NASSAU, BAHAMAS — Bahamas First Holdings saw a total comprehensive of $2.2 million in its third quarter performance compared to the $0.6 million loss in the same period in 2022.
“The drivers for the improved result are an improved insurance service result of $1 million and an investment result of $1.6 million,” reported Patrick Ward, the group’s now former President and CEO.
“For the nine months ended September 30th, 2023, we are reporting a total comprehensive loss of $0.8 million in the consolidated statement of comprehensive income, in comparison to a $0.6 million loss in the prior year.”
Ward noted that for the year to date, gross written premium increased by 4.4 percent compared to the same period in the prior year, as growth was seen in premiums across the property and casualty major lines of business. Ward said this growth was generated primarily from rate increases, however, insurance revenue only increased by 0.4 percent from the prior year due to the timing of business written.
During the first three quarters of 2023, the group reported combined investment and other income & other comprehensive income of $2 million compared to $1.1 million for the same period of 2022.
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