NASSAU, BAHAMAS – Bahamas First Holdings Limited, a publicly traded company specializing in the provision of general and health insurance through its wholly owned subsidiaries in The Bahamas and the Cayman Islands, is pleased to report significant gains in its financial results for the year ended December 31, 2024. The company recorded a substantial increase in key performance metrics for the period, notably in profit and earnings per share, highlighting the Group’s adept navigation of market challenges and ability to capitalize on opportunities to deliver exceptional value to its stakeholders.
Financial Highlights:
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Insurance Service Result increased by 37% or $5.4 million over the prior year.
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The Group Profit grew to $6.9 million, an increase of 324% compared to $1.6 million in the prior year.
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Earnings Per Common Share increased to $0.17, up from $0.04 in the prior year.
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Total Assets stood at $182.8 million as at December 31, 2024, compared to $176.2 million in the prior year.
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Total Comprehensive Income experienced an increase of 8% or $0.5 million over the prior year.
Strategic Improvements: The Group’s significant improvement in profitability is largely attributed to the effective resolution of a claims backlog and reporting issues within the health division of Cayman First. Favorable trends in the health loss ratio, supported by strategic pricing amendments and enhanced operational efficiencies, have further bolstered our financial results. On December 27, 2024, the Cayman Islands Health Insurance Commission (HIC) formally withdrew its previously issued enforcement notice to CFI in recognition of the Company’s dedicated remediation efforts, including the implementation of comprehensive technological upgrades, alongside the appointment of senior personnel.
The Group’s insurance service result and profit in The Bahamas also improved significantly, showing an increase of 15% compared to the previous year. This growth is largely attributed to better claims experience, which led to a more favorable loss ratio.
The Group continues to strategically manage its investment portfolio, as it seeks to minimize its risk exposure to one particular investment, which primarily contributed to the negative variance in Other Comprehensive Income of $4.8 million.
“We are proud of the significant improvement in the financial performance that Bahamas First has achieved in 2024,” said Alison J. Treco, Executive Chair of Bahamas First Holdings. “The growth in profit and enhanced earnings per share are testament to the strategic decisions and hard work of our dedicated team. Thanks to their commitment to excellence and their expertise, we have not only addressed past challenges but have also strengthened our organizational structure and foundation. As we continue to adapt to the evolving market, our focus remains steadfast on delivering sustainable value creation and client satisfaction. We are excited about the opportunities that lie ahead and are dedicated to building on this momentum.”
