NASSAU, BAHAMAS — FamGuard Corporation reported total revenue of $31.3 million in its first quarter, which represented an 8.1 percent decline when compared to the same period in 2021.
The BISX-listed parent of Family Guardian reported profits of $2.8 million for the three months ended March 31, 2022 in its interim consolidated financial statements — representing $0.28 per share for common shareholders.
FamGuard Corp Chairman Dodridge Miller in a message to shareholders noted that the group reported total revenue of $31.3 million for the three months ended March 31, 2022, an 8.1 percent decline compared to the $34.1 million reported for the period ending 31st March 2021.
This was due to a negative variance in annuity and sundry deposits which were reduced by 50.5 percent due to the normal fluctuation in deposit amounts from period to period.
“Moreover, a corresponding decline in reserves for future policyholder benefits occurred in direct correlation,” Miller said.
“Gross premiums decreased by 1.6 percent over the prior period and ended the quarter at $28.2 million. Investment income totaled $3.8 million, a 3.9 percent increase over the prior year despite being impacted by the net fair value losses arising from fluctuations in equity and bond market prices. Benefits across all lines of business totaled $18.8 million compared to $19.1 million in the prior year, reflecting the net result of a decrease in reserves for policyholder benefits on annuity and sundry deposits which was offset by an increase in group and individual health benefits.”
Miller continued: “Total expenses, including commissions paid to agents and brokers, reported a positive variance of 1.2 percent over the prior year and are also within plan performance. The Group’s statement of financial position remains strong with total assets of $378.5 million, of which investment assets comprised $311.0 million, representing 82.2 percent of our total assets.
“Liabilities amounted to $279.6 million an increase of 0.5 percent over the December 31, 2021 balance mainly due to increases in reserves for future policyholder liabilities which comprise obligations to holders of long-term and short-term insurance policies,” he added.
