Insurance Corporation of Barbados Limited (ICBL) is reporting another profitable period, as management targets an improvement in investment returns, keeping costs down and strengthening the asset base to sustain the company’s growth.
These objectives were outlined by ICBL chief executive officer Goulbourne Alleyne, who reported on the insurer’s latest quarterly performance for the three-month period ended March 31.
He also said that increased risk linked to the conflict in the Middle East caused net investment income to decline.
“The core insurance business of ICBL’s 2026 first quarter remained profitable, generating an insurance service result of $5.4 million versus $5 million in 2025, an improvement of 8.4 per cent,” Alleyne said in the CEO’s review, which accompanied ICBL’s published consolidated financial statements for the first quarter of the 2026 financal year.
“This was achieved through improved quarter one insurance premiums, and better reinsurance outcomes, demonstrating continued underwriting discipline and effective risk management across all business lines, particularly property and motor, which accounted for a $1.2 million improvement year on year.”
The CEO also reported that ICBL’s net investment income “declined to break even in quarter one 2026 [compared with 2025’s $2.2 million], reflecting risk aversion caused by the conflict in the Middle East”.
He noted that this “caused global equities to fall in the quarter as a result of connected weakness in financial markets, and higher oil prices led commodities to outperform government bonds”.
“Net insurance finance expenses increased to $900 000, driven by movements in discount rates impacting insurance liability valuations,” Alleyne said.
Focused on cost discipline
He explained that consequently, the overall net insurance and investment result decreased to $4.4 million versus $7.1 million in 2025.
In his statement, the CEO also shared that other operating expenses increased in the first quarter to $4.9 million compared to the prior year’s $4 million, which “largely reflecting a number of one-off costs”.
The company remains focused on cost discipline and is on track to deliver a reduction in full-year operating expenses compared to the prior year,” he said.
ICBL had what Alleyne called a resilient underwriting performance for the first quarter. Despite this, income before tax fell from first quarter 2025’s $3.8 million to $300 000 at the end of March.
His overall assessment was that ICBL’s “financial position remains strong, with total assets of $341.5 million and a well-managed liability profile”.
“The company improved its liquidity position, signalling strengthened financial independence and discipline,” Alleyne reported.
“Total shareholders’ equity increased to $120.4 million, driven by growth in retained earnings and favourable movements in reserves, reinforcing the company’s strong, resilient capital base.”
As to the future, he said that ICBL remained “focused on enhancing investment performance, maintaining cost discipline and leveraging its strong asset base to support sustainable growth”.
“Overall, the company remains financially sound, operationally disciplined and well-positioned to deliver improved performance and long-term shareholder value as market conditions normalise,” Alleyne said. (SC)
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