Sagicor Financial Announces Credit Rating Upgrade by DBRS

The most recent news release dated April 13, 2026, announces a credit rating upgrade by DBRS Limited. DBRS upgraded Sagicor Financial's issuer rating and senior debt rating to "BBB" from "BBB (low)" with a stable outlook. Subsidiary financial strength ratings for Sagicor Life Insurance Company and ivari were affirmed at "A (low)". This follows a similar upgrade by Fitch in October 2025, which moved the issuer default rating to BBB. The release indicates improved credit quality, potentially lowering borrowing costs and broadening capital market access. Concurrently on April 13, the company announced the availability of its 2025 Annual Report and details for the upcoming AGM on May 13, 2026.

• Confirmation of Trend: The DBRS upgrade is largely consistent with the Fitch upgrade from October 2025 (BBB-) and the strong fundamental performance reported in March 2026 (Core Earnings +57% YoY). It validates the investment-grade status rather than introducing unexpected new value.
• Cost of Capital: A BBB rating solidifies access to institutional debt markets at lower spreads, which is positive for a company with $976M in notes and loans payable (Q3 2025 data) and an ongoing merger requiring financing.
• Market Expectation: Given the earnings beat in March and the Fitch upgrade six months prior, this news was anticipated by sophisticated investors. It does not materially alter the valuation thesis but reduces downside risk regarding credit perception.
• Dividend Safety: The rating supports the sustainability of the 11% dividend increase announced in March (US$0.30 annualized), reinforcing shareholder returns.

Sagicor Financial Company Ltd. is a diversified financial services group operating primarily in Canada, the United States, Jamaica, Barbados, and Trinidad & Tobago. The company focuses on life insurance, wealth management, and banking. - Flagship Project: The proposed simplification of its organizational structure by merging Sagicor Group Jamaica Limited (SGJ) and Sagicor Life Inc. (SLI) into a new holding company, Sagicor Group Caribbean Ltd. (SGC). This aims to create a single listed entity on the Jamaica Stock Exchange with ~$6.9B in assets, expected to close in 2026. - Performance: FY 2025 Core Earnings reached $142.3M (+57% YoY), driven by strong performance across Canada and Caribbean segments.