Sagicor Financial Corp. has reported a net income of $31.8m for the full year of 2011, compared to $41.6m for the same period in 2010.
The company posted a revenue of $1.35bn, compared to $1.26bn for the same period a year ago.
Net investment income decreased to $284.97m, compared to $293.28m for the same period in the prior year.
The company said that the decline in the net investment income is a reflection of declining interest rates in Jamaica and of the need to increase provisions for the impairment of certain financial investments, particularly within the Caribbean region.
Total insurance benefits recorded were $757.6m, increasing by 9.5% over 2010.
Sagicor Financial chairman Stephen McNamara said that for the company, 2011 was a year in which the natural catastrophes in the international property reinsurance market over shadowed the overall performance of the Group.