In the company’s 2023 annual report, Alister McKellar highlighted, “The company achieved a 17.2 percent rise in net income compared to the previous year ($12.3 million from $10.5 million), driven by stronger underwriting results (+32.35 percent, $5.2 million from $3.9 million) and a commendable performance from our Agency division (+8.2 percent, $7.1 million from $6.6 million). A nearly 15 percent surge in insurance revenue ($93.1 million from $81 million) significantly contributed to this growth.”
He further noted, “An 11 percent increase in the company’s total expenses for the year ($107.4 million from $96.7 million) is understandable, attributed to general inflationary pressures and some recategorization due to IFRS 17. However, it was largely offset by an equivalent increase in total income ($119.6 million from $107.2 million). While a change influenced some of these results in net unrealized gain on investments in securities of $1 million, our relentless focus on customer service and disciplined underwriting standards undoubtedly played a vital role.”
McKellar acknowledged that expenses rose in 2023 due to inflationary pressures but were effectively contained, with our expense ratio at 78 percent versus 74 percent and 77 percent in the prior two years.
He also highlighted the lack of reinsurance capacity in the entire region, which has restricted growth and increased rates, especially in home and property lines.
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