Guardian Holdings records 95% profit increase in Q2

Guardian Holdings Ltd (GHL) – the regional insurance and financial services conglomerate – has recorded a group profit of $251 million in the second quarter, ended June 30.

This represents a 95 per cent or $123 million increase as compared to the previous corresponding period.

In its summary consolidated financial statements, published on the TT Stock Exchange website on Monday, GHL said its earnings per share increased to $1.08, versus $0.55 in the comparative period last year.

“Our results benefited from year-over-year revenue growth as well as fair value gains generated in the current year versus losses in the prior year. This was partially offset by increasing reinsurance costs, higher operating expenses due to sales activities and IFRS 17 implementation,” Robert Almeida, chairman of GHL, said.

Almeida said both Life, Health and Pension (LHP) and Property and Casualty (P&C) segments contributed favourably to the group’s results.

Insurance service results increased by $77 million, or 29 per cent, from $268 million in 2022 to $345 million in 2023.

Overall insurance revenue – net of claims and insurance related expenses – increased by $183 million, and net income from investing activities increased by $601 million.

This was attributed to gains from government securities, corporate bonds and international equities.

Based on its overall financial performance, GHL has proposed an interim dividend of 22 cents to be paid to shareholders on record as at August 21.