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Reduced profit for first three quarters

Natasha Beckles

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Insurance Corporation of Barbados Limited (ICBL) recorded reduced profit for the first three quarters of 2011.
Recently published financial statements for the nine months ended September 30, 2011 show that profit for the year amounted to $8.73 million compared to restated $11.64 million in 2010.
Profit attributable to equity holders fell from $10.9 million to $8 million, while earnings per share dropped from 29 cents to 22 cents.
The company, which is majority owned by Bermuda’s BF&M Limited, saw its net premiums earned decline from $44.8 million in 2010 to $41.8 in 2011.
Meanwhile, the change in provision for unearned premiums increased from $291 646 to $1.9 million.
In addition, net claims incurred and annuity benefits increased from $25 million to $26.2 million.
Underwriting income declined from $21.3 million to $17 million.
ICBL’s total assets stood at $391.9 million and its total liabilities at $246. 2 million as at September 30, 2011.