NASSAU, BAHAMAS — Despite the negative impact of COVID-related disruption, JS Johnson saw relatively “solid and steady” results for its third quarter according to its managing director with total income up seven percent in its third quarter.
Alister McKellar, the BISX-listed insurer’s managing director noted in the third quarter interim report, said: “Despite the negative impact of Covid-related disruption we continue to face in the country, our overall financial results for the third quarter of 2021 were relatively solid and steady.
“Understandably, we’ve seen an increase in customer requests for premium installment payments and some fall-off in policy renewals, but we continue to monitor and manage the situation effectively. The result of these efforts has been an increase in net income to $6.05M – a 16 percent increase- over the same period last year.
“Total income for the quarter rose 7 percent, driven largely by a strong performance from our Agency business. Net Revenue from Contracts with Customers in this segment rose to $16.8 million, a 17.5 percent increase over 2020. A sharp focus on expenses company-wide also helped with profitability in Q3, by limiting the increase in total expenses to just 3 percent over last year,” McKellar said.
He further noted that Covid and reinsurance rate increases took their toll on the company’s underwriting segment for the quarter.
“The business posted a modest result of $514,267 in net income, which is a substantial decline from the $1.3 million it registered in Q3 2020. While we continually look for ways to mitigate rate adjustments for our customers, it proves extremely challenging in such a tight market,” he added.