According to the Chairman’s report, for the three months ending March 31st, 2024, FamGuard Corporation achieved profits of $2.6 million, translating to earnings of $0.09 per share for common shareholders. The report highlighted that the earnings surge was primarily fueled by a decrease in medical claims and ongoing premium expansion across divisions.
The Group’s insurance revenue for the quarter ending March 31, 2024, totaled $25.8 million, up from $25.1 million in the same period last year, reflecting growth across all lines of business driven by strong new business results and policyholder retention.
Insurance service expenses for the quarter amounted to $21.2 million, a 3.2 percent increase from the prior year.
Net investment income for the period was $4.3 million, representing an 18.7 percent decrease from 2023. This variance was primarily due to a one-time recovery on a non-performing mortgage account in the previous year and increased mark-to-market gains on debt and equity investments held in mutual funds.
Net insurance finance expenses, which account for interest rate fluctuations and policyholder returns from investment-linked insurance products, totaled $3.2 million and remained consistent with the prior year.
The Group’s financial position remained robust, with total assets amounting to $381 million, of which $311.3 million were invested assets, comprising 82 percent of the total.
