$13.4 million net loss for Caribbean Assurance

$13.4 million net loss for Caribbean Assurance

Sunday, August 30, 2020

Print this page Email A Friend!

Insurance brokerage firm Caribbean Assurance Brokers Limited (CAB) has reported an unaudited net loss of $13.4 million for the six-month period ended June 30, 2020. This new result follows a net loss of $5.5 million in the previous corresponding period.

The latest loss, according to CEO Raymond Walker, is attributed to operating losses of $8.6 million, additional finance charges of $2.7 million, and a tax charge of $2 million. He added that while COVID-19 has created a negative impact on some of CAB's lines of business, “the full impact of the pandemic cannot be fully measured”.

CAB for the six-month period earned gross revenues of $154.2 million, down $13.4 million when compared to the $167.6 million recorded in the previous corresponding period.

The decline, Walker indicated to shareholders, was mainly from a $12.8 million reduction in commissions from the Individual Life Division and a $4.7 million reduction in foreign exchange gain.

However, the General Insurance and Employee Benefit Division had increases in commission in excess of 5 per cent.

Total assets for the period under review totalled $639.9 million, an increase of $163.4 million or 34.2 per cent, mainly attributed to increase in receivables and cash and bank balances.

Total equity has grown to $287.4 million as at June 2020, up from $212 million 2019 year- end. This represents an increase of $75.4 million or 35.57 per cent. The increased equity is mainly due to an increase in share capital with the company being listed on the Jamaica Stock Exchange (JSE) Junior Market in March 2020.

Caribbean Assurance Brokers Limited is registered by the Financial Services Commission (FSC) as a local insurance broker and as a facultative insurance broker. In both cases, CAB acts on behalf of local people to place their insurance business with local insurers or FSC-approved overseas insurers. It is organised into four business divisions — general insurance, employee benefits, individual life insurance, and international nsurance.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaper-login




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon