reports risks Third Line of Defense • Internal Audit • Independently reviews the effectiveness of risk management practices Sagicor Canada Risk and Audit Committees Enterprise Risk Management Framework Risk Governance
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23 Simplified Organization Structure Sagicor Financial Company Ltd. (Bermuda) (Publicly Traded) ivari Holdings Inc. (Canada) Sagicor Financial Corporation Limited (Bermuda) ivari (Canada, OSFI1 Regulated) Sagicor USA, Inc. (Delaware, USA) Sagicor Life Inc. (Barbados, FSC Regulated) Sagicor Life Insurance Company (Texas, USA, NAIC2 regulated) LOJ Holdings Ltd. (Jamaica) Sagicor Group Jamaica Limited (Jamaica) (Publicly Traded) 100% 100% 100% 100% 100% 100% 100% 32.5% 16.7% Issuer Credit Rating S&P: BBB (Positive) DBRS: BBB (low) (Stable) Fitch: BBB- (Positive) Financial Strength DBRS: A (low) Stable Fitch: A- Financial Strength DBRS: A (low) Stable Unregulated Holding Company Regulated Operating Company 1-2Refer to Slide 24.
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Footnotes From Slide 6 Sources: Insurance Association of Jamaica, Barbados Financials Services Commission, Financial Services Authority (St. Vincent & the Grenadines), Financial Services Regulatory Authority (St. Lucia), Financial Services Unit (Dominica), Financial Services Regulatory Commission (Antigua & Barbuda and St. Kitts & Nevis), Grenada Authority for the Regulation of Financial I nstitutions, Association of Trinidad & Tobago Insurance Companies (ATTIC), Life Insurance Marketing and Research Association (LIMRA) 2Individual life insurance as of December 2023 based on annualized premium income in Jamaica; Life insurance, health insurance , and pensions to individuals and groups in Barbados as of December 2023; Antigua and Barbuda (December 2021); Belize (December 2023) Dominica (December 2021), Grenada (December 2019), St. Kitts and Nevis (December 2022), St. Lucia (Dec ember 2022), St. Vincent and the Grenadines (December 2022); Universal life annualized premiums including excess in Canada in Q2 2025 3Excludes head office, other, and adjustments From Slide 7 Note: “At TSX Listing” metrics are presented on an IFRS 4 basis; 2024 metrics are on an IFRS 17 basis; IFRS 17 was implemented retrospectively on January 1, 2023 1Based on LTM Q2 2025 core earnings plus new business CSM 3Total assets as of December 31, 2019 4Net income excluding $43 million of scheme of arrangement transaction costs for the period ended December 31, 2019 5Total equity as of December 31, 2019 6Assets by geography as of December 31, 2019 From Slide 9 2Figures prior to 2023 are presented on an IFRS 4 basis; 2023 and 2024 figures are on an IFRS 17 basis; IFRS 17 was implemente d retrospectively on January 1, 2023 From Slide 10 1Risk borne by policyholders; consists of predominantly mutual funds and exchange traded funds 210% of the 11% of BB rated bonds are Government of Jamaica bonds 3Predominantly Government of Barbados bonds From Slide 14 2USD:CAD exchange rate of 1.2678 as of December 31, 2021; USD:CAD exchange rate of 1.3544 as of December 31, 2022 3USD:CAD exchange rate of 1.2535 for the year ended December 31, 2021; USD:CAD exchange rate of 1.3013 for the year ended Dece mber 31, 2022; USD:CAD exchange rate of 1.3497 for the year ended December 31, 2023; USD:CAD exchange rate of 1.4210 4Sagicor Canada adjusted net income is the after -tax sum of three measures from the IFRS 4 Sources of Earnings: expected profit on in force operations, impact of new business, and earnings on surplus. Excludes experience gains and losses, changes in assumptions and other variances, and management actions 5Includes results from Sagicor Canada (ivari) effective October 3, 2023 6Represents Sagicor Canada (ivari) 2023 core earnings inclusive of periods before the acquisition on October 3, 2023 From Slide 15 1Population estimate and data from the U.S. Census Bureau 2Wink, Inc. 4th Quarter, 2024 Annuity Sales and Market Report 2024 From Slide 16 1Approximate value based on equity market price on the Jamaica Stock Exchange translated at USD:JMD exchange rate of 160.2958 as of August 15, 2025 2Based on LTM Q2 2025 core earnings to and new business CSM compared to IFRS 4 net income in 2013 4Based on five-year historical average ROE from 2019 to 2023; 2023 ROE figure on IFRS 17 basis; IFRS 17 was implemented retrospec tively on January 1, 2023 From Slide 17 1Outside of Jamaica and the Cayman Islands From Slide 18 2Figures prior to 2023 are total revenue 3Total policy liabilities prior to 2023; IFRS 17 policy liabilities are the sum of four IFRS measures: investment contract lia bilities, reinsurance contract liabilities, insurance contract liabilities, and insurance contract liabilities on account of seg regated fund policyholders 4Net income excluding $43 million of scheme of arrangement transaction costs 5Net income was adversely affected by the impact of the COVID-19 pandemic on the business. The main contributing factors were slo wer than expected new business generation in the first half of 2020, higher expected credit losses, asset value mark-to-market declines, strengthening of actuarial liabilities at Sagicor Life USA 6Includes results from Sagicor Canada (ivari) effective October 3, 2023 From Slide 21 1Investors and insiders with representation on the Sagicor board of directors 2“JMMB” = JMMB Group Limited 3“Alignvest” = Alignvest Management Corporation 4Issued and outstanding shares, net of treasury shares From Slide 23 1OSFI: Office of the Superintendent of Financial Institutions 2NAIC: National Association of Insurance Commissioners 24
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Caution Regarding Forward-Looking Information and Non -IFRS and Other Financial Measures Forward-Looking Information Certain information contained in this presentation may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “expect”, “anticipate”, “target”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “will”, “may”, “would” and “should” and similar expressions or words suggesting future outcomes. These forward-looking statements reflect material factors and expectations and assumptions of Sagicor. Sagicor’s estimates, beliefs, assumptions and expectations contained herein are inherently subject to uncertainties and conti ngencies regarding future events, and as such, are subject to change. Risks and uncertainties not presently known to Sagicor or that it presently believes are not material could cause actual results or events to differ materially from those e xpressed in its forward-looking statements. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Sagicor with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which reflect Sagicor’s estimates, beliefs, assumptions and expectations only a s of the date of this document. Sagicor disclaims any obligation to update or revise any forward -looking statements contained herein, whether as a result of new information, new assumptions, future events or otherwise, except as expressly re quired by law. Non-IFRS and Other Financial Measures The Company reports certain non-IFRS and other financial measures and insurance industry metrics that are used to evaluate its performance. As non-IFRS and other financial measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other companies. Securities regulators require such measures to be clearly def ined and reconciled with their most comparable IFRS measures. These measures are provided as additional information to complement IFRS measures by providing further understanding of the results of the operations of the Company fr om management’s perspective. Accordingly, these measures should not be considered in isolation, nor as a substitute for analysis of the Company’s financial information reported under IFRS. Non-IFRS and other financial measures used to analyze the performance of the Company’s businesses are set out below. Please see the discussion below for an explanation or a reconciliation of certain non-IFRS and other financial measures. Capital base to risk-weighted assets: This capital adequacy measure is based on the guidelines developed by the Financial Servi ces Commission (FSC), the Bank of Jamaica (BOJ), Basel II and the Risk Management and Compliance Unit. The required information is filed with the respective Regulatory Authorities at stipulated intervals. The BOJ and the FSC require each regulated entity to hold the minimum level of regulatory capital, and to maintain a minimum ratio of total regulatory capital to the risk-weighted assets. The risk-weighted assets are measured by means of a hierarchy of five risk weights classifi ed according to the nature of each asset and counterparty, considering any eligible collateral or guarantees. Core earnings: This measure represents core earnings minus the share of core earnings attributable to non -controlling interest. Deployable Capital is the sum of total equity and net CSM and is roughly analogous to IFRS 4 Book Value. Financial leverage ratio: The ratio is the ratio of notes and loans payable (refer to note 7 of Sagicor’s June 2025 unaudited consolidated financial statements) to total capital, where capital is defined as the sum of n otes and loans payable, net contractual service margin and total equity. This ratio measures the proportion of debt the company uses to finance its opera tions as compared with its capital. Group Life Insurance Capital Adequacy Test (“Group LICAT”): The Group’s goal is to maintain adequate levels, at sufficient margins above minimum regulatory capital requirements, to maintain consumer confidence as well as credit ratings with external rating agencies. Management engages the Board with regards to actions necessary to maintain appropriate capital leve ls. Sagicor has voluntarily elected to follow OSFI’s LICAT Guideline, specifically the latest amendment which became effective January 1, 2024. The Group LICAT ratio is well above the regulatory minimum. Jamaican Life Insurance Capital Adequacy Test (JA-LICAT): Capital adequacy is calculated monthly by the Appointed Actuary and reviewed by Executive Management and the Board of Directors. Sagicor Life Jamaica Limited seeks to maintain internal capital adequacy at levels higher than the regulatory requirements. To assist in evaluating the current business and strategy opportunities, a risk-based capital approach is one of the core measures of financial performance. The risk -based assessment measure is the Jamaican Life Insurance Capital Adequacy Test (JA-LICAT) which became effective January 1, 2023, as per the Insurance Regulations, 2001 amended 2023. Minimum Continuing Surplus and Capital Requirement (MCCSR) was in effect prior to 2023. The minimum standard requirement for LICAT and MCCSR ratio is 100% and 150% respectively . Sagicor Life Jamaica Limited exceeded the standard requirement at quarter -end. Life Insurance Capital Adequacy Test (LICAT): ivari manages its capital in accordance with its Capital Risk Management Policy and other related policies, which are reviewed and approved by the Board annually. ivari’s goal is to maintain adequate levels of available capital to provide sufficient margin over capital levels required by the Office of the Superintendent of Financial Institutions (OSFI) to maintain consumer confidence as well as ratings with external rating agencies. Management engages the Board with regards to actions necessary to maintain appropriate capital levels. OSFI requires federally regulated life insurance companies to apply its LICAT, as the capital adequacy guideline. Companies are required, at a minimum, to maintain a Total Ratio of 90% and OSFI has established a supervisory target ratio level of 100% for Total Capital. ivari’s LICAT Ratios have exceeded its Internal Target Capital Ratios and are well above OSFI’s supervisory ratio in all periods presented (2021 – 2024). Loss Absorbing Capital is the sum of total equity, net CSM, and net risk adjustment. Net CSM: This measure is the balance of the direct contractual service margin net of reinsurance contractual service margin. Net risk adjustment: This measure is the balance of the direct risk adjustment net of the risk adjustment for reinsurance contracts. New business CSM: This measure is the amount of the contractual service margin added from contracts initially recognized in t he period, net of reinsurance. Policy liabilities: IFRS 17 policy liabilities are defined as the sum of four IFRS measures: investment contract liabilities, reinsurance contract liabilities, insurance contract liabilities, and insurance contract liabilities on account of segregated f und policyholders. Revenues: Revenues is the sum of three IFRS measures: insurance revenue, net investment income, and fees and other income. Return on Shareholders’ Equity (“ROE”): IFRS does not prescribe the calculation of return on shareholders’ equity and therefo re a comparable measure under IFRS is not available. To determine this measure, reported net income/(loss) attributable to shareholders is divided by the average of the opening and closing common shareholders’ equity for the period. The quarterl y return on shareholders’ equity is annualised. This measure provides an indication of overall profitability of the company. Risk based capital surplus: A risk-based capital (RBC) formula and model have been adopted by the National Association of Insurance Commissioners (NAIC) of the United States. RBC is designed to assess minimum capital requirements and raise the level of protection that statutory surplus provides for policyholder obligations. The RBC formula for life insurance comp anies measures four major areas of risk: (i) underwriting, which encompasses the risk of adverse loss developments and property and casualty insurance product mix; (ii) declines in asset values arising from credit risk; (iii) declines in asset values arising from investment risks, including concentrations; and (iv) off-balance sheet risk arising from adverse experience from non-controlled assets such as reinsurance guarantees for affiliates or other contingent liabilities and reserve and premium growth. If an insurer's statutory surplus is lower than required by the RBC c alculation, it will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. Total capital: This measure provides an indicator for evaluating the Company’s performance. Total capital ($3.6 billion as at Q2 2025) is the sum of shareholders’ equity ($990 million), notes and loans payable ($984 million), non -controlling interests ($381 million) and net CSM ($1.3 billion). This measure is the sum of several IFRS measures and net CSM which is a non-IFRS measure. Currency Unless otherwise noted, all amounts in this presentation are in United States dollars. 25
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26 Disclaimer By attending the meeting where this presentation is made, by reading the presentation slides or by otherwise receiving the information herein, you will be deemed to have accepted and to have acknowledged the following limitations: The material that follows is a presentation of general background information about Sagicor Financial Company Ltd. (“Sagicor” or “Sagicor Financial”) and this information is provided solely for use at this presentation. This information is summarized, not complete. This presentation is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This presentation and its contents, and any other information communicated to you in connection herewith, are strictly confidential and are being provided to you solely for your information and may not be retransmitted, further distributed or otherwise communicated to any other person or published, in whole or in part, by any medium or in any form, for any purpose. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. No representation or warranty, express or implied, is made concerning, and no reliance may be placed for any purpose whatsoever on, the information contained in this presentation, or any other material discussed verbally, or on its completeness, accuracy or fairness, except as expressly provided by applicable Canadian securities laws. This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of securities of Sagicor in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any of the securities of the corporation described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, “U.S. Persons,” as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment to sell securities. In making an investment decision, investors must rely on their own examination of Sagicor and the terms of any offering, including the merits and risks involved. No securities commission or securities regulatory authority has passed on the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense. Certain information contained in this presentation may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “expect”, “anticipate”, “target”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “will”, “may”, “would” and “should” and similar expressions or words suggesting future outcomes. These forward-looking statements reflect material factors and expectations and assumptions of Sagicor. Sagicor’s estimates, beliefs, assumptions and expectations contained herein are inherently subject to uncertainties and contingencies regarding future events, and as such, are subject to change. Risks and uncertainties not presently known to Sagicor or that it presently believes are not material could cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Sagicor with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which reflect Sagicor’s estimates, beliefs, assumptions and expectations only as of the date of this document. Sagicor disclaims any obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, new assumptions, future events or otherwise, except as expressly required by law. For a detailed description of the risk factors associated with Sagicor, refer to the “Risk Factors” section of the Company’s management’s discussion and analysis for the three-month period ended June 30, 2025, which are available on SEDAR+ at www.sedarplus.ca. In addition, in connection with any future offerings of securities, potential investors must make their own investment decision based solely on the detailed disclosure contained in any offering document of Sagicor delivered in connection with such offering, including without limitation, the section such document entitled “Risk Factors”.