Guardian Holdings reported a 489% increase in its first quarter profits for 2004.
The Caribbean- based company reported profits of $85.7m for the three months ending 31 March 2004, up from the $14m reported in the first quarter of 2003.
Guardian said the increase reflected the continued exceptional performance of its investments, reinforced by the continued good performance in its insurance sales for both life and general insurance.
Operating profit for the group jumped from $10m in 2003 to $97m for 2004.
Guardian General posted a 73% increase in gross written premiums for its non-life insurance business, boosted by its new UK subsidiary Link Insurance.
Fatum Holding, which writes life and non-life business in the Dutch Caribbean, reported a 19% increase in premium income for the first quarter.
Guardian group chief executive Peter Ganteaume said: “While the strong stock markets in Trinidad & Tobago and Jamaica have contributed in considerable measure to these outstanding results, the performance of each division of our group, either meeting or exceeding budget, has been exceptional. It is an incredible achievement by all our people.”
