#1180 & BEYOND Sagicor Financial Company Ltd. (TSX: SFC) Q4 and Full Year 2020 Investor Presentation S Sagicor#2Forward-looking information and non IFRS Sagicor S Certain information contained in this presentation 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" 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 and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. No assurance can be given that growth or capital optimization will occur or be successful. 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Sagicor 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. The Company reports certain non-IFRS measures that are used to evaluate the performance of its businesses and the performance of their respective segments. As non-IFRS measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other issuers. Securities regulators require such measures to be clearly defined and reconciled with their most comparable IFRS measure. The Company references non-IFRS measures and insurance industry metrics in this document and elsewhere. Non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these are provided as additional information to complement those IFRS measures by providing further understanding of the results of the operations of the Company from 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 measures used to analyze the performance of the Company's businesses include but are not limited to: underlying net income, return on shareholders' equity, book value per share, MCCSR, debt to capital ratio, debt to equity ratio, dividend pay-out ratio, and coverage ratio. Please see the "Non-IFRS Financial Information" section of the Management's Discussion and Analysis for a reconciliation of these non-IFRS measures. All figures in this presentation are in US$ unless otherwise noted Q4 2020 2#3Business overview Group results and highlights Capital management hil Outlook Key takeaways Sagicor S Q4 2020 3#4Sagicor S Sagicor at a glance Leading financial services provider in 20 countries primarily in the Caribbean, with a growing presence in the USA Provides life, health, and P&C insurance, annuities, banking, asset management and pension products to individuals and groups Over 180-years-old, with a long track record of strong organic and inorganic growth Public company listed on the Toronto Stock Exchange (ticker: SFC) Financial Results (US$ million) 2019 2020 Revenue 1,867 1,878 Net income to shareholders Total assets 87 (4) 8,729 9,266 Shareholders' equity 1,154 1,110 Total capital 2,266 2,128 USA Jamaica Cayman Islands Eastern Caribbean Barbados Dutch Caribbean Trinidad & Tobago Note: Net income excludes one-time transaction related items in 2019 Sagicor Financial Company Ltd. Sagicor Life English-speaking Caribbean operations outside of Jamaica ■ Individual & group insurance, annuities Sagicor Jamaica ■ Individual life & group health insurance ■ Investment management, commercial & investment banking Sagicor Life USA ■Fast growing individual fixed annuities and life insurance provider ■ Operates in 45 states and Washington DC Q4 2020 4#5Sagicor S Sagicor investment highlights (TSX:SFC) S Diversified operations with solid market-leading positions in the Caribbean and a fast-growing US business Significant growth opportunities both organic and inorganic Established track record of robust growth driving consistent profitability Well capitalized to execute growth, conservative leverage and strong risk culture Technological transformation deeply embedded throughout the organization Best in class management team and Board of Directors Compelling valuation with US$7.58 book value per share (C$9.63) and ~5% dividend yield Q4 2020 5#6Sagicor S Over 180 years of building a regional insurance leader through integration of strategic acquisitions Acquisition of RBC Jamaica was Sagicor Bank Acquisition of Island Life in Jamaica and Nationwide Insurance Co of Trinidad and Tobago Acquisition of shares in Life of Jamaica completed and operations rebranded as Sagicor Bank Acquisition of Laurel Life and American Founders Life Insurance Co. in the U.S. (rebranded as Sagicor Life Insurance Co. Limited in 2006) Acquired an additional 80% interest in PCFS, garnering a controlling stake Establishment of Barbados Mutual Life Assurance Society ("BMLAS") Acquisition of 23% interest in Life of Barbados (majority acquired in 2002) 2002 2001 2000 1999 1840 Acquisition of Sagicor Jamaica and an interest in Pan Caribbean Financial Services (PCFS) 2005 2014 Launch of affiliate reinsurance subsidiary Redomiciliation to Bermuda 2016 Demutualization of BMLAS to Sagicor Life Inc. and establishment of Sagicor Financial Corp (SFC) holding company IPO of SFC shares on Barbados Stock Exchange 2019 Equity raise and Toronto Stock Exchange Listing 2020 Total assets evolution 1990 $154 million 2001 $875 million 2016 $6.5 billion 2018 $7.3 billion 2020 $9.3 billion Q4 2020 6#7Sagicor S Diversified business model with a market leading position in the Caribbean and a growing US business ☐ Leading indigenous life insurer in English-speaking Caribbean countries Strong market share across core geographies and an emerging leader in the USA Over 180-year history, 4,500+ employees with 1,300+ advisors in 20 countries Leading market position USA Jamaica Trinidad & Tobago Barbados Emerging leader 1ST 2ND 1ST Geographic breakdown Other Caribbean 9% Barbados 10% Trinidad & Tobago 14% Revenue US$1,878m (2020) Jamaica 31% Product breakdown USA 36% Banking & Investment Mgmt. 9% P&C Other Insurance 3% 4% Individual Life, Health & Annuity 68% Group Life, Health & Annuity Revenue US$1,878m (2020) 16% Note: Number of advisors is included in employee figure Q4 2020 7#8Sagicor is a leader in digital State of the art direct to consumer platform SAGICOR NOW. A smarter way to buy life insurance Apply within minutes Start protecting your loved ones and what's important in your life. State where located California Gender ✓ Female Date of birth ✓ 10/26/1990 ✓ Do you use tobacco or nicotine products?" Overall health Replacement policy No Excellent ✓ Yes ✓ "Tobacco or nicotine products include cigarettes, cigars, pipes, chewing tobacco, snuff, nicotine patches or gums. You must be age 50+ to qualify for a Peace Assured Final Expense Whole Life Insurance policy. Sage Term Life, Sage Whole Life and Peace Assured are not available in all states. GET YOUR QUOTE CALCULATE YOUR NEEDS Mobile application GO Manage your Sagicor products conveniently and from anywhere on your mobile device Secure the future. Sagicor protect what's important. P T Our About Contact Us Locations Products 1 E Find FAQS an Agency 4:08 Already a Customer? ব о ☐ Sagicor S Automated underwriting ACCELEWRITING Sagicor recognized as one of the industry leaders in automated underwriting Instant (within seconds) underwriting decision Eliminates the need for face-to-face meeting with an agent and phone interview No medical exams, bodily fluids, Attending Physician's Statements (APS), or telephone interview required Digital platforms e life Purchase coupon life insurance, critical illness and investment-type policies with no medical needed Sagicor Connect - products for employers/members Sagicor One Digital Experience - online platform Q4 2020 8#9Business overview Group results and highlights Capital management hil Outlook Key takeaways Sagicor S Q4 2020 9#10Sagicor S Q4 2020 financial highlights Net income to shareholders $29m +152% Y/Y Total revenue $675m +43% Y/Y Net insurance premium revenue $511m +70% Y/Y Shareholders' equity $1,110m +$60m compared to Q1 -Leverage ratio 22.2% improved 0.6 pts Y/Y MCCSR 252% down 1 pt Y/Y Q4 2020 was a strong quarter and Sagicor aims to build on this momentum in 2021 Main contributing factors: 口 Normalisation of new business sales levels across all our geographies D Positive impact of our asset liability matching in our Sagicor Life segment Q4 2020 10#11Strong Q4 Total revenue (US$ million) +43% Net income to shareholders (US$ million) 55 674 44 472 459 402 343 Sagicor S 29 11 (0) (4) Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q4'19 Q2'20 Q3'20 Q4'20 (29) Q1'20 Note: Q4 2019 net income to shareholders affected by approximately $44 million one-time charge related to equity raise (Alignvest transaction) Q4 2020 11#12Sagicor S Diversified business model driven by the strength of three core segments P&C Other Insurance 3% Banking & 4% Investment Mgmt. 9% Group Life, Health, & Annuity 16% Revenue US$1,878m (2020) Individual Life, Health, & Annuity 68% Sagicor Life USA Head office, adjustments, other 2% Sagicor Life 28% Sagicor Jamaica Head office, adjustments, other Sagicor Life USA 36% Sagicor Life 28% 2% Sagicor Life USA 36% Sagicor Life 28% Sagicor Life Head office, adjustments, other 2% Sagicor Life USA 36% Sagicor Jamaica 34% Sagicor Jamaica Sagicor Jamaica 34% 34% Q4 2020 12#13Sagicor S Sagicor Life USA (100% ownership) Fast-growing provider of individual annuities and life insurance with opportunities to cross-sell Award-winning, simple, easy-to-buy life and annuity products A- Excellent financial strength rating from Stable AM Best Individual Life 10% Individual Annuity 90% 36% of 2020 group revenue Q4 2020 Highlights Revenue of $295 million up 186% Y/Y 口 Net premium revenue of $255 million, up 260% Y/Y due to higher multi-year guaranteed annuity (MYGA) sales Revenues were also positively impacted by higher net investment income resulting from the continued reversal of some of the unrealized mark-to-market losses incurred earlier in the year Net income to shareholders of $9 million as compared to net income of $16 million in the same quarter last year Strong premium growth offset by an $18 million strengthening of actuarial liabilities associated with forward-looking assumptions 2020 Revenue US$679m Q4 2020 13#14Sagicor S Sagicor Jamaica (49% ownership) $ #1 market share in individual and group insurance, and asset management 34% of 2020 group revenue Offers investment management and commercial & investment banking services 2nd largest publicly traded company on Jamaica Stock Exchange (JSE: SJ) US$1.4 billion market cap SFC stake US$660 million P&C Insurance Q4 2020 Highlights Revenue of $177 million declined 9% Y/Y Driven principally by a devaluation of nearly 8% year over year in the Jamaican dollar Net income to shareholders (reflecting our 49%) of $11 million, down 40% from $18 million for the same period in the prior year ■ Actuarial gains in Q4 2019 did not recur in Q4 2020 Commercial & Investment Banking 26% Other 6% 5% 2020 Revenue US$632m Group Insurance 31% Individual Insurance 32% Q4 2020 14#15Sagicor S Sagicor Life (100% ownership) Leading market shares in the English- speaking Caribbean Trinidad & Tobago Barbados Cayman Islands Antigua & Barbuda ■Grenada St. Lucia Anguilla ■ Dominica ■ Montserrat ■ St. Kitts & Nevis ■ St. Vincent & the Grenadines ■ Curacao ■ St. Maarten ■ Aruba Significant growth upside in regions that 28% of 2020 group remains under pensioned and underinsured revenue Q4 2020 Highlights Revenue of $191 million up 18% Y/Y □ Net premium revenue of $156 million, increased 24% Y/Y Impacted by the sale of a large single premium annuity of $64 million ■ Net income to shareholders of $35 million compared to $29 million for the same period in the prior year Gains from improved asset liability matching Other 7% Group Insurance Individual Life 45% 21% Individual Annuities 27% 2020 Revenue US$523m Q4 2020 15#16** Business overview Group results and highlights Capital management hil Outlook Key takeaways Sagicor S Q4 2020 16#17Executing on capital deployment priorities Sagicor S Funding organic growth - Supporting growth in Sagicor Life USA, other organic initiatives Dividend to investors - US$33 million paid to investors in 2020, representing ~5% dividend yield at current market price M&A opportunities and strategic investments - Constantly exploring inorganic opportunities that meet strategic and financial hurdle targets - Captive reinsurance strategy Share buybacks - US$13 million of accretive share repurchases in 2020 Q4 2020 17#18Sagicor S Sagicor's credit rating upgraded by S&P to BB+ in Q4 2020 Sagicor Upgraded To 'BB+' From 'BB' On Consistently Stronger Capital Adequacy, Outlook Stable "(S&P Global Ratings) We're upgrading Sagicor group (Sagicor) because we think its capitalization will remain strong in the next few years following the capital injection from its new shareholders after the group completed the business combination transaction with Alignvest in December 2019. Sagicor's total adjusted capital has improved, and we expect it to remain above our 'A' benchmark in 2020-2022 despite the hit to earnings this year and the planned acquisition of the CLICO and BAT portfolios. As a result, we're revising the group credit profile (GCP) upward to 'bbb' from 'bbb-'... We also raised our issue-level rating on SF15's $320 seven-year senior unsecured notes due 2022 to 'BB+' from 'BB'. The outlook is stable, which reflects our expectation that the group will maintain its credit fundamentals in the next two years, despite the challenging conditions." November 25, 2020 Q4 2020 18#19Sustained balance sheet growth Shareholders' equity (US$ million) 21% CAGR Financial investments (US$ million) 13% CAGR Sagicor S 1,154 1,110 6,686 7,239 4,953 5,348 625 601 2017 2018 2019 2020 Total assets (US$ million) 11% CAGR 2017 2018 2019 2020 Policy liabilities (US$ million) 11% CAGR 8,729 9,266 4,883 6,815 7,325 4,316 3,548 3,662 2017 2018 2019 2020 2017 2018 2019 2020 Note: CAGR Compound Annual Growth Rate Q4 2020 19#20Sagicor S Strong capital position with major deployment potential ■ $1,110 million of shareholders equity, including additional equity capital raised in 2019 to be deployed in 2021 and beyond ■ Robust capitalization with MCCSR of 252% for its insurance entities as at Q4 2020 ■ Conservative leverage with debt/capital ratio of 22.2% including $375 million of financial debt at holding company S&P recently upgraded credit rating to BB+ due to Sagicor's improved capitalization ■ Financial metrics at investment grade level S&P (BB+ Stable), Fitch (BB Stable) and AM Best (bbb- Stable) ratings reflecting geographic footprint 。 ㅁ □ Total available capital of $2.1 billion Shareholders' equity: $1,110 million Non-controlling interest: $547 million Notes and loans payable: $472 million MCCSR (%) 249% 258% 234% 253% 252% 2016 2017 2018 2019 2020 Leverage ratio (%) 33.1% 30.6% 30.2% 22.8% 22.2% 2016 2017 2018 2019 2020 Q4 2020 (20)#21Sagicor S Share repurchases Sagicor Financial Company Ltd. is a publicly traded company on the Toronto Stock Exchange 2020 Market Cap ~C$940 million ~US$740 million Ticker: SFC Effective September 2020, Sagicor expanded its share buyback program (Normal Course Issuer Bid) launched in June Sagicor can now repurchase up to 8,000,000 of its common shares outstanding Sagicor repurchased 354,500 shares in Q4 2020 Sagicor purchased 2,942,500 million shares in the open market for cancellation for an aggregate purchase price of approximately US$13.1 million during 2020 146.4 million shares outstanding, of which approximately 44% held by anchor shareholders with board representation 2020 Share Price High C$9.75 Please visit Sagicor.com Low Close C$4.88 C$6.40 for share price information, news releases, and more Note: Number of shares outstanding includes 3.2 million shares that will be cancelled if shares do not trade above C$12 by December 2024 and 3.2 million shares that will be cancelled if book value does not surpass approximately $1.26 billion by December 2024 Q4 2020 (21)#22Business overview Group results and highlights Capital management Kil Outlook Key takeaways Sagicor S Q4 2020 (22)#23Sagicor S Good performance in 2020 in the context of a difficult operating environment 2020 started with positive momentum after exceeding targets in 2019 Q4 was a very solid quarter with strong profitability and sales, and improved asset prices Q3 saw improvements in sales as pandemic lockdown restrictions eased Q2 showed asset price improvements but slower sales due to the pandemic Q1 results were primarily affected by asset price movements We will resume providing specific guidance with respect to earnings targets when the timing of recovery from the pandemic becomes more certain Sagicor is well capitalized and positioned to continue to grow once economies recover Q4 2020 (23)#24Significant growth opportunities Caribbean Sagicor S ■ Continue growth in Caribbean markets where Sagicor is a leader and population is under-insured and under-pensioned, leveraging our digital initiatives Expand product base in core markets into banking and wealth management United States Continue to grow U.S. business in life and annuities leveraging our digital capabilities All geographies and Top Co Optimize balance sheet Use excess capital for inorganic growth Q4 2020 (24)#25Business overview Group results and highlights Capital management hil Outlook Key takeaways Sagicor S Q4 2020 (25)#26Sagicor S Strong track record and well positioned for future growth 1 Proven resilience in the context of a challenging operating environment in 2020 with a strong 180-year track record 2 Significant organic and inorganic growth opportunities in core markets 3 Well-capitalized with $450 million recent equity raise, and significant capital deployment potential to execute on our growth strategy 4 Compelling entry point with listing on TSX (ticker: SFC) at an attractive discount to book value 5 Leading brand and customer loyalty Q4 2020 (26)#27Investor Inquiries Samantha Cheung EVP Investor Relations > [email protected] 1-416-898-4324 or 800-342-0719 Andre Mousseau Group Chief Financial Officer [email protected] Please visit Sagicor.com S Sagicor