Guardian Holdings records 32% increase in profits

Guardian Holdings Ltd has announced $850 million in profits after taxes for the period ending December 31, 2024.

In its consolidated financial statements published on April 9, the group recorded a 32 per cent increase in profits, compared to the same period the year before when it earned $645 million.

Chairman Robert Almeida said the company’s strong earning power, solid track record and diversified business model were instrumental in achieving the results.

Insurance revenues were $5.8 billion, surpassing the previous year’s revenues of $5.8 billion by eight per cent or $440 million.

"This was mainly driven by increased revenues from our core operations in the English-speaking and Dutch Caribbean markets," Almeida said.

"The life, health and pension segments also benefited from lower insurance service expenses in the current year, mainly from lower levels of claims and directly attributable expenses and reduced losses on onerous contracts.."

The property and casualty (P&C) segment also grew, contributing insurance revenues of $2.94 million, which surpassed the prior year by $200 million or seven per cent, principally from operations in TT, Jamaica and Dutch Caribbean markets.

Year-on-year revenue growth was partially offset by higher insurance service expenses, mainly driven by higher incurred claims and other directly attributable expenses.

This included additional incurred claims paid in the third quarter for Hurricane Beryl, Almeida said.

He also took note of the 100 per cent divestment of the group’s shares of Thoma Exploitatie, a Dutch brokerage company.

"We are pleased to report that this transaction was successfully concluded on January 24 and the resulting gain will be reported in the group’s 2025 first quarter results."