ICBL makes $ 11 million in profit – NationNews Barbados – nationnews.com

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Shawn cumberbatch

Barbados Insurance Company (File)

The Insurance Corporation of Barbados Limited (ICBL) reports earnings of $ 11 million for the quarter ended September 30.

The information was published in the company’s latest consolidated financial statements, in which shareholders were also informed that they would receive a dividend of five cents per share.

President Joe Poulin said, “ICBL’s results for 2021 continue to be strong, with net income increasing significantly to $ 11 million for the period ended September 30, 2021. By comparison, for the period corresponding period ended September 30, 2020, net profit was at breakeven. .

“As a result, earnings per share for the current year was 27 [cents] compared to [one cent] for the previous year, and the return on equity was nine percent for the current year. It should be noted that the results of the previous year were significantly affected by fair value losses of $ 3.1 million related to the investment property portfolio.

Poulin said that ICBL “continued to generate strong investment income in the third quarter.”

“Investment returns of $ 6.8 million in the quarter increased total investment income to date to $ 11.6 million. These results are mainly due to increases in the fair value of the underlying investments, ”he said.

“For the company’s insurance operations, gross premiums declined 3.6 percent, but claims costs for the current year improved 9.2 percent.”

The President said that ICBL “has shown some resilience in the face of the economic uncertainty posed by COVID-19 during this time. [and] took the opportunity to support charities and nonprofits whose programs suffered during this same period ”.

Total assets of the insurance company stood at $ 372.3 million at the end of September, with cash and cash equivalents of $ 51.1 million and equity of $ 121.9 million .

“Based on this performance and the current economic outlook, the board of directors declared an interim dividend of $ 0.05 per share. In the future, the board will seek to offer its shareholders a more coherent dividend policy, ”said Poulin. (SC)

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