INSURANCE brokerage firm Caribbean Assurance Brokers is now recovering from a horrible fourth-quarter performance last December in which its 2021 profitability was curtailed.

This curtailment was due to the firm suffering $22.81 million in losses in the December quarter, even though performance in the previous quarters ensured the entity ended the year very profitable. After incurring tax charges of just under a million dollars, net profit amounted to $56.13 million, representing a 78 per cent increase when compared to $31.55 million in 2020.

Revenues for 2021 were up 14 per cent year-over-year but down 58 per cent during the December quarter. Revenues for 2021 amounted to $423.44 million, up from $370.64 million in 2020 but took a sharp hit in the December quarter moving from $156.97 to $66.70 million.

Total operating expenses were up 13 per cent to $400.19 with administrative expenses accounting for $255.31 million and selling expenses recorded an increase of 20 per cent to $144.88 million.

The December quarter was good in terms of containing expenses as this went down to $92.46 million coming $104.83 million in 2020. This arose from a 22 per cent chop in selling expenses and six per cent decrease in administrative expenses.