SEDAR Interim Financial Statements

SAGICOR FINANCIAL COMPANY LTD. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Nine months ended September 30, 2025 Unaudited Condensed Consolidated Financial Statements: Statements of Financial Position 2 Statements of Income 3 Statements of Comprehensive Income 4 Statements of Changes in Equity 5 Statements of Cash Flows 6 Notes to the Unaudited Condensed Consolidated Financial Statements: 1 General Information 7 2 Material Accounting Policies 7 3 Segments 8 4 Financial Investments 15 5 Insurance, Reinsurance and Investment Contract Assets and Liabilities 17 6 Deposit and Security Liabilities 31 7 Notes and Loans Payable 32 8 Segregated Funds Liabilities on Account of Fund Holders 33 9 Insurance Revenue and Service Expenses 34 10 Net Investment Income and Net Insurance Finance Expenses 36 11 Expenses By Nature 38 12 Fair Value Disclosures of Assets and Liabilities Carried at Fair Value 40 13 Credit Risk 45 14 Cash Flows 46 15 Earnings per Common Share 48 16 Repurchase of Shares 48 17 Disposal of Insurance Operations 48 18 Dividend 48 19 Subsequent Events 48 SAGICOR FINANCIAL COMPANY LTD. ACRONYMS Certain acronyms have been used throughout the financial statements and notes thereto to substitute phrases. The more frequent acronyms and associated phrases are set out below. Acronym Phrase AC Amortised Cost CORRA Canadian Overnight Repo Rate CSM Contractual Service Margin ECL Expected Credit Losses FCF Fulfilment Cash Flows FVTOCI Fair Value Through Other Comprehensive Income FVTPL Fair Value Through Profit and Loss GMM General Measurement Model IAS International Accounting Standards IASB International Accounting Standards Board IFRS IFRS Accounting Standards LGD Loss Given Default LIC Liability for Incurred Claims LRC Liability for Remaining Coverage OCI Other Comprehensive Income PAA Premium Allocation Approach P&C Property and Casualty PD Probability of Default POCI Purchase or Originated Credit-Impaired SICR Significant Increase in Credit Risk SOFR Secured Overnight Financing Rate VFA Variable Fee Approach SAGICOR FINANCIAL COMPANY LTD. (Unaudited) Note As of September 30, 2025 As of December 31, 2024 Amounts in US $000 ASSETS Cash 506,536 442,494 Restricted cash 113,057 100,188 Financial investments 4 18,651,558 17,159,289 Financial investments repledged 4 886,055 696,750 Reinsurance contract assets 5 2,920,740 2,890,248 Insurance contract assets 5 8,203 4,886 Miscellaneous assets and receivables 293,635 282,012 Income tax assets 301,219 316,265 Associates and joint ventures 71,216 68,707 Intangible assets 83,235 88,070 Investment property 72,982 76,970 Property, plant and equipment 216,951 194,837 Segregated funds assets 449,531 447,222 Total assets 24,574,918 22,767,938 LIABILITIES Accounts payable and accrued liabilities 288,765 309,431 Income tax liabilities 20,052 13,987 Investment contract liabilities 5 469,349 466,548 Reinsurance contract liabilities 5 12,439 14,701 Insurance contract liabilities 5 17,474,975 16,075,723 Deposit and security liabilities 6 3,316,409 3,057,250 Lease liabilities 58,001 34,939 Notes and loans payable 7 976,426 953,939 Other liabilities / retirement benefit liabilities 72,323 71,744 Insurance contract liabilities on account of segregated fund policyholders 8 449,531 447,222 Total liabilities 23,138,270 21,445,484 EQUITY Share capital 1,354 1,354 Share premium 700,726 700,413 Reserves (119,551) (160,515) Retained earnings 466,657 418,440 Total shareholders’ equity 1,049,186 959,692 Non-contro --- lling interests 387,462 362,762 Total equity 1,436,648 1,322,454 Total liabilities and equity 24,574,918 22,767,938 These consolidated financial statements have been approved for issue by the Board of Directors on November 12, 2025. Director Director SAGICOR FINANCIAL COMPANY LTD. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION The accompanying notes form an integral part of these financial statements. 2 (Unaudited) Note Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Amounts in US $000 Insurance revenue 9 1,103,444 1,084,913 366,253 371,324 Insurance service expenses 9 (782,354) (815,011) (252,977) (270,778) Net expense from reinsurance contracts held 9 (129,016) (150,852) (50,987) (62,700) INSURANCE SERVICE RESULT 9 192,074 119,050 62,289 37,846 Gain on derecognition of amortised cost investments 10 6 45 29 53 Gain / (loss) on derecognition of assets carried at FVTOCI 10 16 (2,781) (2,685) (2,538) Interest income earned from financial assets measured at amortised cost and FVTOCI 10 197,472 186,356 71,096 63,485 Credit impairment loss 10 (6,564) (2,510) (2,488) (1,843) Net gain on FVTPL investments 10 957,840 1,004,846 494,113 663,394 Other investment income 10 5,762 4,236 2,820 2,264 NET INVESTMENT INCOME 10 1,154,532 1,190,192 562,885 724,815 Finance expenses from insurance contracts issued 10 (900,375) (961,237) (428,115) (689,162) Finance income from reinsurance contracts held 10 58,344 87,974 25,333 126,838 NET INSURANCE FINANCE EXPENSES 10 (842,031) (873,263) (402,782) (562,324) NET INVESTMENT RESULT BEFORE SEGREGATED FUNDS 312,501 316,929 160,103 162,491 Net investment income for segregated funds 8 42,575 58,887 22,978 28,535 Finance expenses from insurance contracts issued for segregated funds 8 (42,575) (58,887) (22,978) (28,535) NET INVESTMENT RESULT FOR SEGREGATED FUNDS 8 - - - - TOTAL INVESTMENT RESULT 10 312,501 316,929 160,103 162,491 NET INSURANCE AND INVESTMENT RESULT 504,575 435,979 222,392 200,337 Gain / (loss) arising on divestiture - 9,666 - (142) Fees and other income 99,621 100,561 45,060 33,962 Share of income of associates and joint ventures 4,302 2,825 1,302 1,273 Other operating expenses 11 (269,630) (256,228) (86,771) (81,932) Other interest and finance costs (153,763) (171,504) (51,681) (54,849) INCOME BEFORE TAXES 185,105 121,299 130,302 98,649 Income taxes (60,811) (54,659) (34,548) (31,075) NET INCOME FOR THE PERIOD 124,294 66,640 95,754 67,574 Net income is attributable to: Common shareholders 81,326 45,058 81,076 59,053 Non-controlling interests 42,968 21,582 14,678 8,521 124,294 66,640 95,754 67,574 Earnings per common share: 15 Basic earnings per common share 59.9 cents 32.0 cents 59.7 cents 42.2 cents Fully diluted earnings per common share 58.2 cents 31.2 cents 58.1 cents 41.1 cents SAGICOR FINANCIAL COMPANY LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME The accompanying notes form an integral part of these financial statements. 3 (Unaudited) Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Amounts in US $000 NET INCOME FOR THE PERIOD 124,294 66,640 95,754 67,574 OTHER COMPREHENSIVE INCOME / (LOSS): Items net of tax that may be reclassified subsequently to income: Financial assets measured at FVTOCI: Gain on revaluation 24,081 7,207 6,276 17,446 (Gain) / loss transferred to income (1,289) 1,956 1,481 2,078 Retrans --- lation of foreign currency operations 10,869 (31,356) (18,645) 3,375 33,661 (22,193) (10,888) 22,899 Items net of tax that will not be reclassified subsequently to income: Gain arising on revaluation of owner-occupied property 2,396 4,378 2,221 4,362 Gain on defined benefit plans 554 742 887 515 Other items - 3 - - 2,950 5,123 3,108 4,877 Other comprehensive income / (loss) 36,611 (17,070) (7,780) 27,776 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 160,905 49,570 87,974 95,350 Total comprehensive income is attributable to: Common shareholders 116,088 16,416 69,635 72,834 Non-controlling interests 44,817 33,154 18,339 22,516 160,905 49,570 87,974 95,350 SAGICOR FINANCIAL COMPANY LTD. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME The accompanying notes form an integral part of these financial statements. 4 (Unaudited) Share Capital Share Premium Reserves Retained Earnings Total Shareholders' Equity Non- controlling Interests Total Equity Amounts in US $000 Nine months to September 30, 2025 Balance, January 1, 2025 1,354 700,413 (160,515) 418,440 959,692 362,762 1,322,454 Total comprehensive income - - 34,218 81,870 116,088 44,817 160,905 Transactions with holders of equity instruments: Allotment of common shares 5 3,119 - - 3,124 - 3,124 Repurchase of shares (note 16) (5) (2,835) - (283) (3,123) - (3,123) Movement in treasury shares (note 16) - 29 - - 29 - 29 Changes in reserve - - 771 (424) 347 29 376 Dividends declared - - - (27,483) (27,483) (20,834) (48,317) Changes in ownership interest in subsidiaries - - - 466 466 (466) - Transfers and other movements - - 5,975 (5,929) 46 1,154 1,200 Balance, September 30, 2025 1,354 700,726 (119,551) 466,657 1,049,186 387,462 1,436,648 Nine months to September 30, 2024 Balance, January 1, 2024 1,409 725,029 (73,417) 317,913 970,934 358,087 1,329,021 Total comprehensive income - - (29,381) 45,797 16,416 33,154 49,570 Transactions with holders of equity instruments: Allotment of common shares 7 3,302 - - 3,309 - 3,309 Repurchase of shares (note 16) (21) (11,025) - 1,377 (9,669) - (9,669) Movement in treasury shares (note 16) (8) (3,155) - - (3,163) - (3,163) Changes in reserve - - 140 (537) (397) 75 (322) Dividends declared - - - (25,339) (25,339) (17,537) (42,876) Transfers and other movements - - 3,267 (3,039) 228 338 566 Balance, September 30, 2024 1,387 714,151 (99,391) 336,172 952,319 374,117 1,326,436 SAGICOR FINANCIAL COMPANY LTD. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY The accompanying notes form an integral part of these financial statements. 5 (Unaudited) Note Nine months to September 30, 2025 Nine months to September 30, 2024 Amounts in US $000 OPERATING ACTIVITIES Income before taxes 185,105 121,299 Adjustments for non-cash items, interest and dividends 14 111,128 190,034 Interest and dividends received 421,972 379,882 Interest paid (135,969) (143,480) Income taxes paid (35,659) (49,169) Net change in investments 14 (978,413) (649,850) Net change in operating assets 14 116,173 170,556 Net change in operating liabilities 14 416,301 (87,036) Net cash flows - operating activities 100,638 (67,764) INVESTING ACTIVITIES Property, plant and equipment, net 14 (6,252) (7,551) Associates and joint ventures (575) (1,800) Dividends received from associates and joint ventures 2,476 3,179 Intangible assets, net (3,557) (4,722) Net cash flows - investing activities (7,908) (10,894) FINANCING ACTIVITIES Repurchase of common shares (3,123) (9,669) Movement in treasury shares 29 (3 --- ,163) Shares issued to non-controlling interest 1,294 305 Notes and loans payable, net 14 3,685 (10,329) Lease liability, principal paid 14 (6,906) (6,484) Dividends paid to common shareholders (27,483) (25,339) Dividends paid to non-controlling interests (9,664) (12,263) Net cash flows - financing activities (42,168) (66,942) Effect of exchange rate changes (3,642) (6,117) NET CHANGE IN CASH AND CASH EQUIVALENTS 46,920 (151,717) Cash and cash equivalents, beginning of period 927,709 801,370 CASH AND CASH EQUIVALENTS, END OF PERIOD 14 974,629 649,653 SAGICOR FINANCIAL COMPANY LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS The accompanying notes form an integral part of these financial statements. 6 1. GENERAL INFORMATION These unaudited interim condensed consolidated financial statements (“condensed consolidated financial statements”) of Sagicor Financial Company Ltd. and its subsidiaries (the “Group”), (“Sagicor”) are presented in compliance with International Accounting Standard (“IAS”) 34 - Interim Financial Reporting. The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the audited 2024 annual consolidated financial statements and the accompanying notes included in pages 97 to 347 of the Annual Report for 2024. The condensed financial statements however do include certain disclosures required in the annual financial statements, but which are additional to the requirements of IAS 34. The common shares of Sagicor are listed on the Toronto Stock Exchange and are traded under the symbol “SFC”. 2. MATERIAL ACCOUNTING POLICIES These condensed consolidated financial statements have been prepared using the same accounting policies and methods used in preparation of the audited 2024 annual consolidated financial statements. The principal accounting policies are described in note 2 of those annual consolidated financial statements. The following new pronouncement became effective January 1, 2025 and has been deemed to have no material effect on the Group: IAS 21 – Lack of exchangeability. 2.1 Exchange rates The following exchange rates were applied for the conversion of amounts to US dollars. Closing rates as of September 30, 2025 Closing rates as of December 31, 2024 Average rates for the nine months to September 30, 2025 Average rates for the three months to September 30, 2025 Average rates for the nine months to September 30, 2024 Average rates for the three months to September 30, 2024 Barbados dollar 2.0000 2.0000 2.0000 2.0000 2.0000 2.0000 Canadian dollar 1.3921 1.4389 1.4054 1.3743 1.3568 1.3663 Eastern Caribbean dollar 2.7000 2.7000 2.7000 2.7000 2.7000 2.7000 Jamaica dollar 160.2312 155.6022 158.3580 160.1234 155.5954 156.5480 Trinidad & Tobago dollar 6.7554 6.7474 6.7396 6.7342 6.7274 6.7244 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7 3. SEGMENTS The Group conducts its business through four reportable operating segments, as follows: (a) Sagicor Canada: Engages in individual life insurance, annuities, segregated funds, and accident and sickness insurance business throughout Canada. (b) Sagicor Life USA: Engages in life insurance and annuity business in certain states of the USA and, through a segregated account, transfers insurance risks associated with certain life and annuity products, and financial instruments supporting those liabilities, to --- Sagicor Reinsurance Bermuda Ltd. (c) Sagicor Jamaica: Engages in life, health, annuity, property and casualty insurance business, pension administration services, banking and financial services, and real estate investment services in Jamaica, The Cayman Islands, Panamá, Costa Rica and USA. (d) Sagicor Life: Engages in life, health, annuity, property and casualty insurance business, and pension administration services in Barbados, Eastern Caribbean, Aruba, Bahamas, Belize, and Trinidad & Tobago and, through a segregated account, Sagicor Life transfers insurance risks associated with certain life and annuity products relating to Trinidad & Tobago business to Sagicor Reinsurance Bermuda Ltd. Segmented financial information is set out in the sections 3.1 to 3.3. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8 3. SEGMENTS 3.1 Statement of income by reportable operating segment Amounts in US $000 Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life Head office and other Adjust- ments Total Nine months to September 30, 2025 Insurance revenue 496,013 74,576 279,344 253,511 - - 1,103,444 Insurance service expenses (346,673) (61,667) (202,115) (171,899) - - (782,354) Net expense from reinsurance contracts held (75,544) (3,006) (19,037) (31,429) - - (129,016) Inter-segment insurance service result - 78 - (329) - 251 - Insurance service result 73,796 9,981 58,192 49,854 - 251 192,074 Gain / loss on derecognition of amortised cost investments - 20 - (14) - - 6 Gain / (loss) on derecognition of assets carried at FVTOCI - (4,685) 4,505 190 6 - 16 Interest income earned from financial assets measured at amortised cost and FVTOCI - 43,021 132,819 17,959 3,673 - 197,472 Credit impairment recovery / (loss) - (639) (6,045) 709 (589) - (6,564) Net gain on FVTPL investments 478,233 314,922 95,628 63,645 5,412 - 957,840 Other investment income / (loss) (36) 4,801 477 174 346 - 5,762 Inter-segment investment income / (expenses) - 156 2,233 18,070 9,119 (29,578) - Net investment income 478,197 357,596 229,617 100,733 17,967 (29,578) 1,154,532 Finance expenses from insurance contracts issued (456,185) (307,809) (67,073) (69,308) - - (900,375) Finance income / (expenses) from reinsurance contracts held 46,434 12,901 (402) (589) - - 58,344 Inter-segment net insurance finance income / (expenses) - 839 - (842) - 3 - Net insurance finance expenses (409,751) (294,069) (67,475) (70,739) - 3 (842,031) Net investment result before segregated funds 68,446 63,527 162,142 29,994 17,967 (29,575) 312,501 Net investment income for segregated funds 42,575 - - - - - 42,575 Finance expenses from insurance contracts issued for segregated funds (42,575) - - - - - (42,575) Net investment result for segregated funds - - - - - - - Total investment result 68,446 63,527 162,142 29,994 17,967 (29,575) 312,501 Net insurance and investment result 142,242 73,508 220,334 79,848 17,967 (29,324) 504,575 Fees and other income 1,233 215 95,022 7,538 (5,562) 1,175 99,621 Share of income of associates and joint ventures - - 1,809 2,493 - - 4,302 Other operating expenses (14,078) (26,869) (157,760) (28,069) (39,519) (3,335) (269,630) Other interest and finance costs (40,847) (11,013) (45,276) (12,880) (44,429) 682 (153,763) Inter-segment other income / (expenses) - (9,968) (2,227) (556) (17,206) 29,957 - Segment income / (loss) before taxes 88,550 25,873 111,902 48,374 (88,749) (845) 185,105 Income taxes (20,948) (5,432) (27,264) (7,101) --- (66) - (60,811) Segment net income / (loss) for the period 67,602 20,441 84,638 41,273 (88,815) (845) 124,294 Net income / (loss) attributable to shareholders 67,602 20,441 41,014 41,245 (88,131) (845) 81,326 Net income / (loss) attributable to non- controlling interests - - 43,624 28 (684) - 42,968 Total comprehensive income / (loss) attributable to shareholders 96,188 22,171 43,357 43,611 (88,362) (877) 116,088 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9 3. SEGMENTS (continued) 3.1 Statement of income by reportable operating segment (continued) Amounts in US $000 Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life Head office and other Adjust- ments Total Nine months to September 30, 2024 Insurance revenue 518,198 75,518 254,702 236,495 - - 1,084,913 Insurance service expenses (366,224) (67,100) (205,278) (176,409) - - (815,011) Net expense from reinsurance contracts held (88,025) (12,765) (19,903) (30,159) - - (150,852) Inter-segment insurance service result - 233 - (282) - 49 - Insurance service result 63,949 (4,114) 29,521 29,645 - 49 119,050 Gain on derecognition of amortised cost investments - 38 7 - - - 45 Gain / (loss) on derecognition of assets carried at FVTOCI - (4,955) 2,184 2 (12) - (2,781) Interest income earned from financial assets measured at amortised cost and FVTOCI - 42,137 123,900 16,957 3,362 - 186,356 Credit impairment recovery / (loss) - (82) (5,315) 2,797 90 - (2,510) Net gain on FVTPL investments 581,048 310,435 54,437 56,016 2,910 - 1,004,846 Other investment income / (loss) (98) 1,967 1,654 445 268 - 4,236 Inter-segment investment income / (expenses) - 85 2,606 17,001 7,926 (27,618) - Net investment income 580,950 349,625 179,473 93,218 14,544 (27,618) 1,190,192 Finance expenses from insurance contracts issued (548,535) (303,836) (43,453) (65,413) - - (961,237) Finance income / (expenses) from reinsurance contracts held 71,571 17,580 (384) (793) - - 87,974 Inter-segment net insurance finance income / (expenses) - 1,256 - (1,211) - (45) - Net insurance finance expenses (476,964) (285,000) (43,837) (67,417) - (45) (873,263) Net investment result before segregated funds 103,986 64,625 135,636 25,801 14,544 (27,663) 316,929 Net investment income for segregated funds 58,887 - - - - - 58,887 Finance expenses from insurance contracts issued for segregated funds (58,887) - - - - - (58,887) Net investment result for segregated funds - - - - - - - Total investment result 103,986 64,625 135,636 25,801 14,544 (27,663) 316,929 Net insurance and investment result 167,935 60,511 165,157 55,446 14,544 (27,614) 435,979 Gain arising on divestiture - - - 9,666 - - 9,666 Fees and other income 1,781 132 90,659 6,268 1,544 177 100,561 Share of income of associates and joint ventures - - 682 2,143 - - 2,825 Other operating expenses (10,008) (24,914) (150,243) (31,031) (38,522) (1,510) (256,228) Other interest and finance costs (42,586) (13,578) (44,880) (10,047) (60,746) 333 (171,504) Inter-segment other income / (expenses) - (9,918) (1,704) (531) (16,660) 28,813 - Segment income / (loss) before taxes 117,122 12,233 59,671 31,914 (99,840) 199 121,299 Income taxes (28,794) (2,527) (16,759) (5,785) (794) - (54,659) Segment net income / (loss) for the period 88,328 9,706 42,912 26,129 (100,634) 199 66,640 Net income / (loss) attributable to shareholders 88,328 9,706 20,872 26,111 (100,158) 199 45,058 Net income / (loss) attributable to non- controlling interests - - 22, --- 040 18 (476) - 21,582 Total comprehensive income / (loss) attributable to shareholders 71,716 14,143 3,090 27,671 (100,318) 114 16,416 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 10 3. SEGMENTS (continued) 3.1 Statement of income by reportable operating segment (continued) Amounts in US $000 Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life Head office and other Adjust- ments Total Three months to September 30, 2025 Insurance revenue 166,572 20,645 92,431 86,605 - - 366,253 Insurance service expenses (111,339) (16,766) (65,490) (59,382) - - (252,977) Net expense from reinsurance contracts held (27,858) (1,557) (7,627) (13,945) - - (50,987) Inter-segment insurance service result - 136 - (162) - 26 - Insurance service result 27,375 2,458 19,314 13,116 - 26 62,289 Loss on derecognition of amortised cost investments - 20 - 9 - - 29 Gain / (loss) on derecognition of assets carried at FVTOCI - (3,861) 1,015 161 - - (2,685) Interest income earned from financial assets measured at amortised cost and FVTOCI - 17,321 46,435 6,054 1,286 - 71,096 Credit impairment recovery / (loss) - (178) (2,223) 18 (105) - (2,488) Net gain on FVTPL investments 303,842 135,473 32,297 23,417 (916) - 494,113 Other investment income / (loss) (22) 1,951 315 416 160 - 2,820 Inter-segment investment income / (expenses) - (63) 598 5,986 4,270 (10,791) - Net investment income 303,820 150,663 78,437 36,061 4,695 (10,791) 562,885 Finance expenses from insurance contracts issued (265,388) (114,650) (25,458) (22,619) - - (428,115) Finance income / (expenses) from reinsurance contracts held 21,521 4,222 (225) (185) - - 25,333 Inter-segment net insurance finance income / (expenses) - 156 - (156) - - - Net insurance finance expenses (243,867) (110,272) (25,683) (22,960) - - (402,782) Net investment result before segregated funds 59,953 40,391 52,754 13,101 4,695 (10,791) 160,103 Net investment income for segregated funds 22,978 - - - - - 22,978 Finance expenses from insurance contracts issued for segregated funds (22,978) - - - - - (22,978) Net investment result for segregated funds - - - - - - - Total investment result 59,953 40,391 52,754 13,101 4,695 (10,791) 160,103 Net insurance and investment result 87,328 42,849 72,068 26,217 4,695 (10,765) 222,392 Fees and other income 83 (88) 31,742 3,010 8,880 1,433 45,060 Share of income of associates and joint ventures - - 929 373 - - 1,302 Other operating expenses (3,947) (9,841) (49,611) (9,354) (12,231) (1,787) (86,771) Other interest and finance costs (13,605) (3,184) (15,703) (4,634) (14,703) 148 (51,681) Inter-segment other income / (expenses) - (3,217) (808) (9) (5,811) 9,845 - Segment income / (loss) before taxes 69,859 26,519 38,617 15,603 (19,170) (1,126) 130,302 Income taxes (16,828) (5,223) (9,845) (2,602) (50) - (34,548) Segment net income / (loss) for the period 53,031 21,296 28,772 13,001 (19,220) (1,126) 95,754 Net income / (loss) attributable to shareholders 53,031 21,296 13,877 12,998 (19,000) (1,126) 81,076 Net income / (loss) attributable to non- controlling interests - - 14,895 3 (220) - 14,678 Total comprehensive income / (loss) attributable to shareholders 37,130 22,196 16,540 13,810 (18,833) (1,208) 69,635 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 11 3. SEGMENTS (continued) 3.1 Statement of income by reportable operating segment (continued) Amounts in US $000 Sagicor Canada Sagicor Life USA --- Sagicor Jamaica Sagicor Life Head office and other Adjust- ments Total Three months to September 30, 2024 Insurance revenue 175,600 25,760 89,476 80,488 - - 371,324 Insurance service expenses (125,990) (10,787) (70,868) (63,133) - - (270,778) Net expense from reinsurance contracts held (34,407) (10,099) (7,323) (10,871) - - (62,700) Inter-segment insurance service result - (54) - 28 - 26 - Insurance service result 15,203 4,820 11,285 6,512 - 26 37,846 Gain / (loss) on derecognition of amortised cost investments - 94 (41) - - - 53 Gain / (loss) on derecognition of assets carried at FVTOCI - (3,065) 525 2 - - (2,538) Interest income earned from financial assets measured at amortised cost and FVTOCI - 15,405 41,926 5,054 1,100 - 63,485 Credit impairment recovery / (loss) - (29) (2,119) 216 89 - (1,843) Net gain on FVTPL investments 421,918 171,110 36,305 27,851 6,210 - 663,394 Other investment income / (loss) (37) 722 1,722 (230) 87 - 2,264 Inter-segment investment income / (expenses) - 76 888 6,024 2,667 (9,655) - Net investment income / (expenses) 421,881 184,313 79,206 38,917 10,153 (9,655) 724,815 Finance expenses from insurance contracts issued (453,446) (183,641) (34,721) (17,354) - - (689,162) Finance income / (expenses) from reinsurance contracts held 118,612 8,975 (504) (245) - - 126,838 Inter-segment net insurance finance income / (expenses) - 594 - (547) - (47) - Net insurance finance expenses (334,834) (174,072) (35,225) (18,146) - (47) (562,324) Net investment result before segregated funds 87,047 10,241 43,981 20,771 10,153 (9,702) 162,491 Net investment income for segregated funds 28,535 - - - - - 28,535 Finance expenses from insurance contracts issued for segregated funds (28,535) - - - - - (28,535) Net investment result for segregated funds - - - - - - - Total investment result 87,047 10,241 43,981 20,771 10,153 (9,702) 162,491 Net insurance and investment result 102,250 15,061 55,266 27,283 10,153 (9,676) 200,337 Loss arising on divestiture - - - (142) - - (142) Fees and other income 697 78 30,872 3,338 (932) (91) 33,962 Share of income of associates and joint ventures - - 389 884 - - 1,273 Other operating expenses (3,357) (8,030) (46,823) (11,513) (10,867) (1,342) (81,932) Other interest and finance costs (14,125) (4,830) (15,073) (3,789) (17,311) 279 (54,849) Inter-segment other income / (expenses) - (3,336) (605) (181) (5,953) 10,075 - Segment income / (loss) before taxes 85,465 (1,057) 24,026 15,880 (24,910) (755) 98,649 Income taxes (22,753) 486 (7,013) (1,795) - - (31,075) Segment net income / (loss) for the period 62,712 (571) 17,013 14,085 (24,910) (755) 67,574 Net income / (loss) attributable to shareholders 62,712 (571) 8,281 14,081 (24,695) (755) 59,053 Net income / (loss) attributable to non- controlling interests - - 8,732 4 (215) - 8,521 Total comprehensive income / (loss) attributable to shareholders 75,082 2,084 3,916 17,450 (24,924) (774) 72,834 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 12 3. SEGMENTS (continued) 3.2 Statement of financial position by reportable operating segment Amounts in US $000 Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life Head office and other Adjust- ments Total As of September 30, 2025 Financial investments 7,965,032 6,186,328 3,497,736 1,789,666 98,851 - 19,537,613 Reinsurance contract assets 2,646,685 207,768 33,324 32,963 - - 2,920,740 Insurance contract assets - - 6,504 1,699 - - 8,203 Other external assets --- 699,423 200,840 654,394 370,531 183,174 - 2,108,362 Inter-segment assets 30 21,144 44,537 492,762 150,137 (708,610) - Total assets 11,311,170 6,616,080 4,236,495 2,687,621 432,162 (708,610) 24,574,918 Insurance contract liabilities 9,193,597 5,618,348 1,090,640 1,572,390 - - 17,474,975 Reinsurance contract liabilities - - 3,120 9,319 - - 12,439 Investment contract liabilities 5,728 52,072 145,339 266,210 - - 469,349 Other external liabilities 1,230,387 410,885 2,244,637 162,234 1,133,364 - 5,181,507 Inter-segment liabilities - 174,509 12,814 86,094 435,193 (708,610) - Total liabilities 10,429,712 6,255,814 3,496,550 2,096,247 1,568,557 (708,610) 23,138,270 Net assets 881,458 360,266 739,945 591,374 (1,136,395) - 1,436,648 Net assets attributable to non- controlling interests - - 375,119 265 12,078 - 387,462 Amounts in US $000 Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life Head office and other Adjust- ments Total As of December 31, 2024 Financial investments 7,352,431 5,512,872 3,157,798 1,732,584 100,354 - 17,856,039 Reinsurance contract assets 2,597,796 238,840 22,833 30,779 - - 2,890,248 Insurance contract assets - - 4,032 854 - - 4,886 Other external assets 688,135 152,454 632,069 365,864 178,243 - 2,016,765 Inter-segment assets - 21,415 58,711 448,095 148,315 (676,536) - Total assets 10,638,362 5,925,581 3,875,443 2,578,176 426,912 (676,536) 22,767,938 Insurance contract liabilities 8,609,027 4,919,120 1,030,524 1,517,052 - - 16,075,723 Reinsurance contract liabilities - - 3,986 10,715 - - 14,701 Investment contract liabilities 6,566 55,056 141,010 263,916 - - 466,548 Other external liabilities 1,194,939 435,502 1,983,197 175,754 1,099,120 - 4,888,512 Inter-segment liabilities 7 173,912 3,069 77,278 422,270 (676,536) - Total liabilities 9,810,539 5,583,590 3,161,786 2,044,715 1,521,390 (676,536) 21,445,484 Net assets 827,823 341,991 713,657 533,461 (1,094,478) - 1,322,454 Net assets attributable to non- controlling interests - - 350,310 237 12,215 - 362,762 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 13 3. SEGMENTS (continued) 3.3 Geographical areas The Group operates in certain geographical areas which are determined by the location of the subsidiary or branch initiating the business. The insurance revenue, insurance service result, net investment income, and fees and other income by geographical area are summarised below. Insurance revenue Insurance service result Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Canada 496,013 518,199 166,572 175,601 73,795 63,948 27,369 15,202 USA 74,576 75,518 20,645 25,760 9,903 (4,347) 2,323 4,874 Jamaica 267,412 244,114 88,387 85,904 53,062 27,548 17,194 11,049 Other Caribbean 265,443 247,082 90,649 84,059 55,314 31,901 15,403 6,721 1,103,444 1,084,913 366,253 371,324 192,074 119,050 62,289 37,846 Net investment income Fees and other income Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Canada 478,197 580,950 303,820 421,881 1,233 1,781 83 --- 697 USA 357,440 349,540 150,726 184,237 215 132 (88) 78 Jamaica 209,868 164,865 70,250 71,195 95,605 90,215 32,048 30,656 Other Caribbean 109,027 94,837 38,089 47,502 2,568 8,433 13,017 2,531 1,154,532 1,190,192 562,885 724,815 99,621 100,561 45,060 33,962 3.4 Revenue from fees recognised Nine months to September 30, 2025 Nine months to September 30, 2024 Fees recognised at a point in time over time Total at a point in time over time Total Amounts in US $000 Sagicor Jamaica 58,845 32,908 91,753 48,755 31,109 79,864 All other segments 266 9,198 9,464 72 8,753 8,825 59,111 42,106 101,217 48,827 39,862 88,689 Three months to September 30, 2025 Three months to September 30, 2024 Fees recognised at a point in time over time Total at a point in time over time Total Amounts in US $000 Sagicor Jamaica 19,596 11,026 30,622 16,734 10,475 27,209 All other segments 20 3,056 3,076 24 2,905 2,929 19,616 14,082 33,698 16,758 13,380 30,138 Fee revenue is primarily attributed to income generated by the Jamaica segment's banking, investment management and other financial services business. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 14 4. FINANCIAL INVESTMENTS 4.1 Analysis of financial investments Amounts in US $000 September 30, 2025 December 31, 2024 Carrying value Fair value Carrying value Fair value Investments at FVTOCI: Debt securities 1,624,689 1,624,689 1,426,647 1,426,647 Equity securities 732 732 696 696 1,625,421 1,625,421 1,427,343 1,427,343 Investments at FVTPL: Money market funds 171,386 171,386 202,154 202,154 Debt securities 12,145,136 12,145,136 11,194,919 11,194,919 Equity securities 3,160,699 3,160,699 2,902,232 2,902,232 Derivative financial instruments 17,399 17,399 15,094 15,094 Mortgage loans 14,470 14,470 27,277 27,277 15,509,090 15,509,090 14,341,676 14,341,676 Investments at amortised cost: Debt securities 119,783 121,021 127,484 126,753 Mortgage loans 1,075,965 1,074,483 865,327 851,547 Finance loans 804,111 773,498 752,541 728,478 Securities purchased for resale 49,619 49,619 25,192 25,192 Deposits 353,624 353,624 316,476 316,476 2,403,102 2,372,245 2,087,020 2,048,446 Total financial investments 19,537,613 19,506,756 17,856,039 17,817,465 Statement of financial position presentation Financial investments 18,651,558 17,159,289 Financial investments repledged 886,055 696,750 Total financial investments 19,537,613 17,856,039 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 15 4. FINANCIAL INVESTMENTS (continued) 4.1 Analysis of financial investments (continued) Non-derivative investments at FVTPL FVTPL mandatory classification FVTPL designation by election Total Amounts in US $000 September 30, 2025 Equity securities 3,160,699 - 3,160,699 Money market funds 159,896 11,490 171,386 Debt securities 4,907,337 7,237,799 12,145,136 Mortgage loans - 14,470 14,470 8,227,932 7,263,759 15,491,691 December 31, 2024 Equity securities 2,902,232 - 2,902,232 Money market funds 185,305 16,849 202,154 Debt securities 4,202,325 6,992,594 11,194,919 Mortgage loans - 27,277 27,277 7,289,862 7,036,720 14,326,582 Amounts in US $000 September 30, 2025 December 31, 2024 Debt securities and money market funds: Government & government-guaranteed debt securities 5,307,458 4,870,059 Collateralised mortgage obligations 1,684,278 1,422,078 Corporate debt securities 6,808,462 6,368,365 Money market funds and other securities 260,796 290,702 14,060,994 12,951 --- ,204 Included in financial investments are: Exchange-traded funds included in equity securities 1,183,261 1,128,537 Debt securities issued by associates 16,451 17,287 Mutual funds managed by the Group 198,606 198,689 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 16 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES The table below presents a summary of insurance, reinsurance and investment contract assets and liabilities held by the Group. Additional to the disclosures in note 5 related to insurance contract assets and liabilities, reinsurance contract assets and liabilities as well as investment contract liabilities, specific segregated funds insurance contract liabilities disclosures are separately disclosed in note 8. As of September 30, 2025 Amounts in US $000 Current portion Non-current portion Total Insurance contract assets 4,013 4,190 8,203 Insurance contract liabilities (1,102,743) (16,372,232) (17,474,975) Reinsurance contract assets 328,917 2,591,823 2,920,740 Reinsurance contract liabilities (3,083) (9,356) (12,439) Investment contract liabilities (394,001) (75,348) (469,349) Segregated funds insurance contract liabilities (note 8) (39,539) (409,992) (449,531) As of December 31, 2024 Amounts in US $000 Current portion Non-current portion Total Insurance contract assets 2,814 2,072 4,886 Insurance contract liabilities (1,068,707) (15,007,016) (16,075,723) Reinsurance contract assets 297,563 2,592,685 2,890,248 Reinsurance contract liabilities (3,326) (11,375) (14,701) Investment contract liabilities (384,922) (81,626) (466,548) Segregated funds insurance contract liabilities (note 8) (31,548) (415,674) (447,222) As of September 30, 2024 Amounts in US $000 Current portion Non-current portion Total Insurance contract assets (2,989) 7,559 4,570 Insurance contract liabilities (1,059,852) (15,411,039) (16,470,891) Reinsurance contract assets 328,585 2,752,406 3,080,991 Reinsurance contract liabilities (2,110) (6,351) (8,461) Investment contract liabilities (382,822) (83,859) (466,681) Segregated funds insurance contract liabilities (note 8) (32,363) (449,860) (482,223) SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 17 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) The following table presents insurance contract and reinsurance contract assets and liabilities and summarises those contracts which are measured under the premium allocation approach (PAA) and those which are not measured under the PAA. Amounts in US $000 As of September 30, 2025 As of December 31, 2024 As of September 30, 2024 Insurance contracts issued (includes direct participation contracts) Contracts measured under PAA - net (asset) / liability, end of period 174,171 169,146 159,520 Contracts not measured under PAA (GMM/ VFA) - net (asset) / liability, end of period 17,292,601 15,901,691 16,306,801 Total - Net (asset) / liability, end of period 17,466,772 16,070,837 16,466,321 Reinsurance contracts held Contracts measured under PAA - net asset / (liability), end of period 46,102 31,535 33,831 Contracts not measured under PAA (GMM) - net asset / (liability), end of period 2,862,199 2,844,012 3,038,699 Total - Net asset / (liability), end of period 2,908,301 2,875,547 3,072,530 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 18 5. INSURANCE, REINSURANCE AND --- INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) The following tables explain the components of insurance contract and reinsurance contract assets and liabilities, in addition to changes in these balances for the period. 5.1 INSURANCE CONTRACTS ISSUED (i) Contracts measured under PAA (a) Reconciliation of the liability for remaining coverage and the liability for incurred claims components Nine months to September 30, 2025 Amounts in US $000 LRC LIC Insurance acquisition cash flows asset Total Insurance contracts issued Contracts measured under PAA Excluding loss component Loss component Present value of future cash flows Risk adjustment for non-financial risk Insurance contract liabilities, beginning of period 34,639 - 128,923 5,668 - 169,230 Insurance contract assets, beginning of period (71) - (11) (2) - (84) Net balance – (asset) / liability, beginning of period 34,568 - 128,912 5,666 - 169,146 Insurance revenue (337,236) - - - - (337,236) Insurance service expenses Incurred claims and other directly attributable expenses - - 209,749 (79) - 209,670 Insurance acquisition cash flows amortisation 46,887 - - - - 46,887 Total insurance service expenses 46,887 - 209,749 (79) - 256,557 Total amounts recognised in the insurance services result (290,349) - 209,749 (79) - (80,679) Finance (income) / expenses from insurance contracts issued - - - - - - Effect of exchange rate changes (520) - (2,158) (86) - (2,764) Total amounts recognised in total comprehensive income (290,869) - 207,591 (165) - (83,443) Investment components - - - - - - Other changes - - - - - - Cash flows Premiums received 345,888 - - - - 345,888 Claims and other directly attributable expenses paid - - (210,304) - - (210,304) Insurance acquisition cash flows (47,116) - - - - (47,116) Total cash flows 298,772 - (210,304) - - 88,468 Net balance – (asset) / liability, end of period 42,471 - 126,199 5,501 - 174,171 Insurance contract liabilities, end of period 45,750 - 123,776 5,384 - 174,910 Insurance contract assets, end of period (3,279) - 2,423 117 - (739) Net balance – (asset) / liability, end of period 42,471 - 126,199 5,501 - 174,171 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 19 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.1 INSURANCE CONTRACTS ISSUED (continued) (i) Contracts measured under PAA (continued) (a) Reconciliation of the liability for remaining coverage and the liability for incurred claims components Nine months to September 30, 2024 Amounts in US $000 LRC LIC Insurance acquisition cash flows asset Total Insurance contracts issued Contracts measured under PAA Excluding loss component Loss component Present value of future cash flows Risk adjustment for non-financial risk Insurance contract liabilities, beginning of period 34,940 - 106,886 4,609 - 146,435 Insurance contract assets, beginning of period (1,487) - 1,315 (19) - (191) Net balance – (asset) / liability, beginning of period 33,453 - 108,201 4,590 - 146,244 Insurance revenue (316,841) - - - - (316,841) Insurance service expenses - Incurred claims and other directly attributable expenses - - 207,125 447 - 207,572 Insurance acquisition cash flows amortisation 45,583 - 17 - - 45,600 Total insurance service expenses 45,583 - 207,142 447 - 253,172 Total amounts recognised in the insurance services result (271,258) - 207,142 447 - (63,669) Finance (income) / expenses from insurance contracts issued - - - - --- - - Effect of exchange rate changes (392) - (1,355) (56) - (1,803) Total amounts recognised in total comprehensive income (271,650) - 205,787 391 - (65,472) Investment components - - - - - - Other changes (5) - (68) (2) - (75) Cash flows Premiums received 320,858 - - - - 320,858 Claims and other directly attributable expenses paid - - (194,967) - - (194,967) Insurance acquisition cash flows (47,068) - - - - (47,068) Total cash flows 273,790 - (194,967) - - 78,823 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts - - - - - - Other movements - - - - - - Net balance – (asset) / liability, end of period 35,588 - 118,953 4,979 - 159,520 Insurance contract liabilities, end of period 38,433 - 116,529 4,798 - 159,760 Insurance contract assets, end of period (2,845) - 2,424 181 - (240) Net balance – (asset) / liability, end of period 35,588 - 118,953 4,979 - 159,520 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 20 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.1 INSURANCE CONTRACTS ISSUED (continued) (ii) Contracts not measured under PAA (a) Reconciliation of the liability for remaining coverage and the liability for incurred claims components Nine months to September 30, 2025 Amounts in US $000 LRC LIC Insurance acquisition cash flows asset Total Insurance contracts issued Contracts not measured under PAA Excluding loss component Loss component Insurance contract liabilities, beginning of period 15,286,055 322,823 297,615 - 15,906,493 Insurance contract assets, beginning of period 1,329 90 (6,221) - (4,802) Net balance – (asset) / liability, beginning of period 15,287,384 322,913 291,394 - 15,901,691 Insurance revenue (766,208) - - - (766,208) Insurance service expenses Incurred claims and other directly attributable expenses - (11,824) 476,097 - 464,273 Losses on onerous contracts and reversal of those losses - 1,904 - - 1,904 Insurance acquisition cash flows amortisation 59,620 - - - 59,620 Total insurance service expenses 59,620 (9,920) 476,097 - 525,797 Total amounts recognised in the insurance services result (706,588) (9,920) 476,097 - (240,411) Finance (income) / expenses from insurance contracts issued 888,705 10,761 909 - 900,375 Effect of exchange rate changes 272,556 (1,223) 2,564 - 273,897 Total amounts recognised in total comprehensive income 454,673 (382) 479,570 - 933,861 Investment components (853,995) - 853,995 - - Other changes - - - - - Cash flows Premiums received 1,966,883 - - - 1,966,883 Claims and other directly attributable expenses paid - - (1,295,994) - (1,295,994) Insurance acquisition cash flows (213,840) - - - (213,840) Total cash flows 1,753,043 - (1,295,994) - 457,049 Net balance – (asset) / liability, end of period 16,641,105 322,531 328,965 - 17,292,601 Insurance contract liabilities, end of period 16,639,880 322,395 337,790 - 17,300,065 Insurance contract assets, end of period 1,225 136 (8,825) - (7,464) Net balance – (asset) / liability, end of period 16,641,105 322,531 328,965 - 17,292,601 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 21 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.1 INSURANCE CONTRACTS ISSUED (continued) (ii) Contracts not measured under PAA (continued) (a) Reconciliation of the liability for remaining coverage and the liability for incurred claims components Nine m --- onths to September 30, 2024 Amounts in US $000 LRC LIC Insurance acquisition cash flows asset Total Insurance contracts issued Contracts not measured under PAA Excluding loss component Loss component Insurance contract liabilities, beginning of period 15,050,930 265,528 269,321 - 15,585,779 Insurance contract assets, beginning of period 452 - (1,534) - (1,082) Net balance – (asset) / liability, beginning of period 15,051,382 265,528 267,787 - 15,584,697 Insurance revenue (768,072) - - - (768,072) Insurance service expenses - Incurred claims and other directly attributable expenses - (10,857) 482,509 - 471,652 Losses on onerous contracts and reversal of those losses - 53,884 - - 53,884 Insurance acquisition cash flows amortisation 36,303 - - - 36,303 Total insurance service expenses 36,303 43,027 482,509 - 561,839 Total amounts recognised in the insurance services result (731,769) 43,027 482,509 - (206,233) Finance (income) / expenses from insurance contracts issued 951,771 8,657 809 - 961,237 Effect of exchange rate changes (188,624) (983) (1,696) - (191,303) Total amounts recognised in total comprehensive income 31,378 50,701 481,622 - 563,701 Investment components (764,770) - 764,770 - - Other changes(1) (59,620) (4,717) (7,840) - (72,177) Cash flows Premiums received 1,649,926 - - - 1,649,926 Claims and other directly attributable expenses paid - - (1,217,175) - (1,217,175) Insurance acquisition cash flows (202,171) - - - (202,171) Total cash flows 1,447,755 - (1,217,175) - 230,580 Net balance – (asset) / liability, end of period 15,706,125 311,512 289,164 - 16,306,801 Insurance contract liabilities, end of period 15,704,757 311,444 294,930 - 16,311,131 Insurance contract assets, end of period 1,368 68 (5,766) - (4,330) Net balance – (asset) / liability, end of period 15,706,125 311,512 289,164 - 16,306,801 (1) Other changes include movement related to the transfer of liabilities on disposition of the Curaçao and St. Maarten operations as disclosed per note 17. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 22 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.1 INSURANCE CONTRACTS ISSUED (continued) (ii) Contracts not measured under PAA (continued) (b) Reconciliation of the measurement components of insurance contract balances Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Insurance contracts issued Contracts not measured under PAA Present value of future cash flows Risk adjustment for non- financial risk CSM Insurance acquisition cash flows asset Total Present value of future cash flows Risk adjustment for non- financial risk CSM Insurance acquisition cash flows asset Total Insurance contract liabilities, beginning of period 12,787,867 1,243,094 1,875,532 - 15,906,493 12,380,332 1,303,806 1,901,641 - 15,585,779 Insurance contract assets, beginning of period (6,875) 879 1,194 - (4,802) (1,135) 4 49 - (1,082) Net balance – (asset) / liability, beginning of period 12,780,992 1,243,973 1,876,726 - 15,901,691 12,379,197 1,303,810 1,901,690 - 15,584,697 Changes that relate to current service CSM recognised in net (income) / loss for the services provided - - (177,054) - (177,054) - - (176,514) - (176,514) Change in the risk adjustment for non-financial risk for risk expired - (75,087) - - (75,087) - (73,728) - - (73,728) Experience adjustments – relating to insurance service expenses 9,826 - - - 9,826 (9,875) - - --- - (9,875) 9,826 (75,087) (177,054) - (242,315) (9,875) (73,728) (176,514) - (260,117) Changes that relate to future service Changes in estimate that adjust the CSM 15,092 (4,282) (10,810) - - (99,972) 977 98,995 - - Changes in estimates that result in onerous contract losses or reversal of losses (758) (300) - - (1,058) 59,888 (7,761) - - 52,127 Contracts initially recognised in the period (177,339) 61,367 118,934 - 2,962 (180,702) 61,565 120,894 - 1,757 (163,005) 56,785 108,124 - 1,904 (220,786) 54,781 219,889 - 53,884 Changes that relate to past service Changes that relate to past service – adjustments to the LIC - - - - - - - - - - Impairment losses recognised during the period - - - - - - - - - - Total amounts recognised in the insurance service result (153,179) (18,302) (68,930) - (240,411) (230,661) (18,947) 43,375 - (206,233) Finance (income) / expenses from insurance contracts issued 801,714 25,449 73,212 - 900,375 845,356 42,904 72,977 - 961,237 Effect of exchange rate changes 212,626 29,397 31,874 - 273,897 (141,900) (21,187) (28,216) - (191,303) Total amounts recognised in total comprehensive income 861,161 36,544 36,156 - 933,861 472,795 2,770 88,136 - 563,701 Other changes(1) - - - - - (53,087) (8,472) (10,618) - (72,177) (1) Other changes include movement related to the transfer of liabilities on disposition of the Curaçao and St. Maarten operations as disclosed per note 17. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 23 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.1 INSURANCE CONTRACTS ISSUED (continued) (ii) Contracts not measured under PAA (continued) (b) Reconciliation of the measurement components of insurance contract balances Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Insurance contracts issued Contracts not measured under PAA Present value of future cash flows Risk adjustment for non- financial risk CSM Insurance acquisition cash flows asset Total Present value of future cash flows Risk adjustment for non- financial risk CSM Insurance acquisition cash flows asset Total Cash flows Premiums received 1,966,883 - - - 1,966,883 1,649,926 - - - 1,649,926 Claims and other directly attributable expenses paid (1,295,994) - - - (1,295,994) (1,217,175) - - - (1,217,175) Insurance acquisition cash flows (213,840) - - - (213,840) (202,171) - - - (202,171) Total cash flows 457,049 - - - 457,049 230,580 - - - 230,580 Net balance – (asset) / liability, end of period 14,099,202 1,280,517 1,912,882 - 17,292,601 13,029,485 1,298,108 1,979,208 - 16,306,801 Insurance contract liabilities, end of period 14,108,785 1,279,562 1,911,718 - 17,300,065 13,035,930 1,297,235 1,977,966 - 16,311,131 Insurance contract assets, end of period (9,583) 955 1,164 - (7,464) (6,445) 873 1,242 - (4,330) Net balance – (asset) / liability, end of period 14,099,202 1,280,517 1,912,882 - 17,292,601 13,029,485 1,298,108 1,979,208 - 16,306,801 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 24 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.1 INSURANCE CONTRACTS ISSUED (continued) (c) Impact of contracts recognised in the period Amounts in US $000 As of September 30, 2025 As of September 30, 2024 Contracts issued Contracts acquired Total Contracts issued Contracts acquired Total Insurance contracts issued Non- onerous Onerous Non- oner --- ous Onerous Non- onerous Onerous Non- onerous Onerous Estimates of present value of future cash outflows Insurance acquisition cash flows 174,568 9,160 - - 183,728 157,075 5,025 - - 162,100 Claims and other directly attributable expenses 1,323,111 21,141 - - 1,344,252 1,027,482 23,296 - - 1,050,778 Estimates of present value of future cash outflows 1,497,679 30,301 - - 1,527,980 1,184,557 28,321 - - 1,212,878 Estimates of present value of future cash inflows (1,674,229) (31,090) - - (1,705,319) (1,364,970) (28,610) - - (1,393,580) Risk adjustment for non-financial risk 57,616 3,751 - - 61,367 59,518 2,047 - - 61,565 CSM 118,934 - - - 118,934 120,894 - - - 120,894 Increase / (decrease) in insurance contract liabilities from contracts recognised in the period - 2,962 - - 2,962 (1) 1,758 - - 1,757 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 25 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.2 REINSURANCE CONTRACTS HELD (i) Contracts measured under PAA (a) Reconciliation of the remaining coverage and the incurred claims components Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Reinsurance contracts held Contracts measured under the PAA Remaining coverage Incurred claims Total Remaining coverage Incurred claims Total Excluding loss recovery component Loss recovery component Present value of future cash flows Risk adjustment for non- financial risk Excluding loss recovery component Loss recovery component Present value of future cash flows Risk adjustment for non- financial risk Reinsurance contract liabilities, beginning of period (3,283) - 451 5 (2,827) (2,035) - 415 17 (1,603) Reinsurance contract assets, beginning of period 14,049 - 19,291 1,022 34,362 10,908 - 17,403 899 29,210 Net balance – asset / (liability), beginning of period 10,766 - 19,742 1,027 31,535 8,873 - 17,818 916 27,607 Net income / (expenses) from reinsurance contracts held Reinsurance expenses (68,874) - - - (68,874) (69,169) - - - (69,169) Other incurred directly attributable expenses - - - - - - - - - - Claims recovered - - 21,550 7 21,557 - - 21,343 121 21,464 Net income / (expenses) from reinsurance contracts held (68,874) - 21,550 7 (47,317) (69,169) - 21,343 121 (47,705) Finance income / (expenses) from reinsurance contracts held - - - - - - - - - - Effect of exchange rate changes (290) - (310) (17) (617) (113) - (11) (187) (311) Total amounts recognised in total comprehensive income (69,164) - 21,240 (10) (47,934) (69,282) - 21,332 (66) (48,016) Other changes - - (164) - (164) 5 - (1) - 4 Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 82,303 - - - 82,303 75,446 - - - 75,446 Recoveries from reinsurance - - (19,638) - (19,638) - - (21,210) - (21,210) Total cash flows 82,303 - (19,638) - 62,665 75,446 - (21,210) - 54,236 Net balance – asset / (liability), end of period 23,905 - 21,180 1,017 46,102 15,042 - 17,939 850 33,831 Reinsurance contract liabilities, end of period (1,841) - (322) 10 (2,153) (873) - 96 - (777) Reinsurance contract assets, end of period 25,746 - 21,502 1,007 48,255 15,915 - 17,843 850 34,608 Net balance – asset / (liability), end of period 23,905 - 21,180 1,017 46,102 15,042 - 17,939 850 33,831 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 26 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES --- (continued) 5.2 REINSURANCE CONTRACTS HELD (continued) (ii) Contracts not measured under PAA (a) Reconciliation of the remaining coverage and the incurred claims components Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Reinsurance contracts held Contracts not measured under the PAA Remaining coverage Incurred claims Total Remaining coverage Incurred claims Total Excluding loss recovery component Loss recovery component Excluding loss recovery component Loss recovery component Reinsurance contract liabilities, beginning of period (10,154) 84 (1,804) (11,874) (12,253) 243 (1,187) (13,197) Reinsurance contract assets, beginning of period 2,705,724 28,104 122,058 2,855,886 3,063,834 19,642 100,213 3,183,689 Net balance – asset / (liability), beginning of period 2,695,570 28,188 120,254 2,844,012 3,051,581 19,885 99,026 3,170,492 Net income / (expenses) from reinsurance contracts held Reinsurance expenses (348,729) - - (348,729) (371,545) - - (371,545) Claims recovered - (1,619) 267,073 265,454 - (2,218) 262,247 260,029 Changes that relate to future service - 1,576 - 1,576 - 8,369 - 8,369 Net income / (expenses) from reinsurance contracts held (348,729) (43) 267,073 (81,699) (371,545) 6,151 262,247 (103,147) Finance income / (expenses) from reinsurance contracts held 57,184 1,160 - 58,344 87,141 833 - 87,974 Effect of exchange rate changes 83,492 7 3,484 86,983 (56,051) 1 (1,247) (57,297) Total amounts recognised in total comprehensive income (208,053) 1,124 270,557 63,628 (340,455) 6,985 261,000 (72,470) Investment components (52,771) - 52,771 - (102,829) - 102,829 - Other changes(1) - - - - 5,509 (1) (216) 5,292 Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 254,192 - - 254,192 268,523 - - 268,523 Recoveries from reinsurance - - (299,633) (299,633) - - (333,138) (333,138) Total cash flows 254,192 - (299,633) (45,441) 268,523 - (333,138) (64,615) Net balance – asset / (liability), end of period 2,688,938 29,312 143,949 2,862,199 2,882,329 26,869 129,501 3,038,699 Reinsurance contract liabilities, end of period (8,557) 286 (2,015) (10,286) (6,343) 17 (1,358) (7,684) Reinsurance contract assets, end of period 2,697,495 29,026 145,964 2,872,485 2,888,672 26,852 130,859 3,046,383 Net balance – asset / (liability), end of period 2,688,938 29,312 143,949 2,862,199 2,882,329 26,869 129,501 3,038,699 (1) Other changes include movement related to the transfer of liabilities on disposition of the Curaçao and St. Maarten operations as disclosed per note 17. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 27 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.2 REINSURANCE CONTRACTS HELD (continued) (ii) Contracts not measured under PAA (continued) (b) Reconciliation of the measurement components of reinsurance contract balances SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 28 Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Reinsurance contracts held Contracts not measured under the PAA Present value of future cash flows Risk adjustment for non- financial risk CSM Total Present value of future cash flows Risk adjustment for non- financial risk CSM Total Reinsurance contract liabilities, beginning of period (19,314) 2,511 4,929 (11,874) (33,202) 4,077 15,928 (13,197) Reinsurance contract as --- sets, beginning of period 1,679,560 524,191 652,135 2,855,886 2,011,420 565,016 607,253 3,183,689 Net balance – asset / (liability), beginning of period 1,660,246 526,702 657,064 2,844,012 1,978,218 569,093 623,181 3,170,492 Changes that relate to current service CSM recognised in net income / (loss) for the services received - - (61,885) (61,885) - - (57,493) (57,493) Change in the risk adjustment for non-financial risk for risk expired - (32,852) - (32,852) - (34,251) - (34,251) Experience adjustments 11,462 - - 11,462 (19,772) - - (19,772) 11,462 (32,852) (61,885) (83,275) (19,772) (34,251) (57,493) (111,516) Changes that relate to future service Changes in estimate that adjust the CSM (24,674) (2,215) 26,890 1 (137,711) (4,442) 142,153 - Changes in fulfilment cash flows which relate to onerous underlying contracts 10,607 (2,930) (123) 7,554 5,778 3,893 (31) 9,640 Contracts initially recognised in the period (9,117) 16,471 (6,769) 585 (11,169) 17,268 (6,041) 58 Changes in the contractual service margin due to changes in a loss-recovery component from onerous underlying contracts (53) 33 (6,544) (6,564) 74 38 (1,441) (1,329) (23,237) 11,359 13,454 1,576 (143,028) 16,757 134,640 8,369 Changes that relate to past service Changes that relate to past service – adjustments to the incurred claims - - - - - - - - Experience adjustments – arising from ceded premiums paid during the period - - - - - - - - Effect of changes in the risk of reinsurers’ non-performance - - - - - - - - - - - - - - - - Net income / (expenses) from reinsurance contracts held (11,775) (21,493) (48,431) (81,699) (162,800) (17,494) 77,147 (103,147) 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.2 REINSURANCE CONTRACTS HELD (continued) (ii) Contracts not measured under PAA (continued) (b) Reconciliation of the measurement components of reinsurance contract balances Amounts in US $000 Nine months to September 30, 2025 Nine months to September 30, 2024 Reinsurance contracts held Contracts not measured under the PAA Present value of future cash flows Risk adjustment for non- financial risk CSM Total Present value of future cash flows Risk adjustment for non- financial risk CSM Total Net income / (expenses) from reinsurance contracts held (11,775) (21,493) (48,431) (81,699) (162,800) (17,494) 77,147 (103,147) Finance income / (expenses) from reinsurance contracts held 22,487 11,056 24,801 58,344 43,889 21,043 23,042 87,974 Effect of exchange rate changes 49,624 16,457 20,902 86,983 (35,094) (10,702) (11,501) (57,297) Total amounts recognised in total comprehensive income 60,336 6,020 (2,728) 63,628 (154,005) (7,153) 88,688 (72,470) Other changes (1) - - - - 8,759 (923) (2,544) 5,292 Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 254,192 - - 254,192 268,523 - - 268,523 Recoveries from reinsurance (299,633) - - (299,633) (333,138) - - (333,138) Total cash flows (45,441) - - (45,441) (64,615) - - (64,615) Net balance – asset / (liability), end of period 1,675,141 532,722 654,336 2,862,199 1,768,357 561,017 709,325 3,038,699 Reinsurance contract liabilities, end of period (18,116) 2,221 5,609 (10,286) (19,953) 2,489 9,780 (7,684) Reinsurance contract assets, end of period 1,693,257 530,501 648,727 2,872,485 1,788,310 558,528 699,545 3,046,383 Net balance – asset / (liability), end of period 1,675,141 532,722 654,336 2,862,199 1,768,357 561,017 709,325 3,038,699 (1) Other changes include mov --- ement related to the transfer of liabilities on disposition of the Curaçao and St. Maarten operations as disclosed per note 17. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 29 5. INSURANCE, REINSURANCE AND INVESTMENT CONTRACT ASSETS AND LIABILITIES (continued) 5.2 REINSURANCE CONTRACTS HELD (continued) The following tables show the impact of contracts recognised in the period. (c) Impact of contracts recognised in the period Amounts in US $000 As of September 30, 2025 As of September 30, 2024 Contracts held Contracts acquired Total Contracts held Contracts acquired Total Reinsurance contracts held Contracts not in a net gain Contracts in a net gain Contracts not in a net gain Contracts in a net gain Contracts not in a net gain Contracts in a net gain Contracts not in a net gain Contracts in a net gain Estimates of present value of future cash inflows 223 68,737 - - 68,960 75 68,087 - - 68,162 Estimates of present value of future cash outflows (132) (77,945) - - (78,077) (233) (79,098) - - (79,331) Risk adjustment for non-financial risk 12 16,459 - - 16,471 39 17,229 - - 17,268 CSM 332 (7,101) - - (6,769) 118 (6,159) - - (6,041) Increase / (decrease) in reinsurance contract assets from contracts recognised in the period 435 150 - - 585 (1) 59 - - 58 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 5.3 INVESTMENT CONTRACT LIABILITIES Amounts in US $000 Nine months to September 30, 2025 Twelve months to December 31, 2024 Nine months to September 30, 2024 Movement for the period: Balance, beginning of period 466,548 477,858 477,858 Amounts disposed of on divestiture (note 17) - (2,208) (2,208) Contributions received 34,485 45,128 33,956 Benefits paid (43,196) (68,353) (53,473) Investment return from underlying assets 15,607 17,828 14,622 Asset management fees charged (1,186) (1,466) (1,145) Effect of exchange rate changes (2,909) (2,239) (2,929) Balance, end of period 469,349 466,548 466,681 6. DEPOSIT AND SECURITY LIABILITIES The following table presents the carrying values and estimated fair values of deposit and security liabilities. As of September 30, 2025 As of December 31, 2024 Amounts in US $000 Carrying value Fair Value Carrying value Fair value Liabilities at amortised cost: Other funding instruments 1,203,307 1,308,321 1,178,755 1,349,693 Customer deposits 1,317,374 1,317,156 1,200,278 1,202,592 Securities sold for repurchase 795,153 795,153 676,553 676,553 Bank overdrafts 458 458 1,207 1,207 3,316,292 3,421,088 3,056,793 3,230,045 Liabilities at FVTPL: Derivative financial instruments 117 117 457 457 117 117 457 457 Total deposit and security liabilities 3,316,409 3,421,205 3,057,250 3,230,502 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 31 7. NOTES AND LOANS PAYABLE The following table presents the carrying values of notes and loans payable. September 30, 2025 December 31, 2024 Amounts in US $000 Carrying value Fair value Carrying value Fair value 5.30% senior notes due 2028 546,289 564,745 542,449 544,809 6.359% unsecured senior notes due 2029 167,998 177,937 158,856 166,163 9.50% unsecured bond due 2026 (a) 26,879 28,059 - - 6.00% unsecured bond due 2026(a) 19,050 19,067 - - 10.75% unsecured bond due 2025 (a) - - 27,500 28,334 7.75% unsecured bond due 2025 (a) - - 19,858 20,126 Bank loans and other funding instruments 24,820 24,820 26,063 26,063 SOFR+145 bps revolving cr --- edit facility 48,239 48,239 40,357 40,357 CORRA+132.5 bps term loan due 2027 143,151 143,151 138,856 138,856 976,426 1,006,018 953,939 964,708 (a) On July 26, 2025, facilities for unsecured bonds issued in Tranches A and B by Sagicor Financial Corporation Limited, carrying annual interest rates of 10.75% and 7.75% respectively, matured. The facilities were extended and remain in two Tranches, with Tranche A up to J$4.47 billion from a previous limit of J$4.49 billion and Tranche B up to US $18.8 million from a previous limit of US $19.9 million, carrying updated annual interest rates of 9.50% and 6.00% respectively. Interest is payable quarterly and the Tranches mature on August 26, 2026. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 32 8. SEGREGATED FUNDS LIABILITIES ON ACCOUNT OF FUND HOLDERS Insurance contract liabilities on account of segregated fund policyholders Reconciliation of the liability for remaining coverage and the liability for incurred claims The Group manages a range of segregated funds on behalf of policyholders which were assumed on the acquisition of ivari. The following tables show the changes in the liabilities for insurance contracts for account of segregated fund holders by liability for remaining coverage and liability for incurred claims. Amounts in US $000 Nine months to September 30, 2025 LRC LIC Total Balance, beginning of period 447,222 - 447,222 Insurance finance (income) / expenses 42,575 - 42,575 Cash flows: Management fees (11,337) - (11,337) Amounts paid to policyholders and other insurance service expenses paid - (43,843) (43,843) Actual investment component excluded from insurance revenue - 43,843 43,843 Expected investment component excluded from insurance revenue (43,843) - (43,843) Total cash flow movement (55,180) - (55,180) Foreign exchange (gains) / losses 14,914 - 14,914 Balance, end of period 449,531 - 449,531 Amounts in US $000 Nine months to September 30, 2024 LRC LIC Total Balance, beginning of period 492,271 - 492,271 Insurance finance (income) / expenses 58,887 - 58,887 Cash flows: Management fees (12,333) - (12,333) Amounts paid to policyholders and other insurance service expenses paid - (46,680) (46,680) Actual investment component excluded from insurance revenue - 46,680 46,680 Expected investment component excluded from insurance revenue (46,680) - (46,680) Total cash flow movement (59,013) - (59,013) Foreign exchange (gains) / losses (9,922) - (9,922) Balance, end of period 482,223 - 482,223 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 33 9. INSURANCE REVENUE AND SERVICE EXPENSES Insurance service result An analysis of insurance revenue, insurance service expenses and net expenses from reinsurance contracts held is included in the following tables. Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Amounts in US $000 Insurance revenue Contracts not measured under the PAA Amounts relating to the changes in the LRC: Expected incurred claims and other directly attributable expenses after loss component allocation 454,447 481,527 146,906 162,362 Change in the risk adjustment for non-financial risk for the risk expired after loss component allocation 75,087 73,728 25,371 24,760 CSM recognised in net income / (loss) for the services provided 177,054 176,514 60,004 59,523 Insurance acquisition cash --- flows recovery 59,620 36,303 21,658 14,189 Insurance revenue for contracts not measured under the PAA 766,208 768,072 253,939 260,834 Insurance revenue from contracts measured under the PAA 337,236 316,841 112,314 110,490 Total insurance revenue 1,103,444 1,084,913 366,253 371,324 Insurance service expenses Incurred claims and other directly attributable expenses (673,943) (679,224) (217,065) (223,835) Losses on onerous contracts and reversal of those losses (1,904) (53,884) 1,160 (17,427) Insurance acquisition cash flows amortisation (106,507) (81,903) (37,072) (29,516) Total insurance service expenses (782,354) (815,011) (252,977) (270,778) SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 34 9. INSURANCE REVENUE AND SERVICE EXPENSES (continued) Insurance service result (continued) Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Amounts in US $000 Net income / (expenses) from reinsurance contracts held Reinsurance expenses – contracts not measured under the PAA Amounts relating to the changes in the remaining coverage: Expected claims and other directly attributable expenses recovery (253,992) (279,801) (85,521) (93,059) Change in the risk adjustment recognised for the risk expired (32,852) (34,251) (10,863) (11,443) CSM recognised in net income / (loss) for the services received (61,885) (57,493) (21,640) (21,419) Reinsurance expenses – contracts not measured under the PAA (348,729) (371,545) (118,024) (125,921) Reinsurance expenses – contracts measured under the PAA (68,874) (69,169) (23,744) (25,283) Claims recovered 287,011 281,493 88,322 84,333 Changes in estimate that adjust the CSM 1 - - (9) Contracts initially recognised in the period 585 58 86 39 Changes in fulfilment cash flows which relate to onerous underlying insurance contracts 7,554 9,640 4,150 4,536 Changes in the contractual service margin due to changes in a loss- recovery component from onerous underlying contracts (6,564) (1,329) (1,777) (395) Total net income / (expenses) from reinsurance contracts held (129,016) (150,852) (50,987) (62,700) Total insurance service result 192,074 119,050 62,289 37,846 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 35 10. NET INVESTMENT INCOME AND NET INSURANCE FINANCE EXPENSES An analysis of net investment income and net insurance finance expenses recognised in the statement of income is presented in the following tables. Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Amounts in US $000 NET INVESTMENT INCOME / (EXPENSES) – UNDERLYING ASSETS (1) Gain / (loss) on derecognition of amortised cost investments - 8 - (36) Gain / (loss) on derecognition of assets carried at FVTOCI 123 (1) 94 - Interest income earned from financial assets measured at amortised cost and FVTOCI 14,001 12,371 5,029 3,949 Net gain on FVTPL investments 900,205 961,264 470,957 640,120 Net credit impairment recovery 151 2,672 71 1,080 Net investment income / (expenses) – underlying assets 914,480 976,314 476,151 645,113 NET INVESTMENT INCOME / (EXPENSES) – OTHER INVESTMENTS Gain on derecognition of amortised cost investments 6 37 29 89 Loss on derecognition of assets carried at FVTOCI (107) (2,780) (2,779) (2,538) Interest income earned from financial assets measured at amortised cost and --- FVTOCI 183,471 173,985 66,067 59,536 Net gain on FVTPL investments 57,635 43,582 23,156 23,274 Net credit impairment loss (6,715) (5,182) (2,559) (2,923) Net investment income – other investments 234,290 209,642 83,914 77,438 NET INVESTMENT INCOME / (EXPENSES) – OTHER Net change in investment contract liabilities (36) (98) (22) (37) Investment property – rental income 1,658 1,289 830 159 Investment property – realised gains / (losses) 15 (65) 15 - Investment property – unrealised gains / (losses) (148) 1,573 197 1,573 Other investment income 4,273 1,537 1,800 569 Net investment income – other 5,762 4,236 2,820 2,264 NET INVESTMENT INCOME 1,154,532 1,190,192 562,885 724,815 (1) Underlying assets relate to those financial assets which support insurance liabilities SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 36 10. NET INVESTMENT INCOME AND NET INSURANCE FINANCE EXPENSES (continued) Nine months to September 30, 2025 Nine months to September 30, 2024 Three months to September 30, 2025 Three months to September 30, 2024 Amounts in US $000 FINANCE INCOME / (EXPENSES) FROM INSURANCE CONTRACTS ISSUED Changes in fair value of underlying assets of contracts measured under the VFA (14,097) (11,521) (9,055) (5,218) Interest accreted (2) (535,989) (633,603) (179,542) (214,369) Effect of changes in interest rates and other financial assumptions (2) (350,289) (316,113) (239,518) (469,575) Finance expenses from insurance contracts issued (900,375) (961,237) (428,115) (689,162) FINANCE INCOME / (EXPENSES) FROM REINSURANCE CONTRACTS HELD Interest accreted (2) 84,892 120,739 26,945 37,495 Effect of changes in interest rates and other financial assumptions (2) (26,548) (32,765) (1,612) 89,343 Finance income from reinsurance contracts held 58,344 87,974 25,333 126,838 NET INSURANCE FINANCE EXPENSES (842,031) (873,263) (402,782) (562,324) SUMMARY OF THE AMOUNTS RECOGNISED IN THE STATEMENT OF INCOME Net investment income – underlying assets (1) 914,480 976,314 476,151 645,113 Net investment income – other investments 234,290 209,642 83,914 77,438 Net investment income – other 5,762 4,236 2,820 2,264 Net insurance finance expenses (842,031) (873,263) (402,782) (562,324) 312,501 316,929 160,103 162,491 (1) Underlying assets relate to those financial assets which support insurance liabilities (2) In Q4 2024 Sagicor upgraded the system which supports our IFRS 17 actuarial and accounting function. The upgrade resulted in a reclassification within the Insurance Finance Income or Expense (IFIE) section of our reporting—specifically, a shift between the "Interest accreted" line and the "Effect of changes in interest rates and other financial assumptions" as the interest accretion line is now presented on a current-rate basis rather than on a locked-in rate basis. However, the total IFIE remains unchanged and there is no impact on net income. Effective Q1 2025 we have reflected updated disclosures including comparatives. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 37 11. EXPENSES BY NATURE An analysis of the expense incurred by the Group is included in the below tables: Amounts in US $000 Nine months to September 30, 2025 Expenses attributed to insurance acquisition cash flows Other directly attributable expenses Other operating expenses Total Employee expenses 50,775 39,738 111,144 201,657 Commissions and related compensation 187,850 34,059 2,789 224,698 Asset --- taxes - - 9,195 9,195 Claims adjustment expenses - 628 - 628 Depreciation, amortisation and intangible asset impairment charges 1,741 1,614 17,914 21,269 Audit, legal and other professional fees 3,207 10,368 21,995 35,570 Other administrative expenses 42,297 32,083 106,593 180,973 285,870 118,490 269,630 673,990 Amounts in US $000 Nine months to September 30, 2024 Expenses attributed to insurance acquisition cash flows Other directly attributable expenses Other operating expenses Total Employee expenses 51,031 41,562 107,613 200,206 Commissions and related compensation 166,119 33,100 2,170 201,389 Asset taxes - - 8,669 8,669 Claims adjustment expenses - 582 - 582 Depreciation, amortisation and intangible asset impairment charges 1,921 1,390 18,842 22,153 Audit, legal and other professional fees 3,102 12,839 20,604 36,545 Other administrative expenses 41,936 33,786 98,330 174,052 264,109 123,259 256,228 643,596 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 38 11. EXPENSES BY NATURE (continued) Amounts in US $000 Three months to September 30, 2025 Expenses attributed to insurance acquisition cash flows Other directly attributable expenses Other operating expenses Total Employee expenses 15,576 13,174 35,053 63,803 Commissions and related compensation 60,797 11,250 872 72,919 Asset taxes - - 1,008 1,008 Claims adjustment expenses - 195 - 195 Depreciation, amortisation and intangible asset impairment charges 607 521 4,676 5,804 Audit, legal and other professional fees 836 2,358 7,827 11,021 Other administrative expenses 13,211 10,153 37,335 60,699 91,027 37,651 86,771 215,449 Amounts in US $000 Three months to September 30, 2024 Expenses attributed to insurance acquisition cash flows Other directly attributable expenses Other operating expenses Total Employee expenses 16,714 14,927 32,959 64,600 Commissions and related compensation 55,110 11,148 301 66,559 Asset taxes - - 729 729 Claims adjustment expenses - 160 - 160 Depreciation, amortisation and intangible asset impairment charges 606 445 6,242 7,293 Audit, legal and other professional fees 957 4,522 7,379 12,858 Other administrative expenses 14,645 9,205 34,322 58,172 88,032 40,407 81,932 210,371 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 39 12. FAIR VALUE DISCLOSURES OF ASSETS AND LIABILITIES CARRIED AT FAIR VALUE 12.1 Property Investment property and owner-occupied property are carried at fair value as determined by independent valuations using internationally recognised valuation techniques. Direct sales comparisons, when such data is available, and income capitalisation methods, when appropriate, are included in the assessment of fair values. The highest and best use of a property may also be considered in determining its fair value. Some tracts of land are currently used for farming operations or are undeveloped or are leased to third parties. In determining the fair value of all lands, their potential for development within a reasonable period is assessed, and if such potential exists, the fair value reflects that potential. These lands are mostly in Barbados and the Group has adopted a policy of orderly development and transformation to realise their full potential over time. The fair value hierarchy has been applied to the valuations of the Group's property. The different levels of the hierarchy are as follows: ? Level 1 - fair value is determined by quoted unadjusted price --- s in active markets for identical assets; ? Level 2 - fair value is determined by inputs other than quoted prices in active markets that are observable for the asset either directly or indirectly; ? Level 3 - fair value is determined from inputs that are not based on observable market data. Applying the fair value hierarchy to the Group's property, results in a classification of Level 3 to all properties as set out below: Amounts in US $000 Level 3 As of September 30, 2025 As of December 31, 2024 Investment property 72,982 76,970 Owner-occupied properties 125,869 124,737 Total properties 198,851 201,707 For Level 3 investment property, reasonable changes in fair value would affect net income. For Level 3 owner-occupied properties reasonable changes in fair value would affect other comprehensive income. The following table shows the sensitivity of fair value measurements to changes in unobservable inputs for Level 3 investment property and owner-occupied properties. Amounts in US $000 Fair value Unobservable inputs Range of unobservable inputs Relationship of unobservable inputs to fair value September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 Investment property 72,982 76,970 Comparable sales 5 % 5 % (1) Owner-occupied properties 125,869 124,737 Comparable sales 5 % 5 % (1) Total properties 198,851 201,707 (1) Increases or decreases in comparable sale prices will have a direct correlation to the fair value. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 40 12. FAIR VALUE DISCLOSURES OF ASSETS AND LIABILITIES CARRIED AT FAIR VALUE (continued) 12.2 Financial instruments carried at fair value The fair value of financial instruments is measured according to a fair value hierarchy which reflects the significance of market inputs in the valuation. This hierarchy is described and discussed in sections (i) to (iii) below. (1) Level 1 – unadjusted quoted prices in active markets for identical instruments A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange or other independent source, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Group considers that market transactions should occur with sufficient frequency that is appropriate for the particular market, when measured over a continuous period preceding the date of the financial statements. If there is no data available to substantiate the frequency of market transactions of a financial instrument, then the instrument is not classified as Level 1. (2) Level 2 – inputs that are observable for the instrument, either directly or indirectly A financial instrument is classified as Level 2 if: a. The fair value is derived from quoted prices of similar instruments which would be classified as Level 1; or b. The fair value is determined from quoted prices that are observable but there is no data available to substantiate frequent market trading of the instrument. In estimating the fair value of non-traded financial assets, the Group uses a variety of methods such as obtaining dealer quotes and using discounted cash flow techniques. Where discounted cash flow techniques are used, estimated future cash flows are discounted at market derived rates for government securities in the same country of issue as the security; for non-government securities, an interest spread is added to the derived rat --- e for a similar government security rate according to the perceived additional risk of the non-government security. In assessing the fair value of non-traded financial liabilities, the Group uses a variety of methods including obtaining dealer quotes for specific or similar instruments and the use of internally developed pricing models, such as the use of discounted cash flows. If the non-traded liability is backed by a pool of assets, then its value is equivalent to the value of the underlying assets. (3) Level 3 – inputs for the instrument that are not based on observable market data A financial instrument is classified as Level 3 if: a. The fair value is derived from quoted prices of similar instruments that are observable and which would be classified as Level 2; or b. The fair value is derived from inputs that are not based on observable market data. Level 3 assets designated at FVTPL include mortgage loans, debt securities and equities for which the full income return and capital returns accrue to holders of unit linked policy and deposit administration contracts. These assets are valued with inputs other than observable market data. The techniques and methods described in the preceding section (ii) for non-traded financial assets and liabilities may also be used in determining the fair value of Level 3 instruments. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 41 12. FAIR VALUE DISCLOSURES OF ASSETS AND LIABILITIES CARRIED AT FAIR VALUE (continued) 12.2 Financial instruments carried at fair value (continued) The results of applying the fair value hierarchy to the Group's financial instruments are set out in the table below: Amounts in US $000 As of September 30, 2025 As of December 31, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FVTOCI investments: Debt securities 338,321 1,178,146 108,222 1,624,689 214,887 1,100,094 111,666 1,426,647 Equity securities 544 - 188 732 507 - 189 696 338,865 1,178,146 108,410 1,625,421 215,394 1,100,094 111,855 1,427,343 FVTPL investments: Money market funds 161,874 9,512 - 171,386 194,610 7,544 - 202,154 Debt securities 157,941 10,886,048 1,101,147 12,145,136 159,325 9,982,443 1,053,151 11,194,919 Equity securities 2,577,677 519,005 64,017 3,160,699 2,340,683 526,614 34,935 2,902,232 Derivative financial instruments - 351 17,048 17,399 - 92 15,002 15,094 Mortgage loans - - 14,470 14,470 - - 27,277 27,277 2,897,492 11,414,916 1,196,682 15,509,090 2,694,618 10,516,693 1,130,365 14,341,676 Total assets 3,236,357 12,593,062 1,305,092 17,134,511 2,910,012 11,616,787 1,242,220 15,769,019 Total assets by percentage 19 % 73 % 8 % 100 % 18 % 74 % 8 % 100 % FVTPL investment contracts: Unit linked deposit administration liabilities - - 176,148 176,148 - - 170,420 170,420 FVTPL deposit and security liabilities: Derivative financial instruments - 117 - 117 - 457 - 457 Total liabilities - 117 176,148 176,265 - 457 170,420 170,877 Total liabilities by percentage - - 100 % 100 % - - 100 % 100 % SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 42 12. FAIR VALUE DISCLOSURES OF ASSETS AND LIABILITIES CARRIED AT FAIR VALUE (continued) 12.2 Financial instruments carried at fair value (continued) The following table shows the sensitivity of fair value measurements to changes in unobservable inputs for Level 3 financial instruments: Amounts in US $000 Fair value Unobservable inputs Range of unobservabl --- e inputs Relationship of unobservable inputs to fair value September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 FVTOCI Investments Debt securities 108,222 111,666 Adjustments to yields 10% 10% (1) Equity securities 188 189 Adjustments to net assets 10% 10% (2) 108,410 111,855 FVTPL Investments Debt securities 1,101,147 1,053,151 Adjustments to yields 10% 10% (1) Equity securities 64,017 34,935 Adjustments to net assets 10% 10% (2) Derivative financial instruments 17,048 15,002 Adjustments to yields 10% 10% (1) Mortgage loans 14,470 27,277 Adjustments to yields 10% 10% (1) 1,196,682 1,130,365 Total assets 1,305,092 1,242,220 Unit linked deposit administration liabilities 176,148 170,420 Adjustments to yields 10% 10% (1) Total liabilities 176,148 170,420 (1) Adjustments to yields will have a direct correlation to the fair value. (2) Increases or decreases in adjusted net assets of the underlying entities will have a direct correlation to the fair value. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 43 12. FAIR VALUE DISCLOSURES OF ASSETS AND LIABILITIES CARRIED AT FAIR VALUE (continued) 12.2 Financial instruments carried at fair value (continued) Movements in Level 3 Instruments The following tables present movements in Level 3 instruments for the period: Amounts in US $000 Nine months to September 30, 2025 Twelve months to December 31, 2024 FVTOCI investments FVTPL investments Derivative financial instruments Total assets Total assets Balance, beginning of period 111,855 1,115,363 15,002 1,242,220 1,230,230 Additions 839 155,659 9,371 165,869 165,846 Fair value changes recorded in net investment income 422 (3,618) 7,218 4,022 (3,911) Fair value gains recorded in interest expense - 362 - 362 - Fair value changes recorded in other comprehensive income (256) - - (256) (1,181) Disposals and divestitures (4,365) (87,178) (14,543) (106,086) (145,204) Transfers from (to) instruments carried at amortised cost - (10) - (10) - Effect of exchange rate changes (85) (944) - (1,029) (3,560) Balance, end of period 108,410 1,179,634 17,048 1,305,092 1,242,220 Fair value changes recorded in investment income for instruments held at the end of the period - (2,403) 5,086 2,683 (8,055) Amounts in US $000 Nine months to September 30, 2025 Twelve months to December 31, 2024 Policy liabilities - Unit linked deposit administration Policy liabilities - Unit linked deposit administration Balance, beginning of period 170,420 165,562 Gains (losses) recorded in interest expense 24 (2,329) Issues 13,574 21,777 Settlements (7,654) (13,799) Effect of exchange rate changes (216) (791) Balance, end of period 176,148 170,420 Fair value changes recorded in interest expense for instruments held at end of period 24 (2,329) SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 44 13. CREDIT RISK Credit risk exposure – financial investments subject to impairment Financial assets carried at amortised cost or FVTOCI are subject to credit impairment losses which are recognised in the statement of income. The following tables analyse the credit risk exposure of financial investments for which an ECL allowance is recognised. The gross carrying amounts of investments below represent the Group’s maximum exposure to credit risk on these assets and is inclusive of accrued interest. Amounts in US $000 September 30, 2025 December 31, 2024 ECL Staging Purchased credit- impa --- ired Financial Assets – FVTOCI Stage 1 12-month ECL Stage 2 life-time ECL Stage 3 life-time ECL Total Total Credit grade: Investment 871,442 - - - 871,442 746,359 Non-investment 758,551 10,708 - 28,917 798,176 734,180 Gross carrying amount 1,629,993 10,708 - 28,917 1,669,618 1,480,539 Loss allowance (916) (782) - - (1,698) (1,698) Carrying amount 1,629,077 9,926 - 28,917 1,667,920 1,478,841 September 30, 2025 September 30, 2024 Credit impairment (loss) / recovery recorded in income (4,088) (108) Amounts in US $000 September 30, 2025 December 31, 2024 ECL Staging Purchased credit- impaired Financial Assets – amortised cost Stage 1 12-month ECL Stage 2 life-time ECL Stage 3 life-time ECL Total Total Credit grade: Investment 944,418 5,280 - - 949,698 736,157 Non-investment 1,385,600 39,036 1,488 11,385 1,437,509 1,342,684 Watch 10,963 646 4,152 - 15,761 7,507 Default - - 21,261 - 21,261 21,013 Unrated 145 - - - 145 560 Gross carrying amount 2,341,126 44,962 26,901 11,385 2,424,374 2,107,921 Loss allowance (12,314) (1,977) (6,953) (28) (21,272) (20,901) Carrying amount 2,328,812 42,985 19,948 11,357 2,403,102 2,087,020 September 30, 2025 September 30, 2024 Credit impairment (loss) / recovery recorded in income (2,476) (2,402) SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 45 14. CASH FLOWS Amounts in US $000 September 30, 2025 September 30, 2024 Operating activities Adjustments for non-cash items, interest and dividends: Income from financial investments (922,646) (884,014) Gain arising on divestiture - (9,666) Interest costs and finance costs 995,794 1,044,767 Credit impairment loss 6,564 2,510 Depreciation and amortisation 21,269 22,152 Other items 10,147 14,285 111,128 190,034 Net change in investments: Deposits (65,680) (70,260) Securities purchased for resale (9,166) (14,488) Finance loans (70,953) (70,746) Mortgage loans (202,719) (43,397) Equity securities 142,585 24,567 Debt securities (772,480) (475,526) (978,413) (649,850) Net change in operating assets: Reinsurance contract assets 114,068 162,316 Insurance contract assets (846) (694) Other assets and receivables (13,190) (327) Investment property 3,536 9,133 Segregated funds assets 12,605 128 116,173 170,556 The gross changes in equity securities, debt securities and investment property are as follows: Amounts in US $000 September 30, 2025 September 30, 2024 Equity securities: Purchases (174,316) (137,730) Disposal proceeds 316,901 162,297 142,585 24,567 Debt securities: Purchases (6,515,658) (5,114,101) Disposal proceeds 5,743,178 4,638,575 (772,480) (475,526) Investment property: Purchases (39) - Disposal proceeds 3,575 9,133 3,536 9,133 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 46 14. CASH FLOWS (continued) Amounts in US $000 September 30, 2025 September 30, 2024 Net change in operating liabilities: Other liabilities and payables (26,089) (47,840) Investment contract liabilities 5,983 (10,288) Reinsurance contract liabilities (2,116) (1,084) Insurance contract liabilities 184,731 (2,400) Securities sold for repurchase 128,944 12,125 Deposits 136,978 87,678 Other funding instruments 475 (125,111) Insurance contract liabilities on account of segregated fund policyholders (12,605) (116) 416,301 (87,036) Amounts in US $000 September 30, 2025 September 30, 2024 Investing activities Property, plant and equipment: Purchases (6,285) (7,802) Disposal proceeds 33 251 (6,252) (7,551 --- ) Financing activities Notes and loans payable: Proceeds 97,624 312,845 Repayments (93,939) (323,174) 3,685 (10,329) Lease liability payments Principal paid (6,906) (6,484) Interest paid (2,470) (1,726) (9,376) (8,210) Cash and cash equivalents Cash 506,536 330,468 Call deposits and other liquid balances 468,551 320,380 Bank overdrafts (458) (1,195) 974,629 649,653 SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 47 15. EARNINGS PER COMMON SHARE For the three-month and nine-month periods ended September 30, 2025, certain instruments which are considered to be antidilutive have been excluded from the computation of fully diluted earnings per share. This treatment is in accordance with IAS 33 – Earnings Per Share, which indicates that such instruments are antidilutive only when the exercise price is exceeded by the market price of common shares. 16. REPURCHASE OF SHARES On June 20, 2025, the Company announced that the Toronto Stock Exchange (the “TSX”) accepted the Company’s notice of intention to renew its normal course issuer bid (“NCIB”) through which the Company may purchase up to 9,296,291 of the NCIB Shares during the 12-month period commencing June 24, 2025 and ending June 23, 2026. Under the NCIB, purchases may be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and applicable securities laws. During the nine-month period ended September 30, 2025, the Company repurchased 548,300 shares at a total cost of US $3.1 million (2,144,890 shares at a total cost of US $9.7 million for the nine-month period ended September 30, 2024), which were subsequently cancelled. Share capital and share premium in equity have been reduced by the cost of the shares repurchased and commission paid on the transactions. The premium on the repurchase of shares has been recorded directly in retained earnings. As at September 30, 2025, nil shares were recorded as repurchased but not cancelled, (769,296 shares at a total cost of US $3.2 million as at September 30, 2024). These shares when recorded are reflected in treasury shares. 17. DISPOSAL OF INSURANCE OPERATIONS Curaçao and St. Maarten On October 5, 2022, the Group entered into an agreement for the sale of its operations in Curaçao and St. Maarten. Effective April 30, 2024, following receipt of regulatory approval, ownership of the Group’s operations in these territories was transferred. The disposal was concluded by contractual agreement and transferred assets to the purchaser in exchange for the assumption of the insurance liabilities by the purchaser. The Group recorded a gain on the sale of these operations of $9.6 million. 18. DIVIDEND On August 13, 2025, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of US $0.0675 per share, on the issued and outstanding shares held by the shareholders of record at the close of business on August 27, 2025. This dividend was paid on September 17, 2025. 19. SUBSEQUENT EVENTS i. On November 12, 2025, the Board of Directors of Sagicor Financial Company Ltd. approved and declared a quarterly dividend of US $0.0675 per common share payable on December 16, 2025, to the shareholders of record at the close of business on November 25, 2025. ii. On October 28, 2025, subsequent to the reporting period, Hurricane Melissa --- impacted the northern Caribbean, including Jamaica. Management has been and will continue to monitor developments and assess potential implications for the Group’s Caribbean operations. The Group expects to be impacted through increased P&C claims net of reinsurance and expected credit losses. We do not yet know whether they will be in aggregate material. No reliable estimates of financial loss or economic impact are yet available. As the event occurred after the reporting date, no adjustments have been made to these interim financial statements. SAGICOR FINANCIAL COMPANY LTD. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 48