ICBL net premiums up, claims down

Published: Monday June 9, 2008

BUILDING ON ITS SOLID 2007 performance, Insurance Corporation of Barbados Limited (ICBL) has recorded further increases in assets and net premiums for the three months ended March 31.

Unaudited financials published last week and signed by chairman John Wright and managing director Wismar Greaves June 1 also indicated a decline in net claims.

ICBL assets rose from $348.38 million in the corresponding period last year to $399 million for the initial three months this year, while net premiums were up from $11.68 million last year to $13.28 million.

The company's gross premium underwritten came in at $21.31 million, an improvement on $20.25 million for the corresponding period the prior year.

The insurance company, majority-owned by BFM of Bermuda, bettered its net income from operations by $1.35 million on the $4.25 million recorded for the first three months of 2007.

Underwriting income before management expenses was also on the rise, from $8.38 million in the 2007 period to $9.93 million in the first quarter of 2008.

ICBL posted a $451 244 increase on last year's $6.47 million in net income.

For the financial year ended December 31, 2007, ICBL recorded $97.13 million in gross premiums written, $8.60 million more than in 2006, and incurred $25.78 million in net claims, $1.45 million less than in 2006.


Source: Nation Newspapers
http://www.nationnews.com/story/346163338433341.php#