AM Best affirms Sagicor Life Jamaica's credit rating

International insurance ratings agency AM Best has affirmed Sagicor Life Jamaica Limited’s financial strength rating (FSR) of B++ (Good) and its long-term issuer credit ratings of “bbb+” (Good).

 

“The ratings of SLJ reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate ERM. SLJ has a very strong market position in Jamaica and a consistent history of revenue and earnings, which has led to balance sheet growth. Offsetting rating factors include an elevated country risk level in Jamaica,” the rating agency outlined.

 

The ratings' affirmation was part of an overall review of Sagicor Financial Company Limited’s creditworthiness and those of its subsidiaries. AM Best’s has assigned a stable outlook to all the ratings.

 

SLJ’s sister companies domiciled in Barbados, Sagicor Life Inc and Sagicor General Insurance Inc, received FSR ratings upgrades from A- to A and ICR ratings improvements from a- to A.

 

According to AM Best, “Sagicor Financial’s neutral business profile reflects very strong market presences in the Caribbean and Canadian markets, as well as a captive agency force, which maintains strong business growth in multiple Caribbean territories…Offsetting these strengths is an elevated level of country risk which stems from Caribbean operations.”

 

The review comes when Sagicor Financial is planning to merge all its Caribbean subsidiaries, including SLJ’s parent, Sagicor Group Jamaica Limited, into one entity — Sagicor Caribbean Group Limited. All the companies will have to await shareholder and regulatory approvals.

 

The combined business would hold over US$6.9 billion in total assets and generate over US$1.3 billion in total revenues, based on figures for the twelve months ended September 30, 2025.

 

President and Chief Executive Officer of Sagicor Financial Andre Mousseau welcomed the ratings reviews.

 

"We are pleased with the continued recognition of our financial strength by way of improvements in our credit ratings, both at our parent company and at many of our operating subsidiaries. These improved ratings will allow us to continue to expand our distribution reach and improve our cost of capital," he stated.

 

- JS