Guardian Holding Ltd (GHL) yesterday announced profit attributable to shareholders for the year ended December 31, 2023. was $695.8 million, a 47.5 per cent increase compared to the $471.7 million the insurance company earned in 2022.
In the group's summary consolidated financial statements for the year, GHL chairman Robert Almeida said, "The group has restated its prior year comparative results and recognised the total impact on initial application of IFRS 17 in the opening consolidated statement of financial position as at January 1, 2022. The impact of this restatement resulted in a decrease in the 2022 profit attributable to equity shareholders by $629 million or 57 per cent from $1.1 billion reported under IFRS 4 to $472 million restated under IFRS 17."
As a result of the adjustment due to the accounting standards, Almeida explained, "The unaudited statements for the financial year, the audited profit after tax was adjusted for both 2023 and its 2022 comparative. The results for 2023 decreased by $17 million or 2 per cent from $713 million and the restated comparative increased by $8 million or 2% from $464 million. The change in the results in both years was primarily due to final adjustments included in the closing of the Group’s first year of implementing the new accounting standard. "
He stated the group's Life, Health and Pension (LHP) segment performed extensively as it contributed insurance revenues of $2.697 billion, up from $2.409 billion in the prior year by $288 million or 12 per cent.
The GHL chairman said, "Insurance revenue increased on all lines as clients continued to service their policies coupled with new business growth across all territories. This year-over-year increase in revenue was partially offset by increased insurance service expenses mainly due to health claims and directly attributable expenses."
He added, "Property and Casualty (P&C) also reported increases in insurance revenues of $2.743 billion up from $2.457 billion in the prior year by $286 million or 12 per cent, principally from operations in the Trinidad, Jamaica and Dutch Caribbean markets. All business lines experienced growth except Marine. Insurance service expenses were $1.2 billion, 6 per cent lower than the prior year mainly from favourable claims experience for property."
He also noted fee and commission income from brokerage activities was $228 million, an increase of 3 per cent from the prior year. He said this was mainly due to increased income from its operations in the Netherlands while net income from investing activities also increased by $1.1 billion over the prior year to $1.9 billion mainly due to net fair value movements.
The board of GHL has proposed a final dividend of $0.53 per share, which in addition to the interim dividend of 22 cents per share will bring total dividends for the 2023 financial year to 75 cents per share.
This dividend will be paid to shareholders on record as at April 17, 2024, when the register of members will be closed for this purpose.
With issued share capital of 232,024,923 shares, GHL's final dividend of $0.53 will result in shareholders receiving $122.97 million.