Ms. Ingrid Card reports

SAGICOR FINANCIAL COMPANY LTD. ANNOUNCES FILING OF IVARI BUSINESS ACQUISITION REPORT AND COMMENTS ON FINANCIAL IMPACT

Sagicor Financial Company Ltd. has filed its business acquisition report (BAR) for its acquisition of ivari, which closed on Oct, 3, 2023, which is available on SEDAR+ and on the company's website.

In connection with the filing of the BAR, Sagicor is updating its previous guidance on the pro forma impact of the ivari acquisition on key measures as denoted in the table below.

The figures in the table above indicate a pro forma book value per share of US$6.04 or C$8.16 per share, and pro forma shareholders' equity and net CSM to shareholders per share, a measure of risk-bearing capital, of US$13.97 or C$18.88 per share as at Q3 2023.

Core earnings to shareholders for 2024 is expected to be $90 million to $110 million, consistent with previous guidance. Given the higher than previously guided bargain purchase gain on the ivari acquisition, and the resulting increase in our shareholders' equity, our previous 2024 pro forma guidance of the low range of 14% to 16% return on shareholders' equity will be reduced accordingly to reflect that increase.

For additional details regarding the transaction, please refer to the news releases dated November 13, 2023, October 3, 2023, and August 25, 2022, along with related materials available on SEDAR+ and on the Company's website.

About Sagicor Financial Company Ltd.

Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider with over 180 years of history in the Caribbean, over 90 years of history in Canada, and a growing presence in the United States. 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 Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados.

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