Insurer sees nearly 15 percent net income rise in Q3

Insurer sees nearly 15 percent net income rise in Q3
JS Johnson's office on Collins Avenue. (PHOTO: JS JOHNSON)

NASSAU, BAHAMAS — A BISX-listed insurance group pinned the lack of any serious weather disruption as a key factor driving positive results in its third quarter that saw the company’s net income rise nearly 15 percent. 

Alister I. McKellar, J S Johnson’s Managing Director, made the revelation in his third-quarter interim report.

He said: “The absence of any serious weather disruption to daily life has reflected positively in our financials for the quarter. Net income through September rose 14.54 percent, from $6.054 million to $6.935 million, compared to the same period last year, while other important financial indicators such as outstanding claims (declined more than 30 percent) and earnings per share (increased by 11 percent, $0.72 to $0.80) indicate solid, steady business activity.”

McKellar added: “As a country we also appear to finally be moving past the Covid restrictions that have made face-to-face interaction with customers so difficult over the past couple of years. The government canceled all testing requirements for visitors to our shores—vaccinated or not—in September. And when it became clear that our local mask mandate was also out of step with the practices of nearly all our international tourism partners government finally lifted that too on 1st October.”

McKeller noted that one of the lasting effects of Covid has been the advancement of the company’s online presence and ability to offer customers more options in that area.