Sagicor Financial Corporation
37
Assets
The principal components of the Group's assets as of December 31, 2008 and 2007 respectively are summarised in the
following table.
2008
2007
US$ millions
% US$ millions
%
Investments and cash
3,109.8
78.2
2,872.7
78.7
Property, plant, equipment and intangible assets
283.2
7.1
231.5
6.3
Reinsurance assets
307.7
7.7
320.1
8.8
Receivables and other assets
278.6
7.0
225.4
6.2
Total
3,979.3
100.0
3,649.7
100.0
Discussion of asset composition is set out in the following sections.
Investments and cash
2008
2007
US$ millions
% US$ millions
%
Investment property
107.4
3.5
97.5
3.4
Debt securities
1,874.2
60.3
1,750.5
60.9
Equity securities
125.2
4.0
188.7
6.6
Loans and finance leases
586.2
18.8
566.2
19.7
Deposits, cash & other
416.8
13.4
269.8
9.4
Total
3,109.8
100.0
2,872.7
100.0
Debt securities are the largest asset class in the investment portfolio of Sagicor, comprising 60.3% of the total as of
December 31, 2008. Debt securities can be further analysed as $1,147.6 million in government securities, $433.0 million
in corporate securities, $223.6 million in mortgage backed securities and $70.0 million in other securities. The mortgage
backed securities held by the Group are of high quality and are rated mainly NAIC 1 or NAIC 2 by the National Association
of Insurance Commissioners Securities Valuation Office in the USA.
Loans and finance leases comprise financial instruments originated by the Group and consist of $316.2 million in mortgage
loans, $122.8 million in policy loans and $147.3 million in finance loans and finance leases.
Property
With the acquisition of Barbados Farms Limited, the Group has expanded its holdings of property in use and investment
property by a total of $60.0 million. The property in use acquired ($44.3million) is largely utilised for agricultural purposes
while the investment property acquired ($15.7 million) is not currently in use and has potential for development. The
property acquired is principally land.