[UPDATED] Guardian Life completes transfer of NCB pension fund

AFTER announcing the acquisition of NCB’s Insurance Agency & Fund Management Ltd’s pension fund management portfolio on July 15 by Guardian Life Ltd (GLL), Guardian Holdings Ltd (GHL) has advised that the transfer of the portfolio has been completed.

Guardian Life is a subsidiary of Guardian Holdings' life, health and pension business based in Jamaica.

In a notice to shareholders on October 1, Guardian Holdings said this transaction represents a key strategic initiative designed to enhance the group’s capital position, operational efficiency and long-term performance.

This comes after Guardian Holdings recorded $401 million in profits for the six months ended June 30, a $23 million increase from the $378 million recorded in 2024.

In its summary of the consolidated financial statement, Guardian Holdings said the increased profit was driven by improved net insurance service; higher insurance brokerage fees and commission income; lower net insurance finance expenses; lower other operating expenses; and lower taxation expense, partially offset by lower net investment income.

On October 3, the Caribbean Information and Credit Rating Services Ltd (CariCRIS) reaffirmed the ratings of CariAA- on the regional scale, and jmAAA on the Jamaican national scale, to the J$13.4 billion bond issue of Guardian Holdings.

CariCRIS assigned a high level of creditworthiness of this debt obligation. It also maintained a stable outlook on the ratings.

"The stable outlook is based on the high likelihood that GHL’s good financial performance will be sustained over the next 12 to 15 months, driven by the solid performance of its operating subsidiaries.

"This is expected to boost dividend income, enabling the GHL to comfortably meet its debt obligations as they come due," CariCRIS said.

This story has been updated to include additional details. See original post below.

AFTER announcing the acquisition of NCB’s Insurance Agency & Fund Management Ltd’s pension fund management portfolio on July 15 by Guardian Life Ltd (GLL), Guardian Holdings Ltd (GHL) has advised that the transfer of the portfolio has been completed.

Guardian Life is a subsidiary of Guardian Holdings' life, health and pension business based in Jamaica.

In a notice to shareholders on October 1, Guardian Holdings said this transaction represents a key strategic initiative designed to enhance the group’s capital position, operational efficiency and long-term performance.

This comes after Guardian Holdings recorded $401 million in profits for the six months ended June 30, a $23 million increase from the $378 million recorded in 2024.

In its summary of the consolidated financial statement, Guardian Holdings said the increased profit was driven by improved net insurance service; higher insurance brokerage fees and commission income; lower net insurance finance expenses; lower other operating expenses; and lower taxation expense, partially offset by lower net investment income.