NASSAU, BAHAMAS- FamGuard Corporation Limited reported strong financial results for the year ended December 31, 2024, posting a net profit of $7.1 million, a 43.8 percent increase over the prior year. The BISX-listed insurer attributed the earnings growth to robust performance across its life and health insurance segments, alongside disciplined execution of its strategic priorities.
In the company’s annual report, Chairman Raymond Winder told shareholders that FamGuard had delivered “another strong year of performance” despite persistent macroeconomic pressures. “I commend our management team, staff, and dedicated sales force for their unwavering commitment and hard work,” he stated.
Total insurance revenue rose 9.3 percent year-over-year to $109.7 million, supported by increases across both life and health portfolios. Earnings per share for ordinary shareholders stood at $0.24, while return on common shareholders’ equity improved to 5.86 percent, up from 4.2 percent the previous year.
FamGuard’s share price climbed from $4.20 to $5.75 by year-end, reflecting growing investor confidence. The company’s financial position remains strong, with total assets of $386.3 million and a solvency ratio of 242 percent, significantly above the Insurance Commission of The Bahamas’ minimum requirement of 150 percent.
In 2024, the company returned $6.3 million to shareholders through dividend payouts, equal to $0.21 per share. Winder emphasized that delivering shareholder value remained a core focus of the Group’s long-term strategy.
The Chairman also noted major strides in digital transformation, customer service improvements, and operational efficiency. “Through investments in digital infrastructure, process optimization, and customer engagement, we’ve enhanced our ability to serve with greater speed, empathy, and precision,” he said.
Beyond financials, Winder highlighted FamGuard’s commitment to community development, pointing to support for health, education, and social well-being through charitable programs and outreach efforts.
As the company approaches its 60th anniversary in 2025, Winder said the milestone is a testament to FamGuard’s legacy of trust and service. “We look forward to commemorating this occasion with our stakeholders and continuing to build a future defined by growth, innovation, and care.”
