Sagicor to combine Sagicor Jamaica, Sagicor Life units

Mr. Andre Mousseau reports SAGICOR FINANCIAL ANNOUNCES PROPOSED SIMPLIFIED ORGANIZATIONAL STRUCTURE Sagicor Financial Company Ltd. has entered into a definitive agreement to combine Sagicor Group Jamaica Ltd. (SGJ) and Sagicor Life Inc. (SLI), both subsidiaries of Sagicor Financial. On a pro forma basis, the combined entity, to be rebranded under a new Caribbean holding company to be named Sagicor Group Caribbean Ltd. (SGC), would have $6.9-billion (U.S.) of total assets and $1.3-billion (U.S.) of total revenues as of and for the last 12-month period ending Sept. 30, 2025. SGC intends to replace SGJ as the company publicly listed on the Jamaica Stock Exchange. The combination of SGJ and SLI aligns with Sagicor Financial's business strategy of achieving greater certainty over operational synergies across both businesses. The transaction also provides a simplified view for investors by merging both of Sagicor Financial's Caribbean-based businesses under a single public listing. The combination is expected to be approximately core earnings to shareholders neutral to Sagicor Financial before the impact of any synergies. The management teams of SGJ and SLI have identified potential revenue and cost synergies, which could provide for meaningful financial upside. Andre Mousseau, president and chief executive officer of Sagicor Financial, said: "The rationale for this merger is clear and compelling. By bringing together our Caribbean operations, we can harness the power of synergy, leverage the depth of talent across our markets and build a stronger, more resilient Sagicor: one capable of delivering enhanced value for our people, our clients, our stakeholders and the communities we serve." Mr. Mousseau added: "Further, our investors will benefit from a simplified reporting structure. Investors seeking full exposure to our prospects for synergy and growth in the Caribbean will be able to invest directly in Sagicor Group Caribbean, which will own substantially all of our Caribbean operations captured in a single, publicly listed entity. Meanwhile, Sagicor Financial will benefit from exposure to earnings growth in the Caribbean through our estimated 55-per-cent ownership of Sagicor Group Caribbean." The transaction is expected to result in Sagicor Financial's 49-per-cent ownership of SGJ and 100-per-cent ownership in SLI to translate to approximately 55-per-cent ownership of SGC on closing as a result of Sagicor Financial receiving additional shares of SGC as consideration. Certain intercompany balances will be extinguished and the ownership of certain subsidiaries within the structure will be adjusted. The consideration is subject to certain adjustments. The transaction is expected to close in 2026 and is subject to receipt of regulatory approvals, SGJ shareholder approval, SGJ raising certain financing and satisfaction of customary closing conditions. About Sagicor Financial Company Ltd. Sagicor Financial is a leading financial services provider with over 180 years of history in the Caribbean, over 90 years of history in Canada and over 70 years of history in the United States. Sagicor offers a wide range of products and services, including life, health and general insurance, banking, pensions, annuities, investment management, and real estate. Sagicor's registered office is located at Clarendon House, 2 Church St., Hamilton, HM 11, Bermuda, with its principal office located at Cecil F. De Caires Building, Wildey, St. Michael, Barbados. About Sagicor Group Jamaica Ltd. Sagicor Group Jamaica comprises many companies offering a wide range of financial products and services. These include life and health insurance, property and casualty insurance, annuities, pensions administration, investment services, commercial banking, investment banking, captives management, property management, real estate sales and rentals, and remittance and cambio. SGJ's registered office is located at 28, 48 Barbados Ave., Kingston 5, Jamaica. About Sagicor Life Inc. Sagicor Life was founded in 1840 as The Barbados Mutual Life Assurance Society. It operates in 11 countries in the English-speaking Caribbean, primarily in Trinidad and Tobago, Barbados, and the Eastern Caribbean. It is the leading insurance player in its various markets, providing life, health, annuity insurance business, pension administration services and asset management. SLI's registered office is located at Cecil F. De Caires Building, Wildey, St. Michael, Barbados. We seek Safe Harbor.