Sagicor Financial Company Ltd. Announces Credit Rating Upgrade by S&P Global Ratings

(USD, unless otherwise noted)

TORONTO and BARBADOS, Dec. 8, 2020 /CNW/ - Sagicor Financial Company Ltd. (TSX: SFC) "Sagicor" or "Company") announces that S&P Global Ratings ("S&P") recently raised its issuer credit ratings on the Company to 'BB+' from 'BB'. As well, the group credit profile (GCP) was revised upward to 'bbb' from 'bbb-'. The outlook is stable. The full press release from S&P is available on the investor relations section of the Company's website at www.sagicor.com.

"We are pleased S&P has upgraded Sagicor," said Dodridge Miller, Group President and CEO. "We are particularly pleased to be upgraded in light of the current economic environment and believe our group rating reflects that Sagicor is resilient, well-capitalized, and diversified across its many geographies and lines of business."

Cautionary Statements

Certain information contained in this news release may be forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may", "would" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to the credit rating of the Company. These forward-looking statements reflect material factors and expectations and assumptions of Sagicor. Sagicor's estimates, beliefs and assumptions 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.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Sagicor's expectations only as of the date of this document. Sagicor disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

S&P's issuer credit ratings range from 'AAA' to 'D' and GCP ratings range from 'aaa' to 'd'. Issuer credit ratings from 'AA' to 'CCC' and all GCP ratings may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major ratings categories. The press release from S&P is available on the investor relations section of the Company's website at www.sagicor.com.

About Sagicor Financial Company Ltd.

Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider in the Caribbean, with over 180 years of history, and has a growing presence as a provider of life insurance products in the United States. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, and real estate. Sagicor's registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional information about Sagicor can be obtained by visiting www.sagicor.com.

SOURCE Sagicor Financial Company Ltd.