Guardian Holdings profit triples as revenue climbs
Published:Wednesday 12:08 AM
Regional insurance group Guardian Holdings Limited, GHL, has tripled its earnings for the September third quarter, because of higher revenue and efficiencies.
The outlook, however, remains uncertain because of global disruptions associated with the Russian invasion of Ukraine.
“Despite these challenges, we remain focused on enhancing our operating performance to counter these numerous disruptions,” said Guardian Holdings Chairman Patrick Hylton in the preface to the financials.
Trinidad-based Guardian is owned 62 per cent by Jamaica’s NCB Financial Group, of which Hylton is president and CEO.
GHL made a profit of TT$621.6 million on gross written premiums of TT$1.75 billion in the July-September period. That’s up from earnings of TT$202.4 million on revenue of TT$1.6 billion a year earlier.
In Jamaican dollar terms, the insurance conglomerate, whose holdings span over 20 regional markets, made a profit of $14 billion, up from $4.58 billion a year earlier.
Over nine months, GHL profit was TT$1.06 billion, having doubled from TT$472.5 billion a year earlier.
Guardian said it has been investing heavily in technology, which has improved service delivery to customers while reducing costs. The expenditures were mainly directed at improvements in its life, health and pensions segments.
“In recent years, we have reaped some of the benefits,” said Hylton. “We are now at a resultant juncture where the payback on this investment is rapidly accelerating.”