NASSAU, BAHAMAS — J S Johnson, the BISX-listed insurance broker and agent, saw a nearly 43 percent drop in its underwriting division in its first quarter.
Alister McKellar, the insurer’s Managing Director said: “Our Q1 financial results reflect a difference to start the year between our Agency and Underwriting divisions. As of the end of March, we posted a 4.6 percent increase in Agency net income ($2.04M) over the same time period last year ($1.95M), while Underwriting experienced a decline in net income of 42.6 percent for the same time period.”
He added: “Despite the soft performance in our Underwriting division in the first quarter we anticipate a recovery as the year progresses. With only a few short weeks before the start of the 2022 hurricane season, we are ever mindful of the impact that a major storm could again have on our lives and economy”
McKellar noted that it is predicted that this hurricane season will be an above-average season with 19 named storms forecast.
“Let’s hope for another quiet year throughout our archipelago. We’ve already begun preparation for the implementation of IFRS 17, a new accounting standard for the insurance industry expected to take effect January 1, 2023,” he said.
“We anticipate that this new standard will affect the look and feel of both our financial statements and note disclosures next year as the International Accounting Standards Board looks to improve comparability and increase transparency within the industry.
