NASSAU, BAHAMAS – The Bahamas First Group reported a total comprehensive loss of $1.1 million for the nine months ended September 30, 2024, compared to a loss of $0.8 million for the same period in 2023.
During this period, the insurance service result improved by 13.2 percent, reflecting a $1.0 million increase compared to 2023. The Group attributed the positive performance primarily to a more favorable claims-loss ratio for its Cayman Health business. However, this gain was offset by lower investment returns in 2024. Investment gains reported through other comprehensive income were $1.2 million lower than in 2023, primarily due to a decline in the share price of one of its investments, as Executive Chairman Alison Treco reported in the Group’s unaudited results.
Looking at the third quarter, for the three months ended September 30, 2024, Bahamas First reported a total comprehensive income of $2.6 million, up from $2.2 million for the same period in 2023. As with the year-to-date performance, the insurance service result showed a $1.1 million improvement over the prior period. However, investment gains within other comprehensive income were down by $0.7 million compared to the same quarter in 2023.
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