Securing Your Future Is Our Main Investment

Updated: 28-03-2024 - 12:00PM   8 6 CLOSED

Financial News

May 2009 Financial News

United premiums up

May 06, 2009

NET premiums earned by United Insurance were up by $18 million during the financial year to September 30, 2008.

This along with higher assets, higher expenses, and lower net income were some of the main highlights of the company’s operations as reported in its Audited Financial Statements.

United which is a leading general insurance firm is part of the Barbados Shipping and Trading Company Limited group.

It writes business in Barbados and several other Eastern Caribbean islands.

The results show that net premiums – the difference between the gross premiums of $188.9 million and the $99.1 million in reinsurance premium ceded – were $89.8 million at September last year, compared to the $71.8 million at the end of September 2007.

They helped to boost overall revenue which at the end of the reporting period stood at $121.3 million, compared to $108.0 million for the previous period. Reinsurance commission accounted for a further $20.9 million.

Overall assets increased by $46.0 million. An increase in accounts receivable to $172.6 million from $128.5 million (at September 2007) was largely responsible for the increase.

The insurance company said that net income for the year in review was $18.2 million compared to $20.1 million the previous year.
(JB)


Source:
Barbados Advocate
Wednesday May 6, 2009

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=3480