LOSSES racked up by Trinidad-based insurer Guardian Holdings, Bermudan reinsurance subsidiary, in the third quarter of last year dragged down profit growth in the group for all 2021.

Guardian Holdings reports the impact was seen in its full year profit growing by just one per cent. In its recently released audited report for the year ended December 31, 2021, the insurance conglomerate posted net profit of TT$798.35 million, up from TT$778.69 million in 2020.

 

At the same time insurance activities for the year fell 25 per cent year-over-year from TT$1.41 billion in 2020 to TT$1.06 billion in 2021, with the losses incurred in Bermuda bearing the brunt of the blame.

 

According to the management, “This performance was adversely affected by the US$10-million loss in Guardian Re our Bermuda-based reinsurance company, as was disclose in 3rd quarter 2021. Our life insurance operations have been negatively impacted by policy lapses, largely attributed to the challenging economic environment.”

https://www.jamaicaobserver.com/business-observer/guardian-still-hurting_245264