NASSAU, BAHAMAS — Despite the continued effects of COVID-19, the BISX-listed FamGuard Group recorded $6.3 million in profits for the first six months ended June 30, 2021.
FamGuard Chairman Norbert Boissiere, in a message to shareholders, noted: “The gradual restart of tourism and distribution of vaccines has helped to restore some level of optimism; however, we continue to be challenged by increases in COVID-19 cases as a third wave is upon us.
“Despite the continual effects of the COVID-19 pandemic, the FamGuard Group recorded profits of $6.3 million for the six months ended June 30, 2021, representing $0.61 per share for ordinary shareholders.”
He added: “The leadership, commitment and resilience of management, our sales agents and support staff continue to be the key attributes that lend to the stability of the group during these challenging times.
“The group recorded revenues totaling $67.3 million, an increase of 6.9 percent over the $63 million recorded in June 2020.
“Revenue growth was driven primarily by an increase in gross premium income of 1.3 percent and from investment income, which contributed $7.8 million to total revenue.”
He further noted that deposits on select life products and annuities totaled $7.4 million, exceeding the prior year by 13.5 percent.
“Policyholder benefits totaled $40.3 million compared to $39.5 million for the corresponding prior period,” Boissiere noted.
“As anticipated, an uptick in medical claims during the quarter after several periods of low utilization, along with an increase in COVID-19-related deaths, contributed to the increase.
“Total expenses, including commissions paid to agents and brokers, exceeded the prior year by 9.3 percent, mainly due to an increase in depreciation expense on assets placed into service during the year and provision for bad debt on premiums receivables and the loan portfolio in line with the increased credit risk as we continue through the economic impacts of the pandemic.”
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