NASSAU, BAHAMAS — BISX-listed property and casualty insurer Bahamas First Holdings swung back to profit in the first half of 2025, posting a $3.9 million year-over-year improvement in total comprehensive income that reversed the $3.7 million loss recorded in the same period last year.
The turnaround was driven primarily by strong performance in the Group’s Bahamas segment, which benefited from higher insurance revenue, lower operating expenses, and improved investment income.
In the Bahamas Property and Casualty segment, insurance revenue rose 17.1 percent year over year, fuelled by growth in the motor and engineering lines. With net claims remaining relatively flat, the revenue growth translated into a 70.1 percent increase in the insurance service result.
By contrast, the Cayman Property and Casualty segment saw higher gross premiums written, but this was offset by a deterioration in claims loss ratios for motor and health lines, resulting in a $0.5 million reduction in the Cayman segment’s total insurance service result. The company is actively implementing measures to address claims performance in these areas.
Operating expenses fell by $0.7 million, primarily due to lower credit impairment losses, while investment-related income improved by $0.8 million, largely from unrealised gains.
Executive Chair Alison J. Treco said the results reflected steady progress. “Our half-year performance is encouraging, marking steady progress over this point last year,” Treco said. “Our focus remains firmly on the road ahead. We are committed to building on this momentum, addressing challenges proactively, and managing our operations with discipline to deliver sustainable growth and enduring value for our stakeholders.”
