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A.M. Best Affirms Credit Ratings of Sagicor Financial Corporation Limited and Most of Its Subsidiaries; Upgrades Issuer Credit Rating of Sagicor Life Jamaica Limited

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A.M. Best has affirmed the Financial Strength Rating (FSR) of A-
(Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of
"a-" of the following subsidiaries of Sagicor Financial Corporation
Limited (SFC) (Bermuda): Sagicor Life Inc. (St. Michael, Barbados) and
Sagicor Life Insurance Company (Austin, TX). Concurrently, A.M. Best has
affirmed the Long-Term ICR of "bbb-" of SFC and the Long-Term Issue
Credit Rating of "bbb" on the USD 320 million, 8.875% senior unsecured
bonds that mature in 2022 of Sagicor Finance (2015) Limited (Cayman
Islands), noting increased government debt, reduced financing options,
minimal fiscal reforms and limited monetary policy options available in
Barbados. The outlook of these Credit Ratings (ratings) is stable.

In addition, A.M. Best has removed from under review with positive
implications and upgraded the Long-Term ICR to "bbb+" from "bbb" and
affirmed the FSR of B++ (Good) of Sagicor Life Jamaica Limited
(Kingston, Jamaica). The outlook assigned to these ratings is stable.

The ratings of Sagicor Life Jamaica Limited reflect its balance sheet
strength, which A.M. Best categorizes as very strong, as well as its
strong operating performance, neutral business profile and appropriate
enterprise risk management (ERM). Sagicor Life Jamaica Limited has a
consistent history of high earnings and revenue, in addition to growth,
and a very strong position in the Jamaica market. A.M. Best's country
risk assessment has improved to Country Risk Tier 4 from a Country Risk
Tier 5, which impacts the assessment of country risks in Jamaica.

The ratings of Sagicor Life Inc. reflect its balance sheet strength,
which A.M. Best categorizes as very strong, as well as its adequate
operating performance, favorable business profile and appropriate ERM.
Sagicor Life Inc. has a record of consistent profitability and has very
strong brand recognition. Offsetting rating factors include country
risks in Barbados.

The ratings of Sagicor Life Insurance Company reflect its balance sheet
strength, which A.M. Best categorizes as adequate, as well as its
adequate operating performance, neutral business profile and appropriate
ERM. The company continues to benefit from parental support in the form
of a capital maintenance agreement to maintain an adequate level of
risk-adjusted capital that covers expansion expenses. However,
historical support was mainly in the form of internal surplus notes,
which constitute more than half of its capital and surplus position.

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
Guide
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases
.

A.M. Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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