Even after “strong results” from its newer life insurance operations were “offset” by increased general insurance claims, Insurance Corporation of Barbados Limited (ICBL) has earned another profit.
Reporting on its performance for the six month period ended June 30, ICBL announced in its latest consolidated financial statements that net income after taxes attributable to equity holders was $3.32 million (eight cents per share), compared to $3.58 million (nine cents per share) for the same period last year.
“ICBL recorded gross premiums written of $70.31 million, two per cent up over the same period in 2013. Investment income reduced from $4.8 million to $4.6 million. Operating expenses were $16.25, down from $16.56 million. The company continues to make significant investments in technology to improve customer service levels and operating efficiencies,” the insurance company said.
“ICBL remains very well capitalised, which is important for policyholders who need the confidence that their claims will be paid, in addition to shareholders who look to the company to continue to pay dividends that offer a high yield.
“We were very pleased to hear the announcement that rating agency AM Best had reaffirmed the A- financial strength rating for ICBL, citing the company’s solid capitalisation, leading presence in its domestic market, and favourable earnings in recent years,” it added.
This latest positive financial report echoed recent statements from ICBL managing director and chief executive officer Ingrid Innes, who said her company was performing admirably despite Barbados’ economic challenges.
Innes said she saw nothing “in the foreseeable future” that would force the company to reduce its staff and that “we have confidence in Barbados and we are looking ahead [to when] the economy will turn around”.
“Last year we grew our company, our revenue grew by 11 per cent, our net income grew by 20 per cent last year so we are doing well in 2013 and 2014 looks to be another great year. It’s because we believe in the economy, because we believe that we can’t let that get in our way from providing the products an services to serve our customers.” (SC)
