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GHL profits up by 5 per cent
Guardian Holdings Ltd (GHL) is reporting a five per cent increase in profit after tax for the period ended December 31, 2017. The company reported $410 million in 2017 compared to $390 million the prior year.
Cash and cash equivalents in 2017 was $2 billion compared to the prior year, where it was $1.7 billion. Its life, health and pension business continues to be the revenue-driver for the period, recording $569.5 million for the period compared to $634 million in the prior year. Deputy chairman Henry Ganteaume, commenting on the performance, said the group had achieved “an excellent” result for 2017, despite the two catastrophic hurricanes which hit the Caribbean.
He said, “After establishing net claims reserves of $99 million, group profit attributable to equity shareholders for the year ended December 31, 2017 amounted to $407 million, an increase of $11 million or three per cent over 2016.”
Adding that despite social and economic uncertainty in T&T and only marginally better conditions in many of its other markets, “gross and net written premiums proved resilient. The marginal decline from 2016 in premium income is substantially attributable to a non recurring single-premium block of business acquired in 2016 by our life, health and pensions (LPH) segment. Excluding this transaction in 2016, net written premiums in both our LHP and property and casualty segments increased by approximately ten per cent,” he said.
The company’s net income from insurance underwriting activities was $403 million, which was $210 million lower than 2016. The decrease was owing to the hurricane-related losses and secondly, “the inclusion of favourable actuarial adjustments in our LHP segment in 2016, following the adoption of the Caribbean policy premium method of determining policy owner reserves.”
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