NASSAU, BAHAMAS — BISX-listed FAMGuard Group saw a 61 percent decline in first-quarter profit compared to last year, as higher medical claims settlements weighed on earnings, resulting in net income of $1.64 million for the three months ended March 31, 2026, down from $4.20 million a year earlier.
Chairman Raymond Winder, in a statement to shareholders on the unaudited financial statements for the three-month period, said the results reflected increased claims activity within the group and individual medical portfolios during the quarter.
Despite the decline in profit, insurance revenue rose 3.9 percent year-over-year, while operating expenses fell 10.7 percent, reflecting continued cost discipline and efficiency improvements.
The Group said insurance subsidiary Family Guardian maintained a capital solvency ratio of 296 percent, well above the regulatory minimum requirement of 150 percent, and retained its AM Best rating, which reaffirmed its “very strong” risk-adjusted capitalization.
FAMGuard reported total assets of $406.1 million, including $325.6 million in investment assets, with liabilities rising slightly to $284.2 million due mainly to higher insurance contract obligations.
After quarter-end, the Group acquired a 19.71 percent equity stake in Bahamas First Holdings Limited, describing the investment as part of its long-term strategy to strengthen its position in the insurance and financial services sector.
The Board of Directors declared a first-quarter dividend of $0.05 per share, totaling $1.5 million, payable June 2, 2026, to shareholders of record as at May 26.
