07:31 AM EDT, 04/01/2024 (MT Newswires) -- Sagicor Financial Co. Ltd. ( SGCFF ) , trading at 52-week highs on the TSX, over the holiday weekend reported fourth-quarter 2023 net income to shareholders of US$485.3 million, up from US$71.9 million in the year-ago quarter.

In Q4 2023. Sagicor said, financial results "significantly benefited" from the ivari acquisition and subsidiaries' "strong" aggregate Q4 results. Of the net income to shareholders of $485.3 million, the bargain purchase gain on the ivari acquisition contributed $448.3 million. Net income to shareholders excluding this gain and associated transaction costs was $51.2 million.

New business contractual service margin (CSM) was US$34.8 million, down from US$40.1 million in the year-ago quarter.

The company expects core net income to shareholders for 2024 of US$90 million to US$105 million. New business CSM for 2024 is targeted at US$180 million to US$200 million.

For 2025, growth in core net income to shareholders is targeted at over 10% above 2024 levels.

In addition, Sagicor's board of directors declared a quarterly dividend of US$0.06 per common share, an increase of 7%, to be paid April 30 to shareholders of record at the close of business on April 10.

Sagicor is a financial services provider in the Caribbean and Canada, with a growing presence in the US.