Zacca pleased with A.M Best rating upgrade of Sagicor Life

Sagicor Group Jamaica President and CEO Christopher Zacca has welcomed the upgraded long-term issuer credit rating from 'bbb' to 'bbb+' from international rating agency A.M. Best for its subsidiary Sagicor Life Jamaica Limited, the leading provider of individual life insurance in Jamaica.

According to an A.M. Best release published August 31, it "has removed from under review with positive implications and upgraded the long-term issuer credit rating and affirmed the financial strength rating of B++ of Sagicor Life Jamaica Limited.

Zacca noted that Sagicor Life Jamaica remains a strong and solvent business with the largest market share of 63 per cent of individual life insurance in Jamaica.

He said that the company is always seeking innovative ways to improve the product and service offerings to the public as the business strives to cater to the needs of Jamaicans from all walks of life.

Strong balance sheet

A.M. Best attributes the ratings of Sagicor Life Jamaica to its balance sheet strength, which the agency categorizes as very strong, as well as the company's strong operating performance, neutral business profile and appropriate enterprise risk management.

"Sagicor Life Jamaica Limited has a consistent history of high earnings and revenue, in addition to growth, and a very strong position in the Jamaica market," it said.

Zacca also noted that he is pleased with the rating agency's improved country risk assessment, with Jamaica seeing a positive movement from country risk Tier 5 to country risk Tier 4.

"This is good news internationally for Jamaica, which signals that we are headed in the right direction as a country. Sagicor attributes this to good macroeconomic governance and prudent fiscal management by the Government of Jamaica," Zacca said.