Despite the instability of the market and heightened competition, the Insurance Corporation of Barbados Limited (ICBL) is showing a marked turnaround.
In its first quarter consolidated financial statement recently published for the period ending March 31, ICBL recorded total comprehensive income of $2.95 million.
This represented a significant improvement on the 2020 first-quarter position, when the company was in the red to the tune of $948,000.
During the first three months of the current financial year, ICBL wrote over $24.47 million in gross insurance premiums, which was down slightly from the $25.60 million written during the comparable period last year.
At the same time, the Roebuck Street, Bridgetown-headquartered company was able to contain its operating expenditure, which fell more than $1 million for the quarter, when compared to last year.
In his review, chairman Joe Poulin described the first quarter results as “strong”, citing net income of $2.7 million for the period ended 31 March, 2021, in comparison to net income of $0.5 million for the corresponding period of 2020.
“These results were achieved in a very challenging environment due to the continued impact of COVID-19 on the tourism industry in Barbados,” Poulin noted.
He added: “Gross written premiums were down four per cent from the corresponding period ended 31 March, 2020.
“However, the company’s focus on expense reduction and the customer experience has allowed it to better manage its cost base and business retention.
“As a result, improvements in pro¬fability have been attained through an 18 per cent reduction in total expenses in the fi¬rst quarter. ICBL remains deeply committed to its policyholders and shareholders as we continue to monitor the rising instance of COVID-19 variants worldwide.” (IMC1)