The directors of the Insurance Corporation of Barbados (ICBL) have taken a decision not to pay shareholders a dividend following release of the company’s consolidated financial statements for the year.
Reporting on the period ending December 30, 2020, chairman of ICBL, Joe Poulin, said despite a moderate improvement in the company’s bottom line, the board was still cautious about declaring a dividend.
According to financials, ICBL earned $63.16 million in net premium, compared to $62.98 million in 2019. The insurance company wrote $106.97 million in gross premiums in 2020, which was down slightly from the $109.95 million in premiums written for the comparable period in 2019.
In a statement from the chairman which accompanied the financial statement, Poulin announced ICBL had achieved a net profit of $4.3 million for the year, compared to net income of $4.2 million for the year ended December 31, 2019.
“This modest increase in net income represents a very promising result for 2020, given the negative economic impact of the global COVID-19 pandemic on Barbados.
“ICBL’s premium earned for the year remained stable in comparison with 2019, despite a three per cent decline in gross revenue. . . .
The company’s balance sheet remains strong with total assets of $348 million and shareholders equity of $110 million,” he told shareholders.
According to the chairman, ICBL continued to focus on “driving the best customer service experience and operational excellence”.
He praised this focus, noting that it had resulted in an eight per cent reduction in total expenses.
Since the first national lockdown in mid-2020, ICBL has not reopened its satellite offices in Six Roads, St Philip or Speightstown, in St Peter, but has shifted focus to the delivery of online services with a single physical location in Bridgetown.
The ICBL chairman added: “ICBL and its board of directors continue to monitor the developments surrounding COVID-19 and the uncertain impact on economic activity in Barbados going forward.
“As a result, the company has agreed that no dividend would be declared.
We wish to thank our policyholders and shareholders for their continued support as we work through these challenging times together.” (IMC1)
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