Slides
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Fixed Income Investor Update August 2026 Sagicor Financial (TSX:SFC)
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Company Overview
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Sagicor at a Glance • Sagicor Financial Company Ltd. (“Sagicor Financial” or “Sagicor”) is a leading provider of insurance products and related financial services • Products and services include life and health insurance, annuities, pension investment and administration, property and casualty insurance, and a suite of ancillary non-insurance financial products • Focused on growing operating segments that have strong competitive advantages in niche markets, historically producing high ROEs1 • Over 185 years of building a diversified regional insurance leader operating in 19 countries Sagicor Canada • Operating as ivari → formerly Transamerica Life Canada • Leading middle-market Canadian life insurer • In the market for over 90 years offering protection and retirement products and services Sagicor Life USA • Operating over 70 years across 46 states and D.C. • Formerly American Founders (founded in 1954) and Laurel Life (founded in 1984) • One of the last independent U.S. annuities platforms Sagicor Life • Leading life insurer in the Southern Caribbean • Over 185 years offering life insurance products in the region Sagicor Jamaica • Sagicor owns 49% of leading Jamaican life insurer along with a bank and a capital markets platform, as well as a property and casualty insurer • Operating since 1970; Sagicor ownership since 2001 Jamaica Dutch Caribbean Trinidad & Tobago Eastern Caribbean Barbados Cayman Islands USAUSA Canada Long history of being a leading provider of insurance solutions to the middle-market across North America 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 3
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Credit Investment Highlights
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Sagicor’s Credit Investment Highlights Experienced management team and Board of Directors with a strong risk culture Life insurance operator with market leading positions in Canada and the Caribbean and a growing annuities platform in the U.S. Strong capital base providing stability through economic cycles Track record of sustainable growth and profitability Conservative leverage and prudent capital management Resilient investment portfolio driven by sound investment policies 1 2 3 6 4 5 Investment grade credit ratings from S&P, Fitch, and DBRS with positive momentum 7 5
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Sagicor Business Overview • Sagicor’s balance sheet is approximately 75% in Canada and the United States, providing a stable base for participation in those markets • Over 80% of revenues1 primarily comprised of life insurance, health insurance, and annuities sold to individuals and groups • Leading market share within our operating markets • Sagicor ranks 2nd in universal life insurance in Canada, 1st in life insurance, health insurance, and pensions in Jamaica, Barbados, and the Eastern Caribbean, and 2nd in Trinidad and Tobago2 1 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 2,3Refer to Slide 27. Resilient businesses with leading market positions across geographies Individual Insurance Group Insurance Banking and Other Financial Services P&C Insurance Other Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life Total Assets by Segment3 Core Earnings to Shareholders1 by Segment3 Revenues1 by Line of Business Sagicor Canada Sagicor Life USA Sagicor Jamaica Sagicor Life US$25.9 billion Q2 2026 US$215 million LTM Q2 2026 US$3.4 billion LTM Q2 2026 6
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Total Equity $1.7 Total Equity $1.4 Net CSM2 $1.3 $2.7 At TSX Listing Q2 2026 Since listing on the Toronto Stock Exchange in Q4 2019, this team has: 1,3-8Refer to Slide 27. 2Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. ✓Grown total assets by over 195% ✓Grown comparable earnings by over 125%1 ✓Grown deployable capital2 / comparable book value by over 55% ✓Restored investment grade status Profitability4 (US$ millions)Total Assets (US$ billions) Total Equity plus Net CSM2 (US$ billions) Total Assets by Geography (US$ billions) IFRS17 IFRS 4 Net Income Core Earnings2 $170 $148 New Business CSM2 $163 $333 At TSX Listing LTM Q2 2026 Canada USA Other IG6 Jamaica Barbados Other USA Other IG7 Jamaica Barbados Other At TSX Listing Q2 2026 Total Assets $8.7 billion Total Assets $25.9 billion 8 $8.7 $25.9 At TSX Listing Q2 20263 5 6 IFRS 17 IFRS 4 Track Record of Sustainable Growth and Profitability 7 2
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Total Equity US$1.4 billion Net Contractual Service Margin (CSM)1 US$1.3 billion Net Risk Adjustment (RA)1 US$0.8 billion Q2 2026 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 2Refer to Slide 27. ➢ Provisions on balance sheet and released into income over time (formerly PFADs) ➢ Contracted profit on balance sheet and amortizes into income over time (previously within equity) ➢ Robust ability to absorb shocks above and beyond Risk Adjustment and Contractual Service Margin Deployable Capital1 $2.7 billion Loss Absorbing Capital1 $3.5 billion Strong Capital Base Providing Stability Through Economic Cycles ▪ Significant level of loss absorbing capital1 in excess of best estimate liabilities ▪ Voluntarily adopted Canadian regulatory frameworks in addition to local requirements ▫ Recently implemented Group LICAT1 ratio in coordination with IFRS 17 transition ▪ Conservative reserving and valuation of liabilities post IFRS 17 transition ▪ Operating subsidiaries well above local requirements2 Conservative capital management providing solid base to endure economic and non-economic volatility 136% 139% 136% 134% 2023 2024 2025 Q2 2026 Group LICAT1 Ratio 8 3
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Conservative Leverage and Prudent Capital Management • Prudent capital management bolstered by additional over $1 billion in net capital raised since 2019 • Target financial leverage of near or below 30% in ordinary course and committed to an investment grade platform • Layers of conservatism and strategy in place to manage stress • More than $700 million in net risk adjustment, formerly provisions for adverse deviations (PFADs) • Low frequency of large claims • Simplified multi-year guaranteed annuity (MYGA) products in growing U.S. business reduces financial and non-financial risks • Ample liquidity at operating subsidiaries supplemented by revolving credit facility • Abundant access to reinsurance markets 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 2Refer to Slide 27. Current Capitalization (US$ millions) 22.8% 22.2% 29.1% 29.6% 26.6% 27.3% 26.9% 27.4% 2019 2020 2021 2022 2023 2024 2025 Q2 2026 Financial Leverage Ratio1,2 Q2 2026 Notes due 2028 $546 Notes due 2029 $175 Term loan due 2027 $141 Other notes and loans $162 Notes and loans payable $1,024 Shareholders’ equity $1,039 Non-controlling interests $407 Net contractual service margin1 $1,263 Total Capital1 $3,733 Financial leverage ratio1 27.4% 9 4
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Investment Grade Credit Ratings with Positive Momentum • Since the completion of the acquisition of ivari in October 2023, Sagicor has restored investment grade credit ratings with S&P Global Ratings (“S&P”) and Fitch Ratings (“Fitch”), and gained an investment grade rating from Morningstar DBRS (“DBRS”) • In upgrading Sagicor, rating agencies have cited Sagicor’s strong capitalization levels, highly rated conservative investment portfolio, and solid financial performance and stability 10 5 SFC Issuer rating / Senior unsecured notes rating evolution no change Aug 2022 Oct 2023 BBB / BBB Upgraded Jan 2025 BBB / BBB Rating Watch Positive Current BBB / BBB (positive) BBB- / BB+ Upgraded BBB- / BB+ Rating Watch Positive Apr 2024 BBB (low) / BBB (low) Rating Assigned BBB (low) / BBB (low) Rating Confirmed BBB / BBB Upgraded positive action BB+ / BB+ Rating Watch Positive BB / BB- Rating Watch Positive Oct 2024 Oct 2025 BBB / BBB- Upgraded Aug 2022 Oct 2023 Current CurrentApr 2025 Apr 2026 BBB / BBB- (stable) BBB / BBB (stable) SFC Corporate Highlights Aug 2022 Oct 2023 ivari acquisition announced ivari acquisition completed Jun 2024 Investment grade ratings and positive or stable outlooks from 3 global credit rating agencies C$250 million inaugural Canadian bond issuance Dec 2024 C$200 million term loan credit facility refinancing Dec 2025 Caribbean merger announced
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Resilient Investment Portfolio Driven by Sound Investment Policies • Conservative investment portfolio comprised mostly of corporate and government bonds • Portfolio driven primarily by highly liquid investment grade debt • Limited exposure to real estate, private debt, private equity, and public equities 1-4Refer to Slide 27. Financial Investments by Asset Class Debt Securities – 68% Mortgage Loans – 7% Finance Loans – 4% Other Financial Invested Assets – 2% Deposits – 2% Common Equities – 2% Preferred Shares – 1% Other – 1% Pass-Through Equities Backing Policyholder Funds2 – 13% AAA/AA – 25% A – 17% BBB – 42% BB – 12%3 B and Lower and Unrated – 4%4 Debt Securities1 by Credit Rating $20.9 billion Q2 2026 $14.3 billion Q2 2026 Government debt required by local regulators Low risk investment portfolio backing conservative reserves 11 6
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12 Experienced Management Team Andre Mousseau President and Chief Executive Officer Kathryn Jenkins Chief Financial Officer Anthony Chandler Chief Financial Controller Althea Hazzard EVP, General Counsel and Corporate Secretary Nari Persad Chief Actuary Lynda Gauthier Chief Risk Officer and Chief Sustainability Officer George Sipsis EVP, Corporate Development and Capital Markets Neil Freyke EVP, Technology and Chief Digital Officer ▪ Appointed President and Chief Executive Officer in April 2023 ▪ Previously held the positions of Group Chief Operating Officer from 2021 to 2023, and Group Chief Financial Officer from 2019 to 2023 ▪ Over 20 years of experience in the financial services industry ▪ Appointed Chief Financial Officer in March 2023 ▪ More than 20 years in the Insurance and Financial Services industries ▪ Holds Chartered Professional Accountant CPA, CA, and Certified Public Accountant, CPA (Illinois) designations ▪ Appointed Chief Risk Officer and Chief Sustainability Officer in 2022 ▪ Over 20 years of global experience in the financial services industry with particular focus on risk management, capital markets, investor relations and sustainability ▪ Holds an MBA from the University of Chicago Graduate School of Business and Bachelor of Commerce from Concordia University ▪ Appointed Chief Actuary in 2017 and Senior Vice President and Chief Actuary in 2021 ▪ More than 30 years of experience in the insurance industry, including positions at Crown Life Insurance Company, Canada Life Assurance Company, Toronto Dominion Life Insurance Company, Swiss Re Life and Health, and Dion Durrell + Associates ▪ Fellow of the Canadian Institute of Actuaries, Fellow of the Society of Actuaries, and Member of the Caribbean Actuarial Association ▪ Appointed to current role in 2014, having previously served in the positions of Vice President, Legal and Compliance of Sagicor Life Inc and Corporate Secretary of Life of Barbados Limited ▪ An Attorney-at-Law, Chartered Secretary and Compliance Professional, Mrs. Hazzard joined Sagicor in 1997 ▪ Appointed Chief Financial Controller in 2013 ▪ Prior to this, he served as Executive Vice President and Chief Financial Officer of Sagicor Life Inc from 2011 ▪ Member of the Chartered Professional Accountants of B.C., Canada and holds an MBA from the University of Manchester ▪ Appointed to current role in 2023; joined Sagicor in 2021 ▪ Previously held progressively senior roles in the real estate and financial services groups of Scotiabank’s investment banking division in Toronto ▪ Responsible for the leadership of Group corporate development and capital market activities including M&A, capital raising, investor relations, and rating agencies engagement ▪ Joined Sagicor in 2024 ▪ Most recently Senior Vice President and Chief Information Officer, Group Functions, Global Technology at Manulife ▪ More than 20 years of global experience in data, analytics and technology management within the financial services industry Paula Walcott Chief People Officer ▪ Appointed Chief People Officer in October 2023, having held progressively senior roles within Sagicor since joining in 2016 ▪ More than 20 years experience in human resources management ▪ Prosci Certified Change Management Practitioner, holds a Master of Science Degree in Human Resources from the University of Surrey and a First-Class Honours Bachelor of Science degree in Social Sciences from the University of the West Indies 7
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Chairman President & CEO Directors Mahmood Khimji Andre Mousseau The Most Honourable Dodridge D. Miller Sir Hilary Beckles Dr. Archibald Campbell Peter E. Clarke Hon. Keith Duncan, OJ, CD. Monish Dutt Dennis L. Harris Cathleen McLaughlin Gilbert Palter Alan Ryder Reza Satchu Aviva Shneider Board of Directors Corporate Governance Overview Experienced and Aligned Board of Directors • In-depth corporate governance policies and procedures aligned with Sagicor’s public listing in Toronto • Implementation of enhanced financial disclosures at year- and quarter-end in line with publicly listed Canadian companies • Enhanced senior leadership team over the past few years to best position the organization for the future, including adding individuals with experience at larger organizations • The Board has five committees that play an integral role in the governance process • Audit Committee • Risk Committee • Capital Allocation and Investment Committee • Corporate Governance and Ethics Committee • Compensation and Human Resources Committee • Strong risk culture supported by a robust enterprise risk management (ERM) framework • Financial and non-financial risk exposures are quantified and reported to the Board • Risk Committee oversees key risks and exposures and approve key ERM decisions and policies • Group-level ERM supported by operating segment specific ERM frameworks • Internal audit provides independent verification of policies and procedures Robust governance framework focused on long-term results 13 7
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Business Overview 14
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Sagicor Canada • Leading Canadian middle-market life insurer founded as Transamerica Life Canada in 1927; acquired by Sagicor in 2023 • Largest Sagicor segment by assets and core earnings • Focused on individual life insurance (universal life and term) with limited guarantees • Distributed through a national network of thousands of long-standing independent professional advisors • Strong historical profitability with solid capital and cash generation • Meaningful upside from product and distribution expansion, group synergies, and margin expansion on investment portfolio 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 2-3Refer to Slide 27. 15 Sagicor Canada US$103 million2 LTM Q2 2026 Core Earnings to Shareholders1 Total Assets US$11.6 billion iA 25% ivari 22% Equitable Life 13% BMO Life 10% Sun Life 9% Manulife 7% Great West Life 4% Other 10% Canada Universal Life Market Share3 (Q1 2026)
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• Acquired by Sagicor through two acquisitions in 2005 (American Founders and Laurel Life); balance sheet doubled over the past five years • Focused U.S. platform offering fixed annuity products across 46 states and the district of Columbia • Broad distribution through independent marketing organizations and financial institutions reaching 10,000+ agents • Strong growth exposure to the $449 billion individual annuity market3 amidst aging- population tailwinds • Strong unit economics - high-teen marginal IRRs bolstered by solid investment performance Sagicor Life USA 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A 2-3Refer to Slide 27. 16 Sagicor Life USA US$29 million2 LTM Q2 2026 Core Earnings to Shareholders1 Primary growth business with a path to continue delivering high core ROE1 on over $10 billion in total assets $2.8 $3.8 $4.3 $4.8 $5.3 $5.9 $6.8 $7.2 2019 2020 2021 2022 2023 2024 2025 Q2 2026 Total Assets Evolution (US$ billions) 16% CAGR
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Sagicor Jamaica • One of the largest publicly traded companies on the Jamaica Stock Exchange • Leading life insurer and investments platform, commercial bank, and property and casualty insurer in the Jamaican market • Sagicor owns 49% and controls the operations as a subsidiary • Primarily offers life and health insurance and annuities, but also includes banking services (commercial banking and investment banking) and asset management • Outstanding profitability with exceptional brand and strong loyalty complemented by one of the largest distribution networks in Jamaica and the Cayman Islands • Operates in a highly developed and managed regulatory regime with the Financial Services Commission and the Bank of Jamaica. 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 2-3Refer to Slide 27. 17 Sagicor Jamaica US$43 million2 LTM Q2 2026 Core Earnings to Shareholders1 Individual Insurance 38% Group Insurance 23% Commercial Banking 31% Investment Banking 9% Net income to shareholders $39 million LTM Q2 2026 Cayman Islands Leading Market Share3 Emerging Leader Jamaica #1 in individual life, group life, asset management #3 commercial bank Diversified Business Mix
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Sagicor Life • Sagicor Life was established in 1840 in Barbados as Barbados Mutual Life Assurance Society and has grown in many of its markets across the English-speaking Caribbean3 • Provides life and health insurance, annuities, pension services, and asset management • Strong brand and market share in life and health insurance and pensions • Driven by long history of operations and best-in-class customer service • Exceptional distribution • Largest captive distribution force with well-recognized brand and strong loyalty in the region provides for ability to maintain competitive advantages • Upside through technology and margin expansion 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 2-4Refer to Slide 27. 18 Leading Market Share4Diversified Business Mix Barbados #2 in ordinary life, group life, and annuities #1 in ordinary life, group life, and annuities Trinidad & Tobago Individual Insurance 48% Group Insurance 24% P&C Insurance 22% Other 5% Banking & Other Financial Services 1% Revenues2 US$495m LTM Q2 2026 Sagicor Life US$40 million2 LTM Q2 2026 Core Earnings to Shareholders1
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Sustained Balance Sheet Growth Driving Strong Profitability $8.7 $9.3 $10.4 $10.8 $22.4 $22.8 $25.1 $25.9 2019 2020 2021 2022 2023 2024 2025 Q2 2026 Revenues1,2 (US$ millions) Profitability4 (US$ millions) Total Assets (US$ billions) Policy Liabilities1,3 (US$ billions) $1,867 $1,878 $2,359 $2,540 $2,534 $3,099 $3,005 $3,447 2019 2020 2021 2022 2023 2024 2025 LTM Q2 2026 $4.3 $4.9 $5.6 $6.0 $16.7 $17.0 $18.9 $19.5 2019 2020 2021 2022 2023 2024 2025 Q2 2026 $92 $123 $193 $170 $131 $166 $167 $163 $1485 ($15)6 $196 $170 $2237 $289 $360 $333 2019 2020 2021 2022 2023 2024 2025 LTM Q2 2026 1Represents a non-IFRS or other financial measure. Refer to the Non-IFRS and Other Financial Measures section in the appendix to these slides and in our interim Q2 2026 MD&A. 2-7Refer to Slide 27. IFRS 4 IFRS 17 IFRS 4 IFRS 17 IFRS 4 IFRS 17 IFRS 4 IFRS 17 Core Earnings1 Net Income New Business CSM1 19
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Sagicor’s Growth Strategy • Growth through prudent and active management of the operating subsidiaries • Focused on growing high unit-economics businesses and products through capital allocation • Appropriately comprehensive view of returns on a risk-adjusted basis with risk management immersed throughout the business lines Continue to organically grow the U.S. annuities platform Merger of Caribbean subsidiaries into single publicly-listed entity with significant digital transformation opportunity Margin expansion through increased sophistication of the Canadian investment platform Multiple Avenues for Growth Growth levers provide a pathway to ROE expansion and compounding book value growth 20
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Single Caribbean publicly-listed entity unified under a shared vision Creating a Caribbean Champion 21 • Largest company on Jamaica Stock Exchange • Leading life and health insurance provider in Jamaica • Second oldest insurer in the Americas • Leading insurance provider in the Eastern Caribbean With Significant Digital Transformation Opportunity Well-Established Financial Institutions #1 Caribbean Financial Institution Combining Caribbean subsidiaries removes legacy constraints and enables full regional integration Transformation Catalyst Launchpad for a digitally-enabled, AI-powered transformation of Caribbean operations, accelerating data, process, and customer modernization Platform Simplification Value Creation Positions the business to emerge within 2 to 3 years as a digitally transformed regional leader Group Caribbean
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Appendix 22
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JMMB2 Other Anchor Investors and Insiders1 Float Management Team and Board With Significant Equity Ownership Insiders and anchor investors on board of directors owning over 40%1 Experienced and long-tenured local management and operations teams Expert finance and risk professionals with a strong and proven track record across large, global, and complex institutions 135.9 million Shares3 Q2 2026 1-3Refer to Slide 27. Motivated and Engaged Anchor Investors 23
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Enterprise Risk Management Framework ▪ Three lines of defense (“LOD”) ▪ Risk framework and policies Risk Governance ▪ Standardized risk taxonomy ▪ Interactive risk assessments ▪ Monitoring for known risks ▪ Scanning for unknown risks Risk Identification ▪ Quantification of key risks by subsidiaries (e.g. credit, liquidity, interest rate, and currency risks) ▪ Asset liability management Risk Quantification ▪ Various internal risk reports to management and board (at group and subsidiaries) ▪ Various external reports to regulators, public disclosures, etc. Risk Messaging SFC Board of Directors SFC Risk and Audit Committees Sagicor Life Risk and Audit Committees Sagicor Jamaica Risk and Audit Committees Sagicor Life USA Risk and Audit Committees ▪ Our risk aware culture is embedded throughout our organization, and is guided by our ERM and human resource and protocols ▪ Our risk appetite is aligned to our strategy and capital management activities ▪ Strategic initiative in place to evolve the Group’s risk management practices ▪ To supplement our risk management activities, we have entered into reinsurance agreements with some key parties ▪ Risk appetite and risk limits ▪ Integrated ERM into business decisions (moving to a more proactive risk management process) Risk Decision Making First Line of Defense ▪ All employees across our subsidiaries (including business and functional areas) ▪ Accountable for identifying, quantifying, managing and reporting risks Second Line of Defense ▪ Risk Management (group and subsidiaries) ▪ Compliance ▪ Anti-Money Laundering ▪ Direct access to the Risk Committees of the Board ▪ Establishes risk management practices and provides risk guidance ▪ Provides oversight of the 1st LOD risk management practices ▪ Monitors and independently reports risks Third Line of Defense • Internal Audit • Independently reviews the effectiveness of risk management practices Sagicor Canada Risk and Audit Committees Enterprise Risk Management Framework Risk Governance 24
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Sustainability at Sagicor • Environmental • Maintain support to our local governments, clients, and communities to facilitate our collective transition to a climate resilient economy - 3.9% exposure to energy sector1 • Certain countries or regions where we operate are more susceptible to extreme weather- related events, such as hurricanes, earthquakes, and tropical storms - 24.3% of our total invested assets are located in the Caribbean at Q4 2025 - Generated 6.3% of our annual insurance results from our property and casualty insurance businesses in 2025 • Our risk management practices and operational readiness plans help mitigate the impacts of climate-related disruptions in our more vulnerable regions • Social • We are an integral part of the communities in which we operate, reflecting their societal values, and contributing to their social and economic well-being • We contributed US$3.5 million2 in 2025 to initiatives advancing health, education, community and youth development, and sport, including $1.3 million in direct support of Hurricane Melissa relief efforts • Diversity and inclusion remains of paramount focus as reflected by our highly diverse workforce - 53% female executives3 • Our products and services are sourced from a diversified base of suppliers. We protect and use responsibly personal information supplied by our clients in accordance with privacy regulations • Governance • Further strengthened our board composition to ensure a strong mix of skills and expertise - 36% female directors4 • Actively monitored ESG related regulatory developments and emerging reporting requirements 3.9% $3.5m2 53% 36% Female Directors4 Female Executives3 Community Donations Energy sector exposure1 Sustainability in Action 1-4Refer to Slide 27. Sagicor remains committed to sustainability by balancing the present and future needs of our organization, with the desire to create long-term sustainable value for our organization, our clients and our communities 25
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Simplified Organization Structure Sagicor Financial Company Ltd. (Bermuda) (Publicly Traded) (Toronto Stock Exchange) ivari Holdings Inc. (Canada) Sagicor Financial Corporation Limited (Bermuda) ivari (Canada, OSFI1 Regulated) Sagicor USA, Inc. (Delaware, USA) Sagicor Life Inc. (Barbados, FSC Regulated) Sagicor Life Insurance Company (Texas, USA, NAIC2 regulated) LOJ Holdings Ltd. (Jamaica) Sagicor Group Jamaica Limited (Jamaica) (Publicly Traded) (Jamaica Stock Exchange) 100% 100% 100% 100% 100% 100% 100% 32.5% 16.7% Issuer Credit Rating S&P: BBB (Positive) DBRS: BBB (Stable) Fitch: BBB (Stable) Financial Strength DBRS: A (low) Stable Fitch: A- Financial Strength DBRS: A (low) Stable Unregulated Holding Company Regulated Operating Company 1-2Refer to Slide 27. Entities to be combined 26
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Footnotes From Slide 6 Sources: Insurance Association of Jamaica, Barbados Financials Services Commission, Financial Services Authority (St. Vincent & the Grenadines), Financial Services Regulatory Authority (St. Lucia), Financial Services Unit (Dominica), Financial Services Regulatory Commission (Antigua & Barbuda and St. Kitts & Nevis), Grenada Authority for the Regulation of Financial Institutions, Association of Trinidad & Tobago Insurance Companies (ATTIC), Life Insurance Marketing and Research Association (LIMRA) 2Individual life insurance as of December 2024 based on annualized premium income in Jamaica; Life insurance, health insurance, and pensions to individuals and groups in Belize and Grenada as at December 31, 2024; Barbados, St. Lucia, and St. Vincent and the Grenadines as at December 31, 2023; Antigua and Barbuda and St. Kitts and Nevis as at December 31, 2022; Dominica as at December 31, 2021; Latest data available as at March 31, 2026; Universal life annualized premiums including excess in Canada in Q1 2026 3Operating Segments exclude Head Office, Other, and Adjustments; LTM Q2 2026 segment net income to shareholders was $221 million From Slide 7 Note: “At TSX Listing” metrics are presented on an IFRS 4 basis; 2025 metrics are on an IFRS 17 basis; IFRS 17 was implemented retrospectively on January 1, 2023 1Based on LTM Q2 2026 core earnings plus new business CSM 3Total assets as of December 31, 2019 4LTM Q2 2026 net income of $159 million 5Net income excluding $43 million of scheme of arrangement transaction costs for the period ended December 31, 2019 6Total equity as of December 31, 2019 7“Other IG” = Other Investment Grade jurisdictions 8Total assets by geography as of December 31, 2019 From Slide 8 2Refer to the Capital Adequacy section of our interim Q2 2026 MD&A. From Slide 9 2Figures prior to 2023 are presented on an IFRS 4 basis; 2023 - 2025 figures are on an IFRS 17 basis; IFRS 17 was implemented retrospectively on January 1, 2023 From Slide 11 1Includes money market funds and debt investments grouped as other financial invested assets 2Risk borne by policyholders; consists of predominantly mutual funds and exchange traded funds 311% of the 12% of BB rated bonds are Government of Jamaica bonds 4Predominantly Government of Barbados bonds From Slide 15 2LTM Q2 2026 Net income to shareholders of $131 million 3Source: Q1 2026 LIMRA From Slide 16 2LTM Q2 2026 Net income to shareholders of $7 million 3Source: Wink’s Sales & Market Report 4th Quarter 2025 From Slide 17 2LTM Q2 2026 Net income to shareholders of $39 million 3Source: Insurance Association of Jamaica From Slide 18 2LTM Q2 2026 Net income to shareholders of $43 million 3Outside of Jamaica and the Cayman Islands 4Sources: Barbados Financial Services Commission, Association of Trinidad & Tobago Insurance Companies (ATTIC) From Slide 19 2Figures prior to 2023 are total revenue under IFRS 4 3Total policy liabilities prior to 2023; IFRS 17 policy liabilities are the sum of four IFRS measures: investment contract liabilities, reinsurance contract liabilities, insurance contract liabilities, and insurance contract liabilities on account of segregated fund policyholders 4LTM Q2 2026 Net income of $159 million 5Net income excluding $43 million of scheme of arrangement transaction costs 6Net income was adversely affected by the impact of the COVID-19 pandemic on the business. The main contributing factors were slower than expected new business generation in the first half of 2020, higher expected credit losses, asset value mark-to-market declines, and strengthening of actuarial liabilities at Sagicor Life USA 7Includes results from Sagicor Canada (ivari) effective October 3, 2023 From Slide 23 1Investors and insiders with representation on the Sagicor board of directors 2“JMMB” = JMMB Group Limited 3Issued and outstanding shares, net of treasury shares From Slide 25 1Percentage of total invested assets as of December 31, 2025 3Community donations provided by Sagicor and its various subsidiaries 4Includes Vice President, Senior Vice President, Executive Vice President, and President and CEO roles as of December 31, 2025 5Includes directors of Sagicor and its various subsidiaries as of December 31, 2025 From Slide 26 1OSFI: Office of the Superintendent of Financial Institutions 2NAIC: National Association of Insurance Commissioners 27
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Caution Regarding Forward-Looking Information and Non -IFRS and Other Financial Measures Forward-Looking Information Certain information contained in this presentation may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “expect”, “anticipate”, “target”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “will”, “may”, “would” and “should” and similar expressions or words suggesting future outcomes. These forward-looking statements reflect material factors and expectations and assumptions of Sagicor. Sagicor’s estimates, beliefs, assumptions and expectations contained herein are inherently subject to uncertainties and conti ngencies regarding future events, and as such, are subject to change. Risks and uncertainties not presently known to Sagicor or that it presently believes are not material could cause actual results or events to differ materially from those e xpressed in its forward-looking statements. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Sagicor with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which reflect Sagicor’s estimates, beliefs, assumptions and expectations only a s of the date of this document. Sagicor disclaims any obligation to update or revise any forward -looking statements contained herein, whether as a result of new information, new assumptions, future events or otherwise, except as expressly required by law. Non-IFRS and Other Financial Measures The Company reports certain non-IFRS and other financial measures and insurance industry metrics that are used to evaluate its performance. As non-IFRS and other financial measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other companies. Securities regulators require such measures to be clearly def ined and reconciled with their most comparable IFRS measures. These measures are provided as additional information to complement IFRS measures by providing further understanding of the results of the operations of the Company fr om management’s perspective. Accordingly, these measures should not be considered in isolation, nor as a substitute for analysis of the Company’s financial information reported under IFRS. Non-IFRS and other financial measures used to analyze the performance of the Company’s businesses are set out below. Please see the discussion below for an explanation or a reconciliation of certain non-IFRS and other financial measures. Core earnings: This measure represents core earnings minus the share of core earnings attributable to non -controlling interest. Deployable Capital is the sum of total equity and net CSM and is roughly analogous to IFRS 4 Book Value. Financial leverage ratio: The ratio is the ratio of notes and loans payable (refer to note 7 of Sagicor’s condensed consolidated Q2 2026 financial statements) to total capital, where capital is defined as the sum of notes and loans payable, net contractual service margin and total equity. This ratio measures the proportion of debt the company uses to finance its opera tions as compared with its capital. Group Life Insurance Capital Adequacy Test (“Group LICAT”): The Group’s goal is to maintain adequate levels, at sufficient margins above minimum regulatory capital requirements, to maintain consumer confidence as well as credit ratings with external rating agencies. Management engages the Board with regards to actions necessary to maintain appropriate capital leve ls. Sagicor has voluntarily elected to follow OSFI’s LICAT Guideline, specifically the latest amendment which became effective January 1, 2024. The Group LICAT ratio is well above the regulatory minimum. Loss Absorbing Capital is the sum of total equity, net CSM, and net risk adjustment. Net CSM: This measure is the balance of the direct contractual service margin net of reinsurance contractual service margin. Net risk adjustment: This measure is the balance of the direct risk adjustment net of the risk adjustment for reinsurance contracts. New business CSM: This measure is the amount of the contractual service margin added from contracts initially recognized in t he period, net of reinsurance. New business production: This measure is equal to the amount of annuities and life insurance new business paid premium. Policy liabilities: IFRS 17 policy liabilities are defined as the sum of four IFRS measures: investment contract liabilities, reinsurance contract liabilities, insurance contract liabilities, and insurance contract liabilities on account of segregated f und policyholders. Revenues: Revenues is the sum of three IFRS measures: insurance revenue, net investment income, and fees and other income. Return on Shareholders’ Equity (“ROE”): IFRS does not prescribe the calculation of return on shareholders’ equity and therefo re a comparable measure under IFRS is not available. To determine this measure, reported net income/(loss) attributable to shareholders is divided by the average of the opening and closing common shareholders’ equity for the period. The quarterl y return on shareholders’ equity is annualized. This measure provides an indication of overall profitability of the company. Total capital: This measure provides an indicator for evaluating the Company’s performance. Total capital ($3.7 billion as at Q2 2026) is the sum of shareholders’ equity ($1.0 billion), notes and loans payable ($1.0 billion), non-controlling interests ($407 million) and net CSM ($1.3 billion). This measure is the sum of several IFRS measures and net CSM which is a non-IFRS measure. Currency Unless otherwise noted, all amounts in this presentation are in United States dollars. 28
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29 Disclaimer By attending the meeting where this presentation is made, by reading the presentation slides or by otherwise receiving the information herein, you will be deemed to have accepted and to have acknowledged the following limitations: The material that follows is a presentation of general background information about Sagicor Financial Company Ltd. (“Sagicor” or “Sagicor Financial”) and this information is provided solely for use at this presentation. This information is summarized, not complete. This presentation is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This presentation and its contents, and any other information communicated to you in connection herewith, are strictly confidential and are being provided to you solely for your information and may not be retransmitted, further distributed or otherwise communicated to any other person or published, in whole or in part, by any medium or in any form, for any purpose. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. No representation or warranty, express or implied, is made concerning, and no reliance may be placed for any purpose whatsoever on, the information contained in this presentation, or any other material discussed verbally, or on its completeness, accuracy or fairness, except as expressly provided by applicable Canadian securities laws. This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of securities of Sagicor in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any of the securities of the corporation described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, “U.S. Persons,” as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment to sell securities. In making an investment decision, investors must rely on their own examination of Sagicor and the terms of any offering, including the merits and risks involved. No securities commission or securities regulatory authority has passed on the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense. Certain information contained in this presentation may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “expect”, “anticipate”, “target”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “will”, “may”, “would” and “should” and similar expressions or words suggesting future outcomes. These forward-looking statements reflect material factors and expectations and assumptions of Sagicor. Sagicor’s estimates, beliefs, assumptions and expectations contained herein are inherently subject to uncertainties and contingencies regarding future events, and as such, are subject to change. Risks and uncertainties not presently known to Sagicor or that it presently believes are not material could cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Sagicor with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which reflect Sagicor’s estimates, beliefs, assumptions and expectations only as of the date of this document. Sagicor disclaims any obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, new assumptions, future events or otherwise, except as expressly required by law. For a detailed description of the risk factors associated with Sagicor, refer to the “Risk Factors” section of the Company’s management’s discussion and analysis for the three-month and six-month periods ended June 30, 2026, which are available on SEDAR+ at www.sedarplus.ca. In addition, in connection with any future offerings of securities, potential investors must make their own investment decision based solely on the detailed disclosure contained in any offering document of Sagicor delivered in connection with such offering, including without limitation, the section such document entitled “Risk Factors”.