It is not all gloom in corporate Barbados, with Insurance Corporation of Barbados Limited (ICBL) reporting increased profits.
R. John Wight, chairman of the former Government company that is now owned by Bermuda’s BF&M Limited, said its “strong” 2013 performance was illustrated by $14.8 million in net income.
In his review for the financial year ended December 31, 2013, he said this “compared with net income of $12.3 million for 2012”.
“Gross premium written in 2013 was $111.5 million compared to $100.5 million in 2012. Earnings per share improved from [29 cents] in 2012 to [38 cents] in 2013. Return on equity for 2013 was 10.3 per cent compared to 8.3 per cent in 2012. Financial results, while very strong, benefitted from some one time releases of reserves which are not expected to recur in 2014,” he reported.
“The company is very well capitalised, with shareholders’ equity at December 31, 2013 of $148.4 million compared to $139 million in 2012. This is very important to policyholders who need the peace of mind in knowing that their insurer will be able to pay their claims in the months and years ahead.”
Pointing to ICBL’s A- (Excellent) financial strength rating from insurance rating agency A.M. Best, Wight said “there is no insurer writing domestic insurance business in Barbados with a stronger rating”.
“The market value of ICBL shares opened the year at $2.60 and closed at $2.60. The company declared dividends totalling [18 cents] in 2013, maintaining the same overall dividends per share as those paid in 2012,” he said.
Praising ICBL managing director and chief executive officer Ingrid Innes, her management team and staff for the company’s good performance, the chairman also thanked policyholders, shareholders, brokers and agents for the continued support and said “we look forward with great enthusiasm to a very successful 2014”. (SC)
