Ms. Ingrid Card reports

SAGICOR FINANCIAL COMPANY LTD. RENEWS ITS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Sagicor Financial Company Ltd.'s notice of intention to renew its normal course issuer bid (NCIB) through which Sagicor may purchase up to 8,840,727 of Sagicor's common shares during the 12-month period commencing June 24, 2023, and ending June 23, 2024. The number of shares authorized for purchase represents 10 per cent of the public float. Sagicor had 142,564,230 issued and outstanding common shares as of June 14, 2023. 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. However, Sagicor may establish a maximum price and/or maximum block trade size from time to time.

In connection with the renewal of its NCIB, Sagicor has also extended the term of its automatic share purchase plan (ASPP) in relation to purchases made in connection with the NCIB to allow it to purchase the NCIB shares under the NCIB when Sagicor would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Sagicor will provide instructions during the non-blackout periods to its designated broker, which instructions may not be varied or suspended during the applicable blackout period. Purchases by Sagicor's designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP, and all purchases made under the ASPP will be included in computing the number of NCIB shares purchased under the NCIB. The ASPP has been precleared by the TSX. Until the ASPP is in effect, the company's prior automatic share purchase plan shall remain in effect.

The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Sagicor. The average daily trading volume through the facilities of the TSX during the 26-week period ending May 31, 2023, was 17,145 common shares. Daily purchases made by Sagicor through the TSX may not exceed 4,286 common shares, representing 25 per cent of the average daily trading volume, other than block purchase exceptions. Common shares purchased under the NCIB will be cancelled. The NCIB is not being made to shareholders resident in any jurisdiction where it would not be in compliance with local laws.

Sagicor believes that the underlying value of the company may not be accurately reflected at times in the market price of the common shares, and that purchasing its own shares represents an attractive opportunity that is in the best interests of Sagicor and its shareholders, as well as providing liquidity for its shareholders who may wish to dispose of their shares.

The company's previous NCIB commenced on June 24, 2022, and expired on June 23, 2023. Under the previous NCIB, the company obtained the approval of the TSX to purchase up to 9,134,417 common shares. As at June 14, 2023, the company had purchased through the facilities of the TSX and/or alternative Canadian trading systems an aggregate of 609,240 common shares at a weighted average purchase price of $5.16 per common share, and total cash consideration of $3,141,029.

About Sagicor Financial Company Ltd.

Sagicor Financial is a leading financial services provider in the Caribbean, with over 180 years of history, and has a growing presence as a provider of life insurance products in the United States. On Aug. 25, 2022, Sagicor announced that it had entered into a definitive agreement to acquire ivari, a leading middle-market individual life insurer in Canada with over 80 years of history in the region. Sagicor offers a wide range of products and services, including life, health and general insurance, banking, pensions, annuities, 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.

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