Latest news with #Management'sDiscussion&Analysis
Cision Canada
4 days ago
- Business
- Cision Canada
DRI Healthcare Reports Second Quarter 2025 Results
Subsequent to the end of the quarter, completed the previously announced transaction to internalize its investment management function Portfolio assets generate Total Income of $44.1 million Reactivated NCIB and repurchased ~958 K units for $9.1 million, while redeeming $10 million of Series C Preferred Securities for $9.5 million TORONTO, Aug. 13, 2025 /CNW/ - DRI Healthcare Trust (TSX: (TSX: DHT.U) ("DRI Healthcare") today announced its financial results for the quarter ended June 30, 2025. DRI Healthcare's second quarter 2025 financial statements and Management's Discussion & Analysis ("MD&A") have been filed on SEDAR+ ( All dollar amounts are expressed in U.S. dollars unless otherwise indicated. "Over the past few months, DRI Healthcare has undergone a truly transformational period. By successfully internalizing our external manager, we now have direct alignment between our management team and our unitholders—every decision is focused squarely on creating long-term value.", said Ali Hedayat, DRI Healthcare's Chief Executive Officer. "We've integrated a deeply committed team, sharpened our operating discipline, and are executing with the benefit of a high-quality portfolio of assets with durable growth potential. I'm especially proud that our first pre-approval investment has now been approved, validating our underwriting approach and accelerating future cash flow visibility. Together, these milestones position DRI Healthcare for stronger, more sustainable returns in the years ahead." Q2 Highlights Total Income of $44.1 million; Total Cash Receipts of $40.2 million 1; Adjusted EBITDA of $30.4 million 2; Comprehensive Loss of $0.7 million; Adjusted Cash Earnings per Unit of $0.51 (basic and diluted) 1,2; Received Toronto Stock Exchange ("TSX") approval for normal course issuer bid to allow DRI Healthcare to acquire up to 3,148,536 units of DRI Healthcare ("Units") between May 20, 2025 and May 19, 2026. Repurchased 958,279 Units under its Normal Course Issuer Bid ("NCIB") at an average price of $9.54, totaling $9.1 million under the Automated Purchase Plan ("AUPP"). Paid a quarterly cash distribution of US$0.10 per Unit on July 18, 2025. Subsequent to Quarter End Completed the previously announced transaction to internalize its investment management function, terminated the management agreement with DRI Capital Inc. ("DRI Capital") for a termination payment of $48 million, and acquired the relevant assets of DRI Capital for a purchase price of $1 million. Completed the funding of the Ekterly (sebetralstat) optional payment of $22 million which increases DRI Healthcare's royalty entitlement on net sales up to and including the first $500 million from 5.0% to 6.0% and the potential one-time sales-based milestones payment to KalVista from $50 million to $57 million. Our total investment in Ekterly is now $127 million. Repurchased 208,580 Units under its NCIB at an average price of US$10.24 totaling $2.1 million under the AUPP. Declared a quarterly cash distribution of US$0.10 per Unit for the third quarter of 2025, payable on October 20, 2025 to unitholders of record on September 30, 2025. _________________________ 1 Total Cash Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted Cash Earnings per Unit is a non-GAAP ratio. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in DRI Healthcare's MD&A. 2 The weighted average number of basic and diluted units for the purposes of calculating Earnings per Unit for the three months ended June 30, 2025 were 55,685,363 Units. Financial Highlights Three months ended Six months ended (thousands of US dollars, except per Unit amounts) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Total income 44,130 41,604 88,158 83,671 Management fees 2,657 2,825 6,733 6,989 Performance fees — — 533 231 Amortization of royalty assets 24,751 25,679 49,496 50,725 Impairment of royalty assets — 820 — 5,200 Other expenses 15,375 15,825 31,801 29,800 Gain (loss) on preferred securities (971) 2,176 (971) 2,176 Other loss — (764) — (1,575) Net earnings (loss) 376 (2,133) (1,376) (8,673) Net unrealized gain (loss) on derivative instruments (1,076) 228 (1,156) 1,425 Comprehensive earnings (loss) (700) (1,905) (2,532) (7,248) Net earnings (loss) per Unit – basic 0.01 (0.04) (0.02) (0.15) Net earnings (loss) per Unit – diluted 0.01 (0.04) (0.02) (0.15) Total Cash Receipts 1 40,152 42,955 102,142 106,472 Adjusted EBITDA 1 30,372 32,903 82,031 88,367 Adjusted EBITDA Margin 1 76 % 77 % 80 % 83 % Adjusted Cash Earnings per Unit – Basic 1 0.51 0.49 0.95 0.97 Adjusted Cash Earnings per Unit – Diluted 1 0.51 0.49 0.95 0.97 Weighted average number of Units – Basic 55,685,363 56,426,259 55,743,876 56,392,250 Weighted average number of Units – Diluted 55,685,363 56,426,259 55,743,876 56,392,250 Asset Performance As at June 30, 2025, DRI Healthcare's portfolio included 28 royalty streams on 21 products that address a variety of therapeutic areas, such as oncology, neurology, ophthalmology, endocrinology, hematology, dermatology, lysosomal storage disorders and immunology. On June 30, 2025, the royalty asset portfolio had a book value, net of accumulated amortization, of $774.4 million, which during the three and six months ended June 30, 2025 generated Total Cash Royalty Receipts 1 of $40.2 million and $102.1 million, respectively, and royalty income of $44.8 million and $84.4 million, respectively. On June 30, 2025, the financial royalty asset had a book value of $54.2 million and generated a gain (loss) on the change in its fair value of $(0.9) million and $1.7 million, respectively, during the three and six months ended June 30, 2025. (thousands of US dollars) Cash Receipts Three months ended Six months ended Royalty Asset Therapeutic Area Marketer(s) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Casgevy Hematology Vertex Pharmaceuticals — — 5,000 — Empaveli/Syfovre Hematology/Ophthalmology Apellis, Sobi 147 2,552 1,272 2,575 Eylea I Ophthalmology Regeneron, Bayer, Santen 1,158 1,321 2,680 2,728 Eylea II Ophthalmology Regeneron, Bayer, Santen 248 285 579 590 Natpara Endocrinology Takeda 222 695 501 1,263 Omidria Ophthalmology Rayner Surgical 8,993 11,261 16,987 19,821 Oracea Dermatology Galderma 1,046 1,886 2,580 4,336 Orserdu I 1 Oncology Menarini 6,410 5,315 14,920 13,335 Orserdu II 1 Oncology Menarini 6,409 3,633 29,329 27,171 Rydapt 2 Oncology Novartis 777 1,953 1,936 4,176 Spinraza Neurology Biogen 3,781 3,272 7,743 7,115 Vonjo I Hematology Sobi 2,553 2,887 5,648 5,789 Vonjo II 1 Hematology Sobi 576 615 1,351 6,220 Xenpozyme Lysosomal Storage Disorder Sanofi 1,913 662 1,913 662 Xolair Immunology Roche, Novartis 2,162 1,666 4,535 4,112 Zejula Oncology GSK 1,103 932 2,052 1,894 Zytiga Oncology Johnson & Johnson 2,230 3,546 2,230 3,546 Other Products 3 Various Various 424 474 886 1,139 Total Cash Royalty Receipts, Cash Receipts and Normalized Cash Receipts 4 40,152 42,955 102,142 106,472 ____________________________ 1 Cash receipts for Orserdu II and Orserdu I for the six months ended June 30, 2025 include $17,593 and $633, respectively, for reclamation of previous royalty deductions. Cash receipts for the six months ended June 30, 2024 include milestone royalty receipts of $2,104 from Orserdu I, $18,939 from Orserdu II and $5,000 from Vonjo II received in Q1 2024. 2 Cash receipts for the six months ended June 30, 2024 includes $1,000 in additional cash receipts related to a one-time payment received in Q1 2024. 3 Other Products includes royalty income from certain other royalty assets as well as royalty assets which are fully amortized and, where applicable, the entitlements to which have generally expired. Comparative figures for royalty assets Simponi, Stelara and Ilaris are included in Other products. 4 Total Cash Receipts, Total Cash Royalty Receipts and Normalized Total Cash Receipts are non-GAAP financial measures. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the DRI Healthcare's MD&A. Liquidity and Capital On June 30, 2025, DRI Healthcare had cash and cash equivalents of $82.5 million. DRI Healthcare's credit facility had an outstanding principal balance of $344.7 million on June 30, 2025. DRI Healthcare had 55,500,947 Units issued and outstanding on June 30, 2025. Distributions On May 12, 2025, the board of trustees approved a quarterly cash distribution of $0.10 per Unit to unitholders of record as of June 30, 2025, which was paid on July 18, 2025. DRI Healthcare also announced today that its board of trustees has declared a quarterly cash distribution in the amount of $0.10 per Unit for the third quarter of 2025, payable on October 20, 2025, to unitholders of record as of September 30, 2025. Normal Course Issuer Bid During the three months ended June 30, 2025, DRI Healthcare repurchased and cancelled 958,279 Units under its NCIB for an aggregate amount of $9.1 million at a weighted average price of $9.54 per Unit. As previously announced, DRI Healthcare received approval on May 9, 2025 from the TSX to acquire, from time to time, if considered advisable, up to an aggregate of 3,148,536 Units for cancellation. Purchases will conclude on the earlier of the date on which DRI Healthcare has purchased the maximum number of Units permitted under the NCIB and May 19, 2026. In connection with the NCIB, DRI Healthcare established an AUPP where by Units of DRI Healthcare may be repurchased at the discretion of a dealer to the AUPP using commercially reasonable efforts and subject to trading parameters defined in the AUPP. Subsequent to June 30, 2024, DRI Healthcare repurchased an additional 208,580 Units at an average price of US$10.24, totaling $2.1 million under the AUPP. Second Quarter 2025 Conference Call & Webcast As previously announced, management will hold a conference call on Thursday, August 14, 2025 at 8:00 a.m. (ET) to review DRI Healthcare's 2025 second quarter results. You can join the call by dialing 1-888-699-1199 or 416-945-7677 approximately 15 minutes prior to the call to secure a line. A live webcast of the conference call, including a slide presentation, will be available at Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on DRI Healthcare's website following the call date. Non-GAAP Financial Measures The reconciliations of non-GAAP financial measures and non-GAAP ratios for the three and six months ended June 30, 2025 and 2024 to the most directly comparable measures calculated in accordance with IFRS are presented below. Total Cash Receipts, Normalized Total Cash Receipts and Total Cash Royalty Receipts Total Cash Receipts refers to Total Cash Royalty Receipts plus cash receipts from all products. Total Cash Receipts includes cash receipts from interest as well as non-recurring cash receipts. Total Cash Royalty Receipts refers to aggregate cash royalty receipts and milestone royalty receipts from DRI Healthcare's portfolio of royalty assets and forms part of Total Cash Receipts. Because of the lag between when DRI Healthcare records royalty income and receives the corresponding cash payments on its royalties and milestones, management believes Total Cash Receipts and Total Cash Royalty Receipts are useful measures when evaluating DRI Healthcare's operations, as they represent actual cash generated in respect of all royalty assets held during a period. DRI Healthcare also presents Normalized Total Cash Receipts, which refers to Total Cash Receipts adjusted to remove cash receipts that are not expected to recur in the normal course of operations. Management believes that Normalized Total Cash Receipts will assist readers in evaluating the period-over-period performance of DRI Healthcare's royalty portfolio since Normalized Total Cash Receipts only includes cash receipts generated by royalties and other amounts payable pursuant to the terms of DRI Healthcare's royalty assets. There were no adjustments required to normalize cash receipts for the six months ended June 30, 2025 and 2024. Adjusted EBITDA and Adjusted EBITDA Margin Management believes Adjusted EBITDA provides meaningful information about DRI Healthcare's operating cash flows as it eliminates the effects of other non-cash expenses and accruals and income and expenses that are not expected to recur, that have been recorded on the statement of net earnings (loss) and comprehensive earnings (loss). DRI Healthcare refers to EBITDA when reconciling its net earnings (loss) and comprehensive earnings (loss) to Adjusted EBITDA, but does not use EBITDA as a measure of its performance. Management believes that Adjusted EBITDA Margin is a useful supplemental measure to demonstrate the operating efficiency of DRI Healthcare's business on a cash basis. Three months ended Six months ended (thousands of US dollars) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Comprehensive earnings (loss) (700) (1,905) (2,532) (7,248) [+] Amortization of intangible royalty assets 24,751 25,679 49,496 50,725 [+] Impairment of intangible royalty assets — 820 — 5,200 [-] Other interest income (356) (577) (654) 17,039 [+] Interest expense 9,028 8,641 18,635 — EBITDA 32,723 32,658 64,945 64,417 [+] Royalties receivable, beginning of period 45,006 45,470 62,362 64,082 [-] Royalties receivable, end of period (49,647) (43,542) (49,647) (43,542) [-] Performance fees payable, beginning of period (2,198) (4,916) (1,665) (5,918) [+] Performance fees payable, end of period — — — — [+] Financial royalty assets, beginning of period 55,088 — 57,527 — [-] Financial royalty assets, end of period (54,184) — (54,184) — [+] Unrealized loss (gain) on marketable securities 115 — (1,420) — [+] Acquired royalties receivable — — — 3,560 [+] Unit-based compensation 970 4,675 1,430 7,242 [+] Board of trustees' unit-based compensation 2 452 198 556 552 [+] Loss (Gain) on preferred securities 971 (2,176) 971 (2,176) [-] Other loss — 764 — 1,575 [-] Net unrealized loss (gain) on derivative instruments 1,076 (228) 1,156 (1,425) Adjusted EBITDA 30,372 32,903 82,031 88,367 [÷] Normalized Total Cash Receipts 40,152 42,955 102,142 106,472 Adjusted EBITDA Margin 76 % 77 % 80 % 83 % _______________________________ 2 Certain members of the board of trustees elected to be compensated fully or partially in Deferred Units ("DUs") under DRI Healthcare's Omnibus Equity Incentive Plan. Adjusted Cash Earnings per Unit Management believes that Adjusted Cash Earnings per Unit provides meaningful information about DRI Healthcare's performance as it provides a measure of the cash generated by DRI Healthcare's assets on a per Unit basis, excluding cash earnings that are not expected to recur. Corporate Update Further to DRI Healthcare's press release of July 1, 2025, subsequent to end of quarter, DRI Healthcare completed its previously announced transaction to internalize its investment management function. As a result of the transaction, the management agreement with DRI Capital was terminated in exchange for a $48 million termination payment and DRI Healthcare internalized the manager function by acquiring the relevant assets of DRI Capital for a purchase price of $1 million. As a result of the transactions contemplated by the asset purchase agreement, the employees of DRI Capital also transitioned to a subsidiary of DRI Healthcare. DRI Healthcare shares that Mr. Amit Kapur, Chief Financial Officer, will be departing DRI Healthcare at the end of September. "Last summer, Amit graciously stepped in at a pivotal moment, helping to steady DRI Healthcare and lay a stronger foundation. He was instrumental in DRI Healthcare's strategic review, playing a significant leadership role in the evaluation of all options and ultimately facilitating the successful internalization of the manager. On behalf of the board of trustees, the team, and our unitholders, we thank Amit for his exceptional skill and leadership during a demanding period and wish him continued success as he brings that same expertise to his next venture." said Gary Collins, Executive Chair of DRI Healthcare. _____________________ 1 Certain members of the board of trustees elected to be compensated fully or partially in DUs under DRI Healthcare's Omnibus Equity Incentive Plan. About DRI Healthcare DRI Healthcare is a pioneer in global pharmaceutical royalty monetization. Since our founding in 1989, we have deployed more than $3.0 billion, acquiring more than 75 royalties on 45-plus drugs, including Ekterly, Eylea, Keytruda, Orserdu, Remicade, Spinraza, Stelara, Vonjo and Zytiga. DRI Healthcare's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol " and in U.S. dollars under the symbol "DHT.U". To learn more, visit or follow us on LinkedIn. Caution concerning forward-looking statements This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "close to", "target" or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements regarding DRI Healthcare's ability to execute on its strategy, the potential and timing of royalty payments, the anticipated royalty income and anticipated sales of the products underlying such royalties, and DRI Healthcare's normal course issuer bid. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond DRI Healthcare's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that the internalization of DRI Healthcare's manager will not generate the levels of anticipated benefits for DRI Healthcare and its unitholders and those additional risks and uncertainties that are disclosed in DRI Healthcare's most recent annual information form and under "Risk Factors" in DRI Healthcare's Management's Discussion and Analysis. The anticipated royalty terms for products in our portfolio may be shorter than the period of patent protection for the applicable product, depending on many factors, including the entry of generic drugs into the marketplace and competition, all of which are outside our control. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance or achievements of DRI Healthcare could differ materially from the results expressed in, or implied by, any forward-looking statements. Certain assumptions underlying the forward-looking information in this news release include: DRI Healthcare's assumptions regarding demand and growth in pharmaceutical sales, R&D and opportunities for royalty investing; the competitive environment in which DRI Healthcare operates; DRI Healthcare's ability to implement its growth strategies; DRI Healthcare's ability to obtain financing and maintain its existing financing on acceptable terms; DRI Healthcare's ability to maintain good business relationships with marketers and other industry partners; timely receipt of cash royalty receipts; expectations regarding the duration of royalties; DRI Healthcare's ability to keep pace with changing consumer preferences; the absence of material adverse changes in DRI Healthcare's industry or the global economy; currency exchange and interest rates; the impact of competition; the changes and trends in DRI Healthcare's industry or the global economy; and stability in laws, rules, regulations and global standards in the pharmaceutical industry. All forward-looking information in this news release speaks as of the date of this news release. DRI Healthcare does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in DRI Healthcare's filings with securities regulators, including its latest annual information form and Management's Discussion and Analysis. These filings are also available at DRI Healthcare's website at
Cision Canada
4 days ago
- Business
- Cision Canada
Sagicor Financial Reports Second Quarter 2025 Results
This news release for Sagicor Financial Company Ltd. ("Sagicor Financial", "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 for the period ended June 30, 2025. These documents are available on Sagicor's website, at under the heading "Financials and Filings" and under Sagicor's profile at This news release presents non-IFRS 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 Condensed Consolidated Financial Statements, and may not be comparable to similar financial measures used by other companies. They include annualised core return on shareholders' equity, book value per share, core basic earnings per share ("Core EPS"), core dividend payout ratio, core earnings, financial leverage ratio, Group Life Insurance Capital Adequacy Test ("Group LICAT"), net contractual service margin ("CSM"), net CSM to shareholders, new business CSM, new business production, net premium, return on shareholders' equity ("ROE"), revenues, shareholders' equity plus net CSM to shareholders, and total capital. See the "Non-IFRS and Other Financial Measures" section in this document for relevant information about such measures. TORONTO and BARBADOS, Aug. 13, 2025 /CNW/ - Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in Canada, the United States, and the Caribbean, today announced its results for the second quarter ended June 30, 2025. All figures are in US$ unless otherwise stated. Q2 Highlights Core earnings (1) to shareholders of $46.0 million Core basic earnings per share (1) (EPS) of 33.9₵ Core return on shareholders' equity (1) (annualised) of 18.9% Net loss to shareholders of $6.4 million Total comprehensive income to shareholders of $39.8 million New business CSM (1) of $39.2 million Shareholders' equity of $990.3 million, with book value per share of US$7.29 or C$9.94 Shareholders' equity plus net CSM to shareholders (1) of $2.1 billion, or US$15.63 or C$21.32 per share Financial leverage ratio (1) of 27.1% Group LICAT (1) ratio of 141% Dividend of US $0.0675 per common share to be paid during the third quarter of 2025 (US $0.27 annualised dividend) Andre Mousseau, President and Chief Executive Officer, said: "We are pleased to report an outstanding operational quarter for the period ended June 2025. All of our operating segments generated excellent insurance results, resulting in record core earnings (1) to shareholders. New business production (1) was solid across each of our segments. Our U.S. subsidiary continued to grow and surpassed $6 billion of total assets for the first time. Our Canadian business continued to show strong profitability and its contribution reflected the benefit of a recovery in the Canadian dollar. And both of our Caribbean segments showed robust profitability, reflecting the progress the team has made in our initiatives to enhance those businesses. We also continued to progress on our strategic initiatives to transform our businesses which we expect will continue to bear fruit in 2026 and beyond." Overall Sagicor Group – Financial Highlights Sagicor's core earnings (1) to shareholders were $46.0 million for Q2 2025, reflecting strong performance at each of our major operating subsidiaries. Sagicor Canada had a strong quarter with higher expected investment earnings and business growth. Sagicor Life USA, Sagicor Jamaica, and Sagicor Life enjoyed strong underlying results while benefiting from gains in insurance experience. Core head office costs (1) were lower year over year in Q2 due to favorable debt refinancings completed in 2024. Reported net loss to shareholders of $6.4 million reflected negative non-core mark-to-market volatility on insurance assets and liabilities, and currency impact whereby Canadian dollar denominated liabilities are marked-to-market through net income and loss, while the net assets of our Canadian segment are marked-to-market through other comprehensive income. As a result, our total comprehensive income to shareholders of $39.8 million significantly exceeded our reported net loss to shareholders. Sagicor remains well capitalized with a Group LICAT (1) ratio of 141%, an improvement of 4 percentage points Q/Q, and a financial leverage ratio (1) of 27.1%. Consolidated Highlights Outlook and Medium-Term Targets Sagicor is updating its guidance on key measures:* Core earnings (1) to shareholders for 2025 are expected to be $120 million to $130 million; New business CSM (1) for 2025 is targeted at $155 million to $175 million. *Outlook and financial guidance is based on certain assumptions, including business, economic, and market conditions, as of the date hereof. Please refer to Sagicor's Q2 2025 interim MD&A for a discussion of material risks and assumptions. 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 is consolidated by the Company), and Sagicor Life (which includes the southern Caribbean). Business Segment - Quarterly Highlights Sagicor Canada New business production (1) of $17.8 million for the quarter was consistent with management expectations, resulting in new business CSM (1) of $11.1 million for the quarter. Core earnings (1) to shareholders of $24.6 million for the quarter decreased $1.4 million, or 5%, from the same quarter in the prior year, reflecting insurance experience gains in the prior year, partially offset by an increase in expected investment earnings. Net income to shareholders of $3.7 million for the quarter was lower than core earnings (1) to shareholders due to unfavorable market-related impacts from higher interest rates. Net CSM (1) was $580.5 million, an increase of 7% Q/Q. Sagicor Life USA Sagicor Life USA's new business production (1) of $283.1 million for the quarter was consistent with internal targets and pushed the segment's assets to $6.4 billion. Core earnings (1) to shareholders for the quarter of $16.3 million increased 114% from the same quarter in the prior year, driven primarily by positive insurance experience and higher expected net investment result. Net loss to shareholders of $0.8 million for the quarter was lower than core earnings (1) to shareholders due to mark-to-market insurance asset and liability market movements and other non-core adjustments to reserving methodologies which increased CSM. Net CSM (1) was $158.6 million, an increase of 3% Q/Q. Sagicor Jamaica Sagicor Jamaica had strong net premium (1) across most business lines and improved margins from repricing of short-term products. Sagicor's share of Sagicor Jamaica's core earnings (1) and net income to shareholders of $14.6 million for the quarter increased over the same quarter in the prior year due to policy enhancement initiatives performed in Q2, favourable claims experience, and increased revenue from policy repricing. Net CSM (1) was $277.1 million, a decline of 2% Q/Q. Sagicor Life Sagicor Life's short-term business continued to benefit from price adjustments while the long-term business had improved insurance experience, leading to the segment's best quarter under IFRS 17. Core earnings (1) to shareholders of $15.5 million increased 89% from the same quarter in the previous year reflecting improved profitability in the short-term business and favorable insurance experience in long-term business. Net income to shareholders of $20.5 million for the quarter was higher than core earnings (1) to shareholders in the quarter primarily due to positive market experience. Net CSM (1) was $259.0 million, an increase of 4% Q/Q. Head Office, Other, and Adjustments Core loss (1) to shareholders was $25.0 million for Q2, an improvement of $1.0 million Y/Y reflecting lower interest costs from favorable debt refinancings completed in 2024. Net loss to shareholders was $44.4 million, reflecting an $18.1 million loss on revaluation of Sagicor's Canadian dollar denominated debt into U.S. dollar. This revaluation was more than offset by a $44.5 million gain in other comprehensive income to shareholders from revaluation of the net asset position of our Canadian segment. As a result, Sagicor's total comprehensive income to shareholders of $39.8 million significantly exceeded reported net loss to shareholders. Dividends On August 13, 2025, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of US$ 0.0675 per common share. This quarterly dividend will be paid on September 17, 2025, to shareholders of record at the close of business on August 27, 2025. Normal Course Issuer Bid Sagicor repurchased 25,200 shares which were cancelled in Q2 for a total cost of approximately US$0.1 million. The number of issued and outstanding common shares as at June 30, 2025 was 135,891,504, net of any treasury shares. Management's Discussion and Analysis, Condensed Consolidated Financial Statements (Unaudited), and Supplemental Information Package This press release, which was approved by the Company's Board of Directors and Audit Committee, should be read in conjunction with the Company's unaudited condensed consolidated financial statements and accompanying MD&A and supplemental information package. The supplemental information package was updated this quarter to include a presentation of Canadian dollar figures for the Sagicor Canada segment. The unaudited financial statements, MD&A, and supplemental information package are available on the Company's website at and the unaudited financial statements and MD&A will soon be filed on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at Conference Call Sagicor Financial Company Ltd. will host a conference call for analysts and investors on Thursday, August 14, 2025, at 1:00 p.m. Eastern Daylight Time in Toronto (1:00 p.m. Atlantic Standard Time in Barbados and Trinidad and Tobago, 12:00 p.m. Eastern Standard Time in Jamaica). To listen to the call via live audio webcast, visit the Company's website at or at The conference call is also available by dialing 1-416-945-7677 or 1-888-699-1199 (North American toll free) or 448002797040 (United Kingdom). To join the conference call without operator assistance, you may register and enter your phone number at to receive an automated call back. A replay will also be available until September 14, 2025, by dialing 1-646-517-4150 or 1-888-660-6345 (North American toll free), passcode 56423 #. A transcript of the call will also be made available on About Sagicor Financial Company Ltd. Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider with over 180 years of history in the Caribbean, over 90 years of history in Canada, and a growing presence in the United States with over 70 years of history. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, investment management, and real estate. Sagicor's registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional information about Sagicor can be obtained by visiting Forward-Looking Information Certain information contained in this news release may be forward-looking statements, including the outlook and financial guidance provided herein. Although Sagicor believes that its outlook is reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Sagicor's outlook serves to provide shareholders, market analysts, investors, and other stakeholders with a basis for adjusting their expectations with regard to our performance throughout the year and may not be appropriate for other purposes. 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 ( 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. Non-IFRS and Other Financial Measures The Company reports certain non-IFRS measures and insurance industry metrics that are used to evaluate its performance. As non-IFRS 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 defined 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 from 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 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 measures. 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 levels. Sagicor has voluntarily elected to follow OSFI's LICAT Guideline, specifically the latest amendment which became effective January 1, 2025. Core return on shareholders' equity (Core ROE): This measures profitability using core earnings available to common shareholders as a percentage of the capital deployed to earn the core earnings. The Company calculates core ROE using average common shareholders' equity quarterly, as the average of common shareholders' equity at the start and end of the quarter, and annually, as the average of the quarterly average common shareholders' equity for the year. The quarterly Core return on shareholders' equity is annualised. Return on Shareholders' Equity (ROE): IFRS does not prescribe the calculation of return on shareholders' equity and therefore 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 common shareholders' equity at the start and end of the quarter, and annually, as the average of the quarterly average common shareholders' equity for the year. The quarterly return on shareholders' equity is annualised. This measure provides an indication of overall profitability of the company. Book value per share: To determine the book value per share, shareholders' equity is divided by the number of shares outstanding at the period end, net of any treasury shares. Revenues: Revenues is the sum of three IFRS measures: insurance revenue, net investment income, and fees and other income. Financial leverage ratio: The financial leverage ratio is the ratio of notes and loans payable (refer to note 7 of the Q2 2025 condensed consolidated financial statements) to total capital, as defined below. This ratio measures the proportion of debt the Company uses to finance its operations as compared with its capital. 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 total 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. New business CSM: This measure is the amount of the contractual service margin added from contracts initially recognized in the period, net of reinsurance. New business production: This measure is equal to the amount of annuities and life insurance new business paid premium. Net CSM: This measure is the balance of the direct contractual service margin net of reinsurance contractual service margin. Net CSM to shareholders: This measure is the amount of the net CSM attributable to shareholders. Net premium: The sum of premiums written by an insurance company, less premiums ceded to reinsurance companies, plus any reinsurance assumed in the reporting period, excluding segregated fund premium. Organic CSM: It is the sum of the following components: Impact of new insurance business ("impact of new business" or "new business CSM") is the impact from insurance contracts initially recognized in the period. It includes the impacts related to policy cancellations and acquisition expenses, and it excludes the impacts of unusual new reinsurance contracts on in-force business which are considered management actions. Expected movement related to finance income or expenses ("interest accretion") includes interest accreted on the CSM during the period and the expected change on VFA contracts if returns are as expected. CSM recognized for service provided ("CSM amortization") is the portion of the CSM that is recognized in net income for service provided in the period; and Insurance experience gains (losses) and other is primarily the change from experience variances that relate to future periods. This includes persistency experience and changes in future period cash flows caused by other current period experience (e.g., policyholder behavior that differs from expectations). Shareholders' equity plus net CSM to shareholders: This measure is the sum of commo n shareholders' equity and Net CSM to shareholders and is an important measure for monitoring growth and measuring insurance businesses' value. Core basic earnings per share (Core Basic EPS): represents core earnings attributable to shareholders divided by the weighted average number of common shares outstanding. This is a measure to evaluate the Company's capacity to generate sustainable earnings. Core dividend payout ratio: This is the ratio of dividends declared per share to core basic earnings per share. Core earnings: Core earnings is intended to remove from reported earnings or loss the impacts of the following items that create volatility in Sagicor's results under IFRS, or that are considered to be not representative of Sagicor's business operating performance and long-term earnings potential including among others unexpected market-related impacts, changes in assumptions, management actions, certain acquisition or disposition related amounts and others such as one-time costs, amortization of intangibles, and tax effects of the aforementioned items, gross of non-controlling interests. Non-controlling interests on all the aforementioned items are included in Other. Each of these items is classified as a supplementary financial measure and has no directly comparable IFRS financial measure disclosed in Sagicor's financial statements to which the measure relates, nor are reconciliations available. The core earnings to shareholders can be reconciled to net income to shareholders as follows: Net Income and Core Earnings Reconciliation (US$ millions) Sagicor Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income to shareholders (6.4) (40.2) 0.3 (14.0) Market experience gains and losses 42.2 55.1 50.5 38.4 Changes in actuarial methods and assumptions (1.3) 2.2 (1.3) 6.5 Other (1) 11.5 8.2 26.2 8.0 Core earnings to shareholders 46.0 25.3 75.7 38.9 Sagicor Canada Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income to shareholders 3.7 20.4 14.6 25.6 Market experience gains and losses 17.9 7.6 31.6 18.4 Changes in actuarial methods and assumptions - - - - Other (1) 3.0 (2.0) 3.0 (1.0) Core earnings to shareholders 24.6 26.0 49.2 43.0 Sagicor Life USA Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income to shareholders (0.8) (26.9) (0.9) 10.2 Market experience gains and losses 13.5 29.3 19.9 2.4 Changes in actuarial methods and assumptions (1.3) 2.2 (1.3) 2.2 Other (1) 4.9 2.9 4.9 0.3 Core earnings to shareholders 16.3 7.6 22.6 15.1 Sagicor Jamaica Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income to shareholders 14.6 9.4 27.1 12.6 Market experience gains and losses 1.0 (0.7) (10.2) 1.7 Changes in actuarial methods and assumptions - - - 4.3 Other (1) (1.0) 0.8 7.2 (1.0) Core earnings to shareholders 14.6 9.5 24.1 17.6 Sagicor Life Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income to shareholders 20.5 2.2 28.2 12.0 Market experience gains and losses (5.8) 13.6 (3.1) 10.3 Changes in actuarial methods and assumptions - - - - Other (1) 0.8 (7.6) 1.2 (8.8) Core earnings to shareholders 15.5 8.2 26.3 13.5 Head Office (2) Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income to shareholders (44.4) (45.3) (68.7) (74.4) Market experience gains and losses 15.6 5.2 12.3 5.6 Changes in actuarial methods and assumptions - - - - Other (1) 3.8 14.2 10.0 18.5 Core earnings to shareholders (25.0) (26.0) (46.5) (50.3) ___________________________ 1 Other includes acquisition, integration, and restructuring, intangible asset amortization and impairment, loan financing transaction cost and fees, (loss) / gain on divestiture, tax-related items and other. 2 Head office includes parent company financing costs, administrative expenses, and its investment interest in Playa Hotels and Resorts. It also includes other operating companies not directly attributable to the business segments and consolidation adjustments. SOURCE Sagicor Financial Company Ltd.
Cision Canada
13-05-2025
- Business
- Cision Canada
Sagicor Financial Reports First Quarter 2025 Results
This news release for Sagicor Financial Company Ltd. ("Sagicor Financial", "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 for the period ended March 31, 2025. These documents are available on Sagicor's website, at under the heading "Financials and Filings" and under Sagicor's profile at This news release presents non-IFRS 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 Condensed Consolidated Financial Statements, and may not be comparable to similar financial measures used by other companies. They include annualised core return on shareholders' equity, book value per share, core basic earnings per share ("Core EPS"), core dividend payout ratio, core earnings, financial leverage ratio, Minimum Continuing Capital and Surplus Requirement ("MCCSR") ratio, Group Life Insurance Capital Adequacy Test ("Group LICAT"), net contractual service margin ("CSM"), net CSM to shareholders, new business CSM, new business production, net premium, return on shareholders' equity ("ROE"), revenues, shareholders' equity plus net CSM to shareholders, and total capital. See the "Non-IFRS and Other Financial Measures" section in this document for relevant information about such measures. TORONTO and BRIDGETOWN, Barbados, May 13, 2025 /CNW/ - Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in Canada, the United States, and the Caribbean, today announced its results for the first quarter ended March 31, 2025. All figures are in US$ unless otherwise stated. Q1 Highlights Andre Mousseau, President and Chief Executive Officer, said: "We are pleased to announce another solid quarter in Q1. Our quarterly core earnings (1) to shareholders were our highest on record since our conversion to IFRS 17 in 2023. Both of our Caribbean segments showed significant progress expanding margins and growing core earnings (1) to shareholders year over year. Our U.S. business continued its strong growth with over $400 million of new annuity production (1) and our Canadian segment showed robust profitability. This performance puts us in a strong position to weather market volatility and achieve our targets for 2025." Overall Sagicor Group – Financial Highlights Sagicor's core earnings (1) to shareholders of $29.7 million for Q1 2025 were significantly stronger than Q1 2024 and are representative of the underlying strength of our business. Strong growth momentum at Sagicor Canada, Sagicor Jamaica, and Sagicor Life benefited from solid sales contribution across all product lines, improved margins on short-term businesses, and insurance experience reverting toward expectations. Sagicor Life USA had a strong quarter with $411.3 million in new business production (1) which resulted in an improvement in expected investment earnings as that segment continues to successfully grow its asset base. Core head office costs (1) were lower during Q1 due to favorable debt refinancings completed in 2024. Sagicor remains well capitalized with a Group LICAT (1) ratio of 137%, and a financial leverage ratio (1) of 27.2%. Consolidated Highlights Business Segment Performance Sagicor has four main reporting operating segments: Sagicor Canada (ivari), Sagicor Life USA, Sagicor Jamaica (of which the Company owns 49.1% and is consolidated by the Company), and Sagicor Life (which includes the southern Caribbean). Other Key Performance Indicators (US$ millions) Q1 2025 Q1 2024 Change Y/Y New Business CSM (1) Sagicor Canada 11.5 12.1 (5 %) Sagicor Life USA 9.9 13.7 (28 %) Sagicor Jamaica 13.6 7.2 88 % Sagicor Life 11.1 9.1 22 % Head office (2) - - - Total 46.1 42.1 10 % Revenues (1) Sagicor Canada 206.9 242.2 (15 %) Sagicor Life USA 125.9 126.3 (<1%) Sagicor Jamaica 202.9 157.9 28 % Sagicor Life 112.1 115.6 (3 %) Head office (2) - (2.7) >100% Total 647.8 639.3 1 % Insurance Revenue Sagicor Canada 159.1 171.6 (7 %) Sagicor Life USA 26.1 24.4 7 % Sagicor Jamaica 91.4 80.6 13 % Sagicor Life 82.9 78.6 5 % Head office (2) - - - Total 359.5 355.2 1 % Business Segment - Quarterly Highlights Sagicor Canada New business production (1) of $17.0 million for the quarter was consistent with management expectations, resulting in new business CSM (1) of $11.5 million for the quarter. Core earnings (1) to shareholders of $24.6 million for the quarter increased $7.7 million, or 46%, from the same quarter in the prior year, driven by higher core net investment result and insurance experience reverting toward expectations. Net income to shareholders of $10.9 million for the quarter was lower than core earnings (1) to shareholders due to unfavorable equity returns. Net CSM (1) was $541.2 million, an increase of 1% Q/Q. Sagicor Life USA Sagicor Life USA's new business production (1) of $411.3 million for the quarter was higher than prior year due to competitive crediting rates and market momentum for investment-type products. Core earnings (1) to shareholders for the quarter of $6.3 million decreased 17% from the same quarter in the prior year, driven primarily by unfavorable insurance experience on the legacy life block. Net loss to shareholders of $0.1 million for the quarter was lower than core earnings (1) to shareholders due to unfavorable market-related impacts. Net CSM (1) was $153.3 million, a decrease of 1% Q/Q. Sagicor Jamaica Sagicor Jamaica had strong net premium (1) across all product lines as compared to Q1 2024. Sagicor Jamaica's core earnings (1) to shareholders of $9.5 million for the quarter increased over the same quarter in the prior year due to improved margins and reserve release on the short-term business and higher interest income from the growing loans portfolio at its bank. Sagicor's share of Sagicor Jamaica's net income to shareholders of $12.5 million for the quarter was positively impacted by improved mark-to-market gains. Net CSM (1) was $281.6 million, a decline of under 1% Q/Q. Sagicor Life Sagicor Life's short-term business benefited from repricing initiatives on renewals while the long-term business had favorable insurance experience. Core earnings (1) to shareholders of $10.8 million doubled the Q1 2024 result reflecting improved profitability in the short-term business and favorable insurance experience in both the short-term and long-term businesses. Net income to shareholders of $7.7 million for the quarter was lower than core earnings to shareholders in the quarter primarily due to rising interest rates impacting mark-to-market loss on our fixed income portfolio partly offset by gain on the valuation of assets. Net CSM (1) was $248.8 million, a slight increase Q/Q. Head Office, Other and Adjustments Core loss (1) to shareholders was $21.5 million for Q1, an improvement of $2.7 million Y/Y reflecting lower interest costs from favorable debt refinancings completed in 2024. Net loss to shareholders was $24.3 million. Dividends On May 13, 2025, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of US$ 6.75₵ per common share. This quarterly dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 26, 2025. Normal Course Issuer Bid Sagicor repurchased 10,600 shares which were cancelled in Q1 for a total cost of approximately US$0.1 million. The number of issued and outstanding common shares as at March 31, 2025 was 135,845,805, net of any treasury shares. Management's Discussion and Analysis, Condensed Consolidated Financial Statements (Unaudited), and Supplemental Information Package This press release, which was approved by the Company's Board of Directors and Audit Committee, should be read in conjunction with the Company's unaudited condensed consolidated financial statements and accompanying MD&A and supplemental information package. The supplemental information package was updated this quarter to include a presentation of Canadian dollar figures for the Sagicor Canada segment. The unaudited financial statements, MD&A, and supplemental information package are available on the Company's website at and the unaudited financial statements and MD&A will soon be filed on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at Conference Call Sagicor Financial Company Ltd. will host a conference call for analysts and investors on Wednesday, May 14, 2025, at 9:00 a.m. Eastern Daylight Time in Toronto (9:00 a.m. Atlantic Standard Time in Barbados and Trinidad and Tobago, 8:00 a.m. Eastern Standard Time in Jamaica). To listen to the call via live audio webcast, visit the Company's website at under the tab "Investor Relations" or at The conference call is also available by dialing 1-416-945-7677 or 1-888-699-1199 (North American toll free) or 448002797040 (United Kingdom). To join the conference call without operator assistance, you may register and enter your phone number at to receive an automated call back. A replay will also be available until June 14, 2025, by dialing 1-646-517-4150 or 1-888-660-6345 (North American toll free), passcode 18786#. A transcript of the call will also be made available on About Sagicor Financial Company Ltd. Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider with over 180 years of history in the Caribbean, over 90 years of history in Canada, and a growing presence in the United States with over 70 years of history. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, investment management, and real estate. Sagicor's registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional information about Sagicor can be obtained by visiting Forward-Looking Information Certain information contained in this news release may be forward-looking statements, including the outlook and financial guidance provided herein. Although Sagicor believes that its outlook is reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Sagicor's outlook serves to provide shareholders, market analysts, investors, and other stakeholders with a basis for adjusting their expectations with regard to our performance throughout the year and may not be appropriate for other purposes. 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 ( 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. Non-IFRS and Other Financial Measures The Company reports certain non-IFRS measures and insurance industry metrics that are used to evaluate its performance. As non-IFRS 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 defined 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 from 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 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 measures. Minimum Continuing Capital and Surplus Requirements ("MCCSR"): Sagicor voluntarily adopted the MCCSR standard as its risk-based assessment measure to provide a consolidated view of capital adequacy. The MCCSR was a standard used by OSFI from 1992 until 2018, when it was superseded by LICAT. When it was in place, OSFI established a supervisory minimum Total Ratio of 150% under MCCSR. Canadian practices for calculation of the MCCSR evolved and changed from inception through its replacement. Sagicor has made certain interpretations in our calculation of the MCCSR, in consultation with our appointed actuary, which we believe appropriately reflect the risk-based assessment of our capital position, including accounting for CSM in MCCSR. 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 levels. Sagicor has voluntarily elected to follow OSFI's LICAT Guideline, specifically the latest amendment which became effective January 1, 2025. Core return on shareholders' equity (Core ROE): This measures profitability using core earnings available to common shareholders as a percentage of the capital deployed to earn the core earnings. The Company calculates core ROE using average common shareholders' equity quarterly, as the average of common shareholders' equity at the start and end of the quarter, and annually, as the average of the quarterly average common shareholders' equity for the year. The quarterly Core return on shareholders' equity is annualised. Return on Shareholders' Equity (ROE): IFRS does not prescribe the calculation of return on shareholders' equity and therefore 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 common shareholders' equity at the start and end of the quarter, and annually, as the average of the quarterly average common shareholders' equity for the year. The quarterly return on shareholders' equity is annualised. This measure provides an indication of overall profitability of the company. Book value per share: To determine the book value per share, shareholders' equity is divided by the number of shares outstanding at the period end, net of any treasury shares. Revenues: Revenues is the sum of three IFRS measures: insurance revenue, net investment income, and fees and other income. Financial leverage ratio: The financial leverage ratio is the ratio of notes and loans payable (refer to note 7 of the Q1 2025 condensed consolidated financial statements) to total capital, as defined below. This ratio measures the proportion of debt the Company uses to finance its operations as compared with its capital. Total capital: This measure provides an indicator for evaluating the Company's performance. Total capital ($3.5 billion as at Q1 2025) is the sum of total shareholders' equity ($958 million), notes and loans payable ($954 million), non-controlling interests ($365 million) and net CSM ($1.2 billion). This measure is the sum of several IFRS measures. New business CSM: This measure is the amount of the contractual service margin added from contracts initially recognized in the period, net of reinsurance. New business production: This measure is equal to the amount of annuities and life insurance new business paid premium. Net CSM: This measure is the balance of the direct contractual service margin net of reinsurance contractual service margin. Net CSM to shareholders: This measure is the amount of the net CSM attributable to shareholders. Net premium: The sum of premiums written by an insurance company, less premiums ceded to reinsurance companies, plus any reinsurance assumed in the reporting period, excluding segregated fund premium. Organic CSM: It is the sum of the following components: Impact of new insurance business ("impact of new business" or "new business CSM") is the impact from insurance contracts initially recognized in the period. It includes the impacts related to policy cancellations and acquisition expenses, and it excludes the impacts of unusual new reinsurance contracts on in-force business which are considered management actions. Expected movement related to finance income or expenses ("interest accretion") includes interest accreted on the CSM during the period and the expected change on VFA contracts if returns are as expected. CSM recognized for service provided ("CSM amortization") is the portion of the CSM that is recognized in net income for service provided in the period; and Insurance experience gains (losses) and other is primarily the change from experience variances that relate to future periods. This includes persistency experience and changes in future period cash flows caused by other current period experience (e.g., policyholder behavior that differs from expectations). Shareholders' equity plus net CSM to shareholders: This measure is the sum of commo n shareholders' equity and Net CSM to shareholders and is an important measure for monitoring growth and measuring insurance businesses' value. Core basic earnings per share (Core Basic EPS): represents core earnings attributable to shareholders divided by the weighted average number of common shares outstanding. This is a measure to evaluate the Company's capacity to generate sustainable earnings. Core dividend payout ratio: This is the ratio of dividends declared per share to core basic earnings per share. Core earnings: Core earnings is intended to remove from reported earnings or loss the impacts of the following items that create volatility in Sagicor's results under IFRS, or that are considered to be not representative of Sagicor's business operating performance and long-term earnings potential including among others unexpected market-related impacts, changes in assumptions, management actions, certain acquisition or disposition related amounts and others such as one-time costs, amortization of intangibles, and tax effects of the aforementioned items, gross of non-controlling interests. Non-controlling interests on all the aforementioned items are included in Other. Each of these items is classified as a supplementary financial measure and has no directly comparable IFRS financial measure disclosed in Sagicor's financial statements to which the measure relates, nor are reconciliations available. The core earnings to shareholders can be reconciled to net income to shareholders as follows: Net Income and Core Earnings Reconciliation (US$ millions) Sagicor Q1 2025 Q1 2024 Net income to shareholders 6.7 26.2 Market experience gains and losses 8.3 (16.7) Changes in actuarial methods and assumptions - 4.3 Other (1) 14.7 (0.4) Core earnings to shareholders 29.7 13.5 Sagicor Canada Q1 2025 Q1 2024 Net income to shareholders 10.9 5.2 Market experience gains and losses 13.7 10.8 Changes in actuarial methods and assumptions - - Other (1) - 0.9 Core earnings to shareholders 24.6 16.9 Sagicor Life USA Q1 2025 Q1 2024 Net income to shareholders (0.1) 37.1 Market experience gains and losses 6.4 (26.9) Changes in actuarial methods and assumptions - - Other (1) - (2.6) Core earnings to shareholders 6.3 7.6 Sagicor Jamaica Q1 2025 Q1 2024 Net income to shareholders 12.5 3.2 Market experience gains and losses (11.2) 2.4 Changes in actuarial methods and assumptions - 4.3 Other (1) 8.2 (1.9) Core earnings to shareholders 9.5 8.0 Sagicor Life Q1 2025 Q1 2024 Net income to shareholders 7.7 9.8 Market experience gains and losses 2.7 (3.3) Changes in actuarial methods and assumptions - - Other (1) 0.4 (1.3) Core earnings to shareholders 10.8 5.2 Head Office (2) Q1 2025 Q1 2024 Net income to shareholders (24.3) (29.1) Market experience gains and losses (3.3) 0.4 Changes in actuarial methods and assumptions - - Other (1) 6.1 4.5 Core earnings to shareholders (21.5) (24.2) _______________________ 1 Other includes acquisition, integration, and restructuring, intangible asset amortization and impairment, loan financing transaction cost and fees, (loss) / gain on divestiture, tax-related items and other. 2 Head office includes parent company financing costs, administrative expenses, and its investment interest in Playa Hotels and Resorts. It also includes other operating companies not directly attributable to the business segments and consolidation adjustments. SOURCE Sagicor Financial Company Ltd.
Yahoo
13-05-2025
- Business
- Yahoo
Sagicor Financial Reports First Quarter 2025 Results
This news release for Sagicor Financial Company Ltd. ("Sagicor Financial", "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 for the period ended March 31, 2025. These documents are available on Sagicor's website, at under the heading "Financials and Filings" and under Sagicor's profile at This news release presents non-IFRS 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 Condensed Consolidated Financial Statements, and may not be comparable to similar financial measures used by other companies. They include annualised core return on shareholders' equity, book value per share, core basic earnings per share ("Core EPS"), core dividend payout ratio, core earnings, financial leverage ratio, Minimum Continuing Capital and Surplus Requirement ("MCCSR") ratio, Group Life Insurance Capital Adequacy Test ("Group LICAT"), net contractual service margin ("CSM"), net CSM to shareholders, new business CSM, new business production, net premium, return on shareholders' equity ("ROE"), revenues, shareholders' equity plus net CSM to shareholders, and total capital. See the "Non-IFRS and Other Financial Measures" section in this document for relevant information about such measures. TORONTO and BRIDGETOWN, Barbados, May 13, 2025 /CNW/ - Sagicor Financial Company Ltd. (TSX: SFC), a leading financial services provider in Canada, the United States, and the Caribbean, today announced its results for the first quarter ended March 31, 2025. All figures are in US$ unless otherwise stated. Q1 Highlights Core earnings(1) to shareholders of $29.7 million Core basic earnings per share(1) (EPS) of 21.9₵ Core return on shareholders' equity(1) (annualised) of 12.4% Net income to shareholders of $6.7 million New business CSM(1) of $46.1 million Shareholders' equity of $958.2 million, with book value per share of US$7.05 or C$10.14 Shareholders' equity plus net CSM to shareholders(1) of $2.0 billion, or US$15.01 or C$21.59 per share Financial leverage ratio(1) of 27.2% Group LICAT(1) ratio of 137% Dividend of US$ 6.75₵ per common share to be paid during the second quarter of 2025 (US$ 27.0₵ annualised dividend) Andre Mousseau, President and Chief Executive Officer, said: "We are pleased to announce another solid quarter in Q1. Our quarterly core earnings(1) to shareholders were our highest on record since our conversion to IFRS 17 in 2023. Both of our Caribbean segments showed significant progress expanding margins and growing core earnings(1) to shareholders year over year. Our U.S. business continued its strong growth with over $400 million of new annuity production(1) and our Canadian segment showed robust profitability. This performance puts us in a strong position to weather market volatility and achieve our targets for 2025." Overall Sagicor Group – Financial Highlights Sagicor's core earnings(1) to shareholders of $29.7 million for Q1 2025 were significantly stronger than Q1 2024 and are representative of the underlying strength of our business. Strong growth momentum at Sagicor Canada, Sagicor Jamaica, and Sagicor Life benefited from solid sales contribution across all product lines, improved margins on short-term businesses, and insurance experience reverting toward expectations. Sagicor Life USA had a strong quarter with $411.3 million in new business production(1) which resulted in an improvement in expected investment earnings as that segment continues to successfully grow its asset base. Core head office costs(1) were lower during Q1 due to favorable debt refinancings completed in 2024. Sagicor remains well capitalized with a Group LICAT(1) ratio of 137%, and a financial leverage ratio(1) of 27.2%. Consolidated Highlights Profitability (US$ millions) Q1 2025 Q1 2024 ChangeY/YCore earnings(1) to shareholders 29.7 13.5 >100%Core basic EPS(1) (US₵) 21.9₵ 9.6₵ >100%Net income to shareholders 6.7 26.2 (74 %)Core return on shareholders' equity(1) (annualised) (%) 12.4 % 5.6 % 6.8 ptsNew business CSM(1) 46.1 42.1 10 %Financial Strength (US$ millions) Q1 2025 Q4 2024 ChangeQ/QShareholders' equity 958.2 959.7 (<1%)Net CSM to shareholders(1) 1,081.5 1,076.1 1 %Shareholders' equity plus net CSM to shareholders(1) 2,039.7 2,035.8 <1%Net CSM(1) 1,224.9 1,219.7 <1%Book value per share(1) (US$ per share) $7.05 $7.08 (<1%)Group LICAT(1) ratio 137 % 139 % (2 pts)MCCSR(1) ratio 298 % 289 % 9 ptsFinancial leverage ratio(1) 27.2 % 27.3 % (0.1 pts)Business Segment Performance Sagicor has four main reporting operating segments: Sagicor Canada (ivari), Sagicor Life USA, Sagicor Jamaica (of which the Company owns 49.1% and is consolidated by the Company), and Sagicor Life (which includes the southern Caribbean). Profitability (US$ millions) Q1 2025 Q1 2024 ChangeY/Y Core Earnings(1) / (Loss) to ShareholdersSagicor Canada 24.6 16.9 46 % Sagicor Life USA 6.3 7.6 (17 %) Sagicor Jamaica 9.5 8.0 19 % Sagicor Life 10.8 5.2 >100% Head office([2]) (21.5) (24.2) 11 % Total 29.7 13.5 >100% Net Income / (Loss) to ShareholdersSagicor Canada 10.9 5.2 >100% Sagicor Life USA (0.1) 37.1 (>100%) Sagicor Jamaica 12.5 3.2 >100% Sagicor Life 7.7 9.8 (21 %) Head office(2) (24.3) (29.1) 16 % Total 6.7 26.2 (74 %) Other Key Performance Indicators (US$ millions) Q1 2025 Q1 2024 Change Y/Y New Business CSM(1)Sagicor Canada 11.5 12.1 (5 %) Sagicor Life USA 9.9 13.7 (28 %) Sagicor Jamaica 13.6 7.2 88 % Sagicor Life 11.1 9.1 22 % Head office(2) - - - Total 46.1 42.1 10 % Revenues(1)Sagicor Canada 206.9 242.2 (15 %) Sagicor Life USA 125.9 126.3 (<1%) Sagicor Jamaica 202.9 157.9 28 % Sagicor Life 112.1 115.6 (3 %) Head office(2) - (2.7) >100% Total 647.8 639.3 1 % Insurance RevenueSagicor Canada 159.1 171.6 (7 %) Sagicor Life USA 26.1 24.4 7 % Sagicor Jamaica 91.4 80.6 13 % Sagicor Life 82.9 78.6 5 % Head office(2) - - - Total 359.5 355.2 1 % Business Segment - Quarterly Highlights Sagicor Canada New business production(1) of $17.0 million for the quarter was consistent with management expectations, resulting in new business CSM(1) of $11.5 million for the quarter. Core earnings(1) to shareholders of $24.6 million for the quarter increased $7.7 million, or 46%, from the same quarter in the prior year, driven by higher core net investment result and insurance experience reverting toward expectations. Net income to shareholders of $10.9 million for the quarter was lower than core earnings(1) to shareholders due to unfavorable equity returns. Net CSM(1) was $541.2 million, an increase of 1% Q/Q. Sagicor Life USA Sagicor Life USA's new business production(1) of $411.3 million for the quarter was higher than prior year due to competitive crediting rates and market momentum for investment-type products. Core earnings(1) to shareholders for the quarter of $6.3 million decreased 17% from the same quarter in the prior year, driven primarily by unfavorable insurance experience on the legacy life block. Net loss to shareholders of $0.1 million for the quarter was lower than core earnings(1) to shareholders due to unfavorable market-related impacts. Net CSM(1) was $153.3 million, a decrease of 1% Q/Q. Sagicor Jamaica Sagicor Jamaica had strong net premium(1) across all product lines as compared to Q1 2024. Sagicor Jamaica's core earnings(1) to shareholders of $9.5 million for the quarter increased over the same quarter in the prior year due to improved margins and reserve release on the short-term business and higher interest income from the growing loans portfolio at its bank. Sagicor's share of Sagicor Jamaica's net income to shareholders of $12.5 million for the quarter was positively impacted by improved mark-to-market gains. Net CSM(1) was $281.6 million, a decline of under 1% Q/Q. Sagicor Life Sagicor Life's short-term business benefited from repricing initiatives on renewals while the long-term business had favorable insurance experience. Core earnings(1) to shareholders of $10.8 million doubled the Q1 2024 result reflecting improved profitability in the short-term business and favorable insurance experience in both the short-term and long-term businesses. Net income to shareholders of $7.7 million for the quarter was lower than core earnings to shareholders in the quarter primarily due to rising interest rates impacting mark-to-market loss on our fixed income portfolio partly offset by gain on the valuation of assets. Net CSM(1) was $248.8 million, a slight increase Q/Q. Head Office, Other and Adjustments Core loss(1) to shareholders was $21.5 million for Q1, an improvement of $2.7 million Y/Y reflecting lower interest costs from favorable debt refinancings completed in 2024. Net loss to shareholders was $24.3 million. Dividends On May 13, 2025, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of US$ 6.75₵ per common share. This quarterly dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 26, 2025. Normal Course Issuer Bid Sagicor repurchased 10,600 shares which were cancelled in Q1 for a total cost of approximately US$0.1 million. The number of issued and outstanding common shares as at March 31, 2025 was 135,845,805, net of any treasury shares. Management's Discussion and Analysis, Condensed Consolidated Financial Statements (Unaudited), and Supplemental Information Package This press release, which was approved by the Company's Board of Directors and Audit Committee, should be read in conjunction with the Company's unaudited condensed consolidated financial statements and accompanying MD&A and supplemental information package. The supplemental information package was updated this quarter to include a presentation of Canadian dollar figures for the Sagicor Canada segment. The unaudited financial statements, MD&A, and supplemental information package are available on the Company's website at and the unaudited financial statements and MD&A will soon be filed on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at Conference Call Sagicor Financial Company Ltd. will host a conference call for analysts and investors on Wednesday, May 14, 2025, at 9:00 a.m. Eastern Daylight Time in Toronto (9:00 a.m. Atlantic Standard Time in Barbados and Trinidad and Tobago, 8:00 a.m. Eastern Standard Time in Jamaica). To listen to the call via live audio webcast, visit the Company's website at under the tab "Investor Relations" or at The conference call is also available by dialing 1-416-945-7677 or 1-888-699-1199 (North American toll free) or 448002797040 (United Kingdom). To join the conference call without operator assistance, you may register and enter your phone number at to receive an automated call back. A replay will also be available until June 14, 2025, by dialing 1-646-517-4150 or 1-888-660-6345 (North American toll free), passcode 18786#. A transcript of the call will also be made available on About Sagicor Financial Company Ltd. Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider with over 180 years of history in the Caribbean, over 90 years of history in Canada, and a growing presence in the United States with over 70 years of history. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, investment management, and real estate. Sagicor's registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional information about Sagicor can be obtained by visiting ____________________________ 1Represents 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. 2Head office includes parent company financing costs, administrative expenses, and its investment interest in Playa Hotels and Resorts. It also includes other operating companies not directly attributable to the business segments and consolidation adjustments. Forward-Looking Information Certain information contained in this news release may be forward-looking statements, including the outlook and financial guidance provided herein. Although Sagicor believes that its outlook is reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Sagicor's outlook serves to provide shareholders, market analysts, investors, and other stakeholders with a basis for adjusting their expectations with regard to our performance throughout the year and may not be appropriate for other purposes. 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 ( 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. Non-IFRS and Other Financial Measures The Company reports certain non-IFRS measures and insurance industry metrics that are used to evaluate its performance. As non-IFRS 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 defined 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 from 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 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 measures. Minimum Continuing Capital and Surplus Requirements ("MCCSR"): Sagicor voluntarily adopted the MCCSR standard as its risk-based assessment measure to provide a consolidated view of capital adequacy. The MCCSR was a standard used by OSFI from 1992 until 2018, when it was superseded by LICAT. When it was in place, OSFI established a supervisory minimum Total Ratio of 150% under MCCSR. Canadian practices for calculation of the MCCSR evolved and changed from inception through its replacement. Sagicor has made certain interpretations in our calculation of the MCCSR, in consultation with our appointed actuary, which we believe appropriately reflect the risk-based assessment of our capital position, including accounting for CSM in MCCSR. 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 levels. Sagicor has voluntarily elected to follow OSFI's LICAT Guideline, specifically the latest amendment which became effective January 1, 2025. Core return on shareholders' equity (Core ROE): This measures profitability using core earnings available to common shareholders as a percentage of the capital deployed to earn the core earnings. The Company calculates core ROE using average common shareholders' equity quarterly, as the average of common shareholders' equity at the start and end of the quarter, and annually, as the average of the quarterly average common shareholders' equity for the year. The quarterly Core return on shareholders' equity is annualised. Return on Shareholders' Equity (ROE): IFRS does not prescribe the calculation of return on shareholders' equity and therefore 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 common shareholders' equity at the start and end of the quarter, and annually, as the average of the quarterly average common shareholders' equity for the year. The quarterly return on shareholders' equity is annualised. This measure provides an indication of overall profitability of the company. Book value per share: To determine the book value per share, shareholders' equity is divided by the number of shares outstanding at the period end, net of any treasury shares. Revenues: Revenues is the sum of three IFRS measures: insurance revenue, net investment income, and fees and other income. Financial leverage ratio: The financial leverage ratio is the ratio of notes and loans payable (refer to note 7 of the Q1 2025 condensed consolidated financial statements) to total capital, as defined below. This ratio measures the proportion of debt the Company uses to finance its operations as compared with its capital. Total capital: This measure provides an indicator for evaluating the Company's performance. Total capital ($3.5 billion as at Q1 2025) is the sum of total shareholders' equity ($958 million), notes and loans payable ($954 million), non-controlling interests ($365 million) and net CSM ($1.2 billion). This measure is the sum of several IFRS measures. New business CSM: This measure is the amount of the contractual service margin added from contracts initially recognized in the period, net of reinsurance. New business production: This measure is equal to the amount of annuities and life insurance new business paid premium. Net CSM: This measure is the balance of the direct contractual service margin net of reinsurance contractual service margin. Net CSM to shareholders: This measure is the amount of the net CSM attributable to shareholders. Net premium: The sum of premiums written by an insurance company, less premiums ceded to reinsurance companies, plus any reinsurance assumed in the reporting period, excluding segregated fund premium. Organic CSM: It is the sum of the following components: Impact of new insurance business ("impact of new business" or "new business CSM") is the impact from insurance contracts initially recognized in the period. It includes the impacts related to policy cancellations and acquisition expenses, and it excludes the impacts of unusual new reinsurance contracts on in-force business which are considered management actions. Expected movement related to finance income or expenses ("interest accretion") includes interest accreted on the CSM during the period and the expected change on VFA contracts if returns are as expected. CSM recognized for service provided ("CSM amortization") is the portion of the CSM that is recognized in net income for service provided in the period; and Insurance experience gains (losses) and other is primarily the change from experience variances that relate to future periods. This includes persistency experience and changes in future period cash flows caused by other current period experience (e.g., policyholder behavior that differs from expectations). Shareholders' equity plus net CSM to shareholders: This measure is the sum of common shareholders' equity and Net CSM to shareholders and is an important measure for monitoring growth and measuring insurance businesses' value. Core basic earnings per share (Core Basic EPS): represents core earnings attributable to shareholders divided by the weighted average number of common shares outstanding. This is a measure to evaluate the Company's capacity to generate sustainable earnings. Core dividend payout ratio: This is the ratio of dividends declared per share to core basic earnings per share. Core earnings: Core earnings is intended to remove from reported earnings or loss the impacts of the following items that create volatility in Sagicor's results under IFRS, or that are considered to be not representative of Sagicor's business operating performance and long-term earnings potential including among others unexpected market-related impacts, changes in assumptions, management actions, certain acquisition or disposition related amounts and others such as one-time costs, amortization of intangibles, and tax effects of the aforementioned items, gross of non-controlling interests. Non-controlling interests on all the aforementioned items are included in Other. Each of these items is classified as a supplementary financial measure and has no directly comparable IFRS financial measure disclosed in Sagicor's financial statements to which the measure relates, nor are reconciliations available. The core earnings to shareholders can be reconciled to net income to shareholders as follows: Net Income and Core Earnings Reconciliation (US$ millions) Sagicor Q1 2025 Q1 2024 Net income to shareholders 6.7 26.2 Market experience gains and losses 8.3 (16.7) Changes in actuarial methods and assumptions - 4.3 Other(1) 14.7 (0.4) Core earnings to shareholders 29.7 13.5 Sagicor Canada Q1 2025 Q1 2024 Net income to shareholders 10.9 5.2 Market experience gains and losses 13.7 10.8 Changes in actuarial methods and assumptions - - Other(1) - 0.9 Core earnings to shareholders 24.6 16.9 Sagicor Life USA Q1 2025 Q1 2024 Net income to shareholders (0.1) 37.1 Market experience gains and losses 6.4 (26.9) Changes in actuarial methods and assumptions - - Other(1) - (2.6) Core earnings to shareholders 6.3 7.6 Sagicor Jamaica Q1 2025 Q1 2024 Net income to shareholders 12.5 3.2 Market experience gains and losses (11.2) 2.4 Changes in actuarial methods and assumptions - 4.3 Other(1) 8.2 (1.9) Core earnings to shareholders 9.5 8.0 Sagicor Life Q1 2025 Q1 2024 Net income to shareholders 7.7 9.8 Market experience gains and losses 2.7 (3.3) Changes in actuarial methods and assumptions - - Other(1) 0.4 (1.3) Core earnings to shareholders 10.8 5.2 Head Office(2) Q1 2025 Q1 2024 Net income to shareholders (24.3) (29.1) Market experience gains and losses (3.3) 0.4 Changes in actuarial methods and assumptions - - Other(1) 6.1 4.5 Core earnings to shareholders (21.5) (24.2) _______________________ 1Other includes acquisition, integration, and restructuring, intangible asset amortization and impairment, loan financing transaction cost and fees, (loss) / gain on divestiture, tax-related items and other. 2Head office includes parent company financing costs, administrative expenses, and its investment interest in Playa Hotels and Resorts. It also includes other operating companies not directly attributable to the business segments and consolidation adjustments. SOURCE Sagicor Financial Company Ltd. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
DRI Healthcare Trust Reports First Quarter 2025 Results and Announces Internalization of Manager
Definitive agreements for internalization transaction entered into with manager, estimated to deliver $200 million in cumulative savings over 10 years1 Portfolio assets generate second highest cash receipts and Adjusted EBITDA since IPO Normal course issuer bid reactivated with ability to purchase over 3 million units TORONTO, May 12, 2025 /CNW/ - DRI Healthcare Trust (TSX: (TSX: DHT.U) (the "Trust") today announced its financial results for the quarter ended March 31, 2025. The Trust's first quarter 2025 financial statements and Management's Discussion & Analysis ("MD&A") have been filed on SEDAR+ ( All dollar amounts are expressed in U.S. dollars unless otherwise indicated. "We are excited to announce that we have entered into definitive agreements for a transaction that will terminate the existing management agreement with our manager, and allow the Trust to internalize the investment management function," said Gary Collins, the Trust's Chief Executive Officer and Chairman. "We believe this evolutionary step forward will create alignment of interests and transparency for all stakeholders, and is intended to generate value for unitholders. We have a robust pipeline backed by a portfolio that continues to increase and produce significant returns. At the same time, we will opportunistically allocate capital towards unit buybacks via our renewed normal course issuer bid to ensure accretive value generation on a per unit basis." Internalization Transaction In accordance with the definitive management agreement termination agreement and asset purchase agreement entered into by the Trust and DRI Capital Inc. (the "manager" or "DRI Capital") on the date hereof, the Trust will pay an aggregate of $49 million in cash to DRI Capital to extinguish the management agreement, along with all management and performance fee obligations (with expenses payable in connection with the pre-closing period payable by the Trust), and to acquire all the relevant assets of DRI Capital. As a result of this transaction, employees of the manager will also transition over to a Trust subsidiary. This simplified structure is intended to generate strategic, financial, and operational benefits and accretive value over the long term. Furthermore, the manager will indemnify the Trust and its affiliates for any damages relating to the events of last summer. The internalization transaction was recommended for approval by a special committee of the Trust's board composed of independent trustees. The amount paid reflects an approximately 4x multiple of trailing twelve month management fees and compares favourably to precedent transactions. Subject to the satisfaction of customary closing conditions, the transaction is expected to close before the beginning of the fourth quarter of 2025. Q1 Highlights Completed the funding of the Orserdu II milestone payment of $10 million. Total Income of $44.0 million; Normalized Total Cash Receipts of $62.0 million2; Adjusted EBITDA of $51.7 million2; Comprehensive Loss of $1.8 million; Adjusted Cash Earnings per Unit of $0.43 (basic and diluted)1,2; Paid a quarterly cash distribution of US$0.10 per Unit on April 17, 2025. ______________________________________________ 1 Based on the manager's current estimate of management fees and performance fees payable over the next 10 years assuming the existing management agreement would be renewed in accordance with its terms after the initial December 31, 2030 term, and with projected capital deployment into deals at comparable historical returns using organically generated cash from the royalties and credit capacity consistent with current debt terms. 2 Normalized Total Cash Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted Cash Earnings per Unit is a non-GAAP ratio. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Subsequent to Quarter End Received Toronto Stock Exchange ("TSX") approval for normal course issuer bid to allow the Trust to acquire up to 3,148,536 of its Trust units between May 20, 2025 and May 19, 2026. Declared a quarterly cash distribution of US$0.10 per unit for the second quarter of 2025, payable on July 18, 2025 to unitholders of record on June 30, 2025. Received lender consent for internalization and amended the credit agreement to reallocate $25 million of the acquisition credit facility to the working capital credit facility and lower the interest rate margin. Definitive agreements for the Trust to internalize its manager, DRI Capital, by terminating the management agreement and acquiring all of the assets of DRI Capital Inc. relating to the Trust's business, were entered into with DRI Capital. Financial HighlightsThree months endedMarch 31, March 31, (thousands of US dollars, except per unit amounts) 2025 2024 Total income 44,028 42,067 Management fees 4,076 4,164 Performance fees 533 231 Amortization of royalty assets 24,745 25,046 Impairment of royalty assets — 4,380 Other expenses 16,426 13,975 Other loss — (811) Net earnings (loss) (1,752) (6,540) Net unrealized gain (loss) on derivative instruments (80) 1,197 Comprehensive earnings (loss) (1,832) (5,343) Net earnings (loss) per unit – basic (0.03) (0.12) Net earnings (loss) per unit – diluted (0.03) (0.12) Normalized Total Cash Receipts2 61,990 63,517 Adjusted EBITDA2 51,659 55,464 Adjusted EBITDA Margin2 83 % 87 % Adjusted Cash Earnings per Unit – Basic2 0.43 0.47 Adjusted Cash Earnings per Unit – Diluted2 0.43 0.47 Weighted average number of Units – Basic 56,307,817 56,358,240 Weighted average number of Units – Diluted 56,307,817 56,358,240 ______________________________________________ 1 The weighted average number of basic and diluted units for the purposes of calculating Earnings per Unit for the three months ended March 31, 2025 were 56,307,817 units. 2 Normalized Total Cash Receipts, Total Cash Royalty Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted EBITDA Margin and Adjusted Cash Earnings per Unit are non-GAAP ratios. These measures and ratios are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Asset Performance As at March 31, 2025, the Trust's portfolio included 28 royalty streams on 21 products that address a variety of therapeutic areas, such as oncology, neurology, ophthalmology, endocrinology, hematology, dermatology, lysosomal storage disorders and immunology. On March 31, 2025, the royalty asset portfolio had a book value, net of accumulated amortization, of $799.2 million, which during the three months ended March 31, 2025 generated Total Cash Royalty Receipts1 of $62.0 million and royalty income of $39.6 million. On March 31, 2025, the financial royalty asset had a book value of $55.1 million and generated a gain on the change in its fair value of $2.6 million during the three months ended March 31, 2025. Portfolio (thousands of US dollars) Cash ReceiptsThree months ended Royalty Asset Therapeutic Area Marketer(s) March 31, 2025 March 31, 2024 Casgevy Hematology Vertex Pharmaceuticals 5,000 — Empaveli/Syfovre1 Hematology/Ophthalmology Apellis, Sobi 1,125 23 Eylea I Ophthalmology Regeneron, Bayer, Santen 1,522 1,407 Eylea II Ophthalmology Regeneron, Bayer, Santen 331 305 Natpara Endocrinology Takeda 279 568 Omidria Ophthalmology Rayner Surgical 7,994 8,560 Oracea Dermatology Galderma 1,534 2,450 Orserdu I2 Oncology Menarini 8,510 8,020 Orserdu II2 Oncology Menarini 22,920 23,538 Rydapt3 Oncology Novartis 1,159 2,223 Spinraza Neurology Biogen 3,962 3,843 Vonjo I Hematology Sobi 3,095 2,902 Vonjo II2 Hematology Sobi 775 5,605 Xenpozyme4 Lysosomal Storage Disorder Sanofi — — Xolair Immunology Roche, Novartis 2,373 2,446 Zejula Oncology GSK 949 962 Zytiga4 Oncology Johnson & Johnson — — Other Products5 Various Various 462 665 Total Cash Royalty Receipts6 61,990 63,517 _____________________________________________ 1 Per the royalty agreement, Empaveli/Syfovre royalty cash receipts are to be received on a three-quarter lag. During the first quarter of 2024, a small portion of the royalty cash receipts expected to be received on a three-quarter lag were received on a two-quarter lag. The remaining royalty receipts were received on a three-quarter lag and were received in the second quarter of 2024. 2 Cash receipts for Orserdu II and Orserdu I for the three months ended March 31, 2025 include $17,593 and $633, respectively, for reclamation of previous royalty deductions. Cash receipts for the three months ended March 31, 2024 include milestone royalty receipts of $2,104 from Orserdu I, $18,939 from Orserdu II and $5,000 from Vonjo II received in Q1 2024. 3 Cash receipts for the three months ended March 31, 2025 includes $1,000 in additional cash receipts related to a one-time payment received in Q1 2024. 4 Cash receipts from Xenpozyme and Zytiga are received on a semi-annual basis during the second and fourth quarters of each year. 5 Other Products includes royalty income from certain other royalty assets as well as royalty assets which are fully amortized and, where applicable, the entitlements to which have generally expired. Comparative figures for royalty assets Simponi, Stelara and Ilaris are included in Other products. 6 Total Cash Receipts, Total Cash Royalty Receipts and Normalized Total Cash Receipts are non-GAAP financial measures. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Liquidity and Capital On March 31, 2025, the Trust had cash and cash equivalents of $55.7 million. The Trust's credit facility had an outstanding principal balance of $309.9 million on March 31, 2025. Subsequent to March 31, 2025, the Trust revised the credit facility to obtain lender consent for internalization. In addition, $25 million of the acquisition credit facility was reallocated to the working capital credit facility, increasing it to $50 million. Furthermore, the interest rate on the amended credit agreement was revised to SOFR plus (i) a margin which may vary from 1.75% to 2.50% based on the Trust's leverage ratio; and (ii) a margin of 0.10%. The Trust had 56,310,920 units issued and outstanding on March 31, 2025. Distributions On March 3, 2025, the board of trustees approved a quarterly cash distribution of $0.10 per Unit to unitholders of record as of March 31, 2025, which was paid on April 17, 2025. The Trust also announced today that its board of trustees has declared a quarterly cash distribution in the amount of $0.10 per Unit for the second quarter of 2025, payable on July 18, 2025, to unitholders of record as of June 30, 2025. Normal Course Issuer Bid The Trust also announced today the acceptance by the TSX of the Trust's Notice of Intention to make a normal course issuer bid (the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase, from time to time, if considered advisable, up to an aggregate of 3,148,536 of its trust units, being 10% of its 31,485,368 public float of units as of May 5, 2025, through the facilities of the TSX and/or through various eligible alternative Canadian trading systems at the market price at the time of purchase. The Trust had 56,310,920 units issued and outstanding as of such date. Purchases may commence on May 20, 2025 and will conclude on the earlier of the date on which the Trust has purchased the maximum number of trust units permitted under the NCIB and May 19, 2026. The average daily trading volume of the units over the most recently completed six calendar months was 43,352 units. Accordingly, for purposes of the TSX rules, the Trust is entitled to purchase, on any trading day, up to 10,838 units and to make block purchases of its units which exceed such daily limit no more frequently than once per calendar week. Under the Trust's prior normal course issuer bid that commenced on November 20, 2023 and concluded on November 19, 2024 (the "Prior NCIB"), the Trust obtained approval from the TSX to purchase 3,280,195 units. The Trust purchased 406,346 units under the Prior NCIB through the facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of $9.64 per unit. The Trust remains focused on its primary strategy of acquiring new pharmaceutical royalty streams and using its capital for that purpose. DRI Capital Inc., the manager of the Trust ("DRI Capital"), believes that there is a robust and growing pipeline of royalty stream acquisitions opportunities and is active in reviewing a number of potential transactions. However, it is also the opinion of DRI Capital that, from time to time, the market price of the Trust's units may not adequately reflect the value of the underlying assets of the Trust, and the Trust wishes to take advantage of the market trading prices of its units in those instances. The board of trustees of the Trust believes that at such times the proposed purchases would be in the best interests of the Trust and would constitute an appropriate use of available funds. All units purchased by the Trust pursuant to the NCIB will be cancelled. In connection with the NCIB, the Trust will establish an automatic purchase plan with its designated broker (the "Plan") to allow for purchases of units during self-imposed blackout periods, subject to certain parameters as to price and number of units. Outside of these pre- determined black-out periods, units will be repurchased in accordance with management's discretion, subject to applicable law. The Plan will constitute an automatic plan for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX. First Quarter 2025 Conference Call & Webcast As previously announced, management will hold a conference call on Tuesday, May 13, 2025 at 8:00 a.m. (ET) to review the Trust's 2025 first quarter results. You can join the call by dialing 1-888-699-1199 or 416-945-7677 approximately 15 minutes prior to the call to secure a line. A live webcast of the conference call, including a slide presentation, will be available at https:// Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on the Trust's website following the call date. Non-GAAP Financial Measures The reconciliations of non-GAAP financial measures and non-GAAP ratios for the three months ended March 31, 2025 and 2024 to the most directly comparable measures calculated in accordance with IFRS are presented below. Total Cash Royalty Receipts, Total Cash Receipts and Normalized Total Cash Receipts Total Cash Receipts refer to Total Cash Royalty Receipts plus cash receipts from all products. Total Cash Receipts include cash receipts from interest as well as non-recurring cash receipts. Total Cash Royalty Receipts refers to aggregate cash royalty receipts and milestone royalty receipts from the Trust's portfolio of royalty assets and forms part of Total Cash Receipts. Because of the lag between when the Trust records royalty income and receives the corresponding cash payments on its royalties and milestones, management believes Total Cash Receipts and Total Cash Royalty Receipts are useful measures when evaluating the Trust's operations, as they represent actual cash generated in respect of all royalty assets held during a period. The Trust also presents Normalized Total Cash Receipts, which refers to Total Cash Receipts adjusted to remove cash receipts that are not expected to recur in the normal course of our operations. Management believes that Normalized Total Cash Receipts will assist readers in evaluating the period over period performance of the Trust's royalty portfolio since Normalized Total Cash Receipts only include cash receipts generated by royalties and other amounts payable pursuant to the terms of the Trust's royalty assets. There were no adjustments required to normalize cash receipts for the three months ended March 31, 2025 and months ended (thousands of US dollars) March 31, 2025 March 31, 2024 Total income 44,028 42,067 [-] Other interest income (298) (722) [-] Unrealized gain on marketable securities (1,535) — [+] Royalties receivable, beginning of period 62,362 64,082 [-] Royalties receivable, end of period (45,006) (45,470) [+] Financial royalty asset, beginning of period 57,527 — [-] Financial royalty asset, end of period (55,088) — [+] Acquired royalties receivable1 — 3,560 Total Cash Royalty Receipts, Royalty Cash Receipts and Normalized Cash Receipts 61,990 63,517 ______________________________________________ 1 Acquired royalties receivable represent the Trust's royalty entitlements prior to the completion of the royalty transactions they relate to. Adjusted EBITDA and Adjusted EBITDA Margin Management believes Adjusted EBITDA provides meaningful information about the Trust's operating cash flows as it eliminates the effects of other non-cash expenses and accruals and income and expenses that are not expected to recur, that have been recorded on the statement of net earnings (loss) and comprehensive earnings (loss). The Trust refers to EBITDA when reconciling its comprehensive earnings (loss) to Adjusted EBITDA but does not use EBITDA as a measure of its performance. Management believes that Adjusted EBITDA Margin is a useful supplemental measure to demonstrate the operating efficiency of the Trust's business on a cash months ended (thousands of US dollars) March 31, 2025 March 31, 2024 Comprehensive earnings (loss) (1,832) (5,343) [+] Amortization or royalty assets 24,745 25,046 [+] Impairment of royalty assets — 4,380 [-] Other interest income (298) (722) [+] Interest expense 9,607 8,398 EBITDA 32,222 31,759 [+] Royalties receivable, beginning of period 62,362 64,082 [-] Royalties receivable, end of period (45,006) (45,470) [-] Performance fees payable, beginning of period (1,665) (5,918) [+] Performance fees payable, end of period 2,198 4,916 [+] Financial royalty assets, beginning of period 57,527 — [-] Financial royalty assets, end of period (55,088) — [+] Unrealized loss (gain) on marketable securities (1,535) — [+] Acquired royalties receivable1 — 3,560 [+] Unit-based compensation2 460 2,567 [+] Board of trustees unit-based compensation 104 354 [-] Other loss — 811 [-] Net unrealized loss (gain) on derivative instruments 80 (1,197) Adjusted EBITDA 51,659 55,464 [÷] Normalized Total Cash Receipts 61,990 63,517 Adjusted EBITDA Margin 83 % 87 % _________________________________________________ 1 Acquired royalties receivable represent the Trust's royalty entitlements prior to the completion of the royalty transactions they relate to, as described under the Transactions Completed section of the MD&A. 2 Certain members of the board of trustees elected to be compensated fully or partially in deferred units ("DUs") under the Trust's Omnibus Equity Incentive Plan. Adjusted Cash Earnings per Unit Management believes that Adjusted Cash Earnings per Unit provides meaningful information about the Trust's performance as it provides a measure of the cash generated by the Trust's assets on a per unit basis, excluding cash earnings that are not expected to months ended (thousands of US dollars, except per unit amounts) March 31, 2025 March 31, 2024 Comprehensive earnings (loss) (1,832) (5,343) [+] Amortization or royalty assets 24,745 25,046 [+] Impairment of royalty assets — 4,380 [+] Unrealized loss (gain) on marketable securities (1,535) — [+] Unit-based compensation 460 2,567 [+] Board of trustees unit-based compensation1 104 354 [-] Change in fair value of financial royalty assets (2,561) — [+] Cash receipts on financial royalty assets 5,000 — [-] Other loss — 811 [-] Net unrealized loss (gain) on derivative instruments 80 (1,197) Adjusted Cash Earnings 24,461 26,618 Adjusted Cash Earnings per Basic Unit 0.43 0.47 Adjusted Cash Earnings per Fully Diluted Unit 0.43 0.47 Weighted average number of Units – Basic 56,307,817 56,358,240 Weighted average number of Units – Diluted 56,307,817 56,358,240 ________________________________________________ 1 Certain members of the board of trustees elected to be compensated fully or partially in DUs under the Trust's Omnibus Equity Incentive Plan. About DRI Healthcare Trust The Trust is managed by DRI Capital Inc., a pioneer in global pharmaceutical royalty monetization. Since its initial public offering in 2021, the Trust has deployed more than $1.0 billion, acquiring more than 25 royalties on 20-plus drugs, including Eylea, Orserdu, Omidria, Spinraza, Stelara, Vonjo, Zejula and Zytiga. The Trust's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol " and in U.S. dollars under the symbol "DHT.U". To learn more, visit or follow us on LinkedIn. Caution concerning forward-looking statements This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "close to", "target" or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements regarding the Trust's ability to execute on its strategy, the internalization of the Trust's manager and the terms and conditions, benefits and expected timing thereof, the value to be provided to unitholders, the potential and timing of royalty payments, the anticipated royalty income and anticipated sales of the products underlying such royalties, and the Trust's normal course issuer bid. Forward- looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that the conditions to closing of the internalization of the Trust's manager will not be satisfied or waived on the timeframe required by the management agreement termination agreement and asset purchase agreement, or at all, the risk that the internalization of the Trust's manager will not generate the levels of anticipated benefits for the Trust and its unitholders, and those additional risks and uncertainties that are disclosed in the Trust's most recent annual information form and under "Risk Factors" in the Trust's Management's Discussion and Analysis. The anticipated royalty terms for products in our portfolio may be shorter than the period of patent protection for the applicable product, depending on many factors, including the entry of generic drugs into the marketplace and competition, all of which are outside our control. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance or achievements of the Trust could differ materially from the results expressed in, or implied by, any forward-looking statements. Certain assumptions underlying the forward-looking information in this news release include: the Trust's assumptions regarding demand and growth in pharmaceutical sales, R&D and opportunities for royalty investing; the competitive environment in which the Trust operates; the performance of the Trust's manager during the period prior to the completion of the internalization transaction; the ability of the Trust and the manager to satisfy the conditions to closing of the internalization transaction; the Trust's ability to implement its growth strategies; the Trust's ability to obtain financing and maintain its existing financing on acceptable terms; the Trust's ability to maintain good business relationships with marketers and other industry partners; timely receipt of cash royalty receipts; expectations regarding the duration of royalties; the Trust's ability to keep pace with changing consumer preferences; the absence of material adverse changes in the Trust's industry or the global economy; currency exchange and interest rates; the impact of competition; the changes and trends in the Trust's industry or the global economy; and stability in laws, rules, regulations and global standards in the pharmaceutical industry. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust's filings with securities regulators, including its latest annual information form and Management's Discussion and Analysis. These filings are also available at the Trust's website at SOURCE DRI Healthcare Trust View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
