The Insurance Corporation of Barbados Limited (ICBL) is reporting a significant increase in profits.
Chairman Joe Poulin, reporting on the nine-month period ended September 30, said that ICBL’s net income was $10.6 million.
He called this outcome “a remarkable 35 per cent improvement compared to the same nine-month period in 2024”.
Poulin’s review accompanied the insurer’s consolidated financial statements for the first three quarters of its 2025 financial year.
“For the period, ICBL recorded insurance revenue of $96.4 million, representing a 6.9 per cent increase over the prior year,” the chairman said.
“Net income amounted to $10.6 million, a remarkable 35 per cent improvement compared to the same nine-month period in 2024. This strong performance resulted in earnings per share of 25 cents, up from 19 cents for the corresponding period last year.”
Poulin said ICBL’s balance sheet “remains robust, with total assets of $346.6 million, and shareholders’ equity stands at $122.9 million, underscoring our solid capital position and our ability to comfortably meet regulatory requirements”.
He reported that the past two years were “marked by significant transition and resilience for the company as we continue to navigate the complexities associated with the adoption of IFRS 17, a new Financial Reporting Standard”.
“ICBL continues to maintain a strong financial foundation, supported by prudent risk management practices and disciplined operational execution. Our capital adequacy remains well above regulatory thresholds, ensuring that we are well-positioned to meet our obligations while pursuing sustainable growth,” the chairman said.
“In the interim, and in recognition of the company’s strong performance in financial year 2024 and to date at quarter three 2025, our healthy capital position, the board of directors has approved an interim dividend of ten cents per share.
“This decision reflects our continued commitment to delivering value to our shareholders.”
Poulin said that ICBL’s employees, policyholders and shareholders, remained “focused on strengthening our business and creating long-term value in Barbados”.
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