NASSAU, BAHAMAS – Bahamas First Holdings Ltd. has reported a significant increase in group profit for the year ended December 31, 2024, rising to $6.9 million, a 324 percent increase compared to $1.6 million in the previous year.
The growth in profit was driven in part by the resolution of operational challenges within the health division of its subsidiary, Cayman First. Over the past year, Bahamas First focused on addressing a claims backlog and resolving reporting issues that had previously impacted the health division’s profitability. The company implemented several measures, including pricing adjustments and operational improvements, which led to a more favorable health loss ratio.
Additionally, the company’s efforts to address regulatory challenges contributed to the improved performance. On December 27, 2024, the Cayman Islands Health Insurance Commission (HIC) withdrew an enforcement notice issued to Cayman First, acknowledging the company’s efforts to resolve the issues. The improvements included upgrades to the company’s technology infrastructure and the hiring of senior personnel to enhance operations.
The Bahamas operation also saw growth, with the group’s insurance service result and profit increasing by 15 percent compared to the previous year. This was attributed to an improved claims experience, resulting in a more favorable loss ratio in the Bahamian market.
For the year, Bahamas First reported a 37 percent increase in insurance service results, up $5.4 million compared to the prior year. Group profit grew to $6.9 million, reflecting a 324 percent increase over the $1.6 million reported in the previous year. Earnings per common share rose to $0.17, up from $0.04 in the prior year. Total assets stood at $182.8 million as of December 31, 2024, compared to $176.2 million in the prior year. Total comprehensive income increased by 8 percent, or $0.5 million, compared to the previous year.
“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 a 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.”
