March 1, 2023
Guardian Holdings Limited (GHL), for the year ended December 31, 2022, reported Gross written premium of TT$7.30 billion, 4% higher than the TT$7.03 billion reported for 2021. Net written premium amounted to TT$4.95 billion relative to TT$4.76 billion reported a year earlier.
Net results from insurance activities for the year rose 45%, year over year, from TT$1.06 billion in 2021 to TT$1.54 billion in 2022. GHL noted that, “The excellent performance was driven by our Life, Health and Pension (LHP) segment. As communicated previously, this year the operations achieved returns from our transformation programme as well as synergies from the alignment of our LHP operations in Trinidad and Tobago and Jamaica”.
Net income from investing activities declined by 17% to TT$1.33 billion in 2022 from TT$1.61 billion in 2021. Management noted that, “This was due to volatile market conditions which adversely impacted our investment portfolios”.
Fee and commission income from brokerage activities for the year rose marginally by 9% to TT$157.00 million (2021: TT$144.66 million).
Net income from all activities for the year rose 8% to TT$3.03 billion (2021: TT$2.82 billion). Net impairment losses on financial assets the period under review was TT$27.97 million in 2022 relative to a loss of TT$136.02 million in 2021.
Operating expenses for the year ended December 31, 2022 rose 3% to close at TT$1.54 billion relative to TT$1.50 billion in 2021.
Operating profit for the year ended December 31, 2022 amounted to TT$1.26 billion relative to an operating profit of TT$979.35 million booked for the comparable period last year.
Share of after-tax profits of associated companies amounted to TT$17.75 million (2021: TT$34.02 million).
Profit before taxation amounted to TT$1.27 billion relative to a profit of TT$1.01 billion in 2021.
Following taxes of TT$142.76 million in 2022 (2021: TT$215.02 million), net profit after tax totalled TT$1.13 billion for the year ended December 31, 2022, compared to a net profit of TT$798.35 million reported last year.
Deficit attributable to participating policyholders was TT$26.91 million relative to a deficit of TT$12.55 million in 2021. Therefore, profit for the period amounted to TT$1.10 billion relative to a net profit of TT$785.80 million in 2021.
Net profit attributable to shareholders amounted to TT$1.10 billion relative to a profit attributable to shareholders of TT$782.33 million in 2021.
Total comprehensive profit amounted to TT$756.53 million (2021: TT$353.55 million) for the year ended December 31, 2022.
As such, earning per share for the period amounted to J$106.77 (TT$4.74) relative to an EPS of J$77.32 (TT$3.37) in 2021. The stock traded at J$510 as at February 28, 2023 with a corresponding P/E ratio of 4.78 times. The number of shares used in our calculations amounted to 232,024,923 units.
Balance Sheet at a Glance:-
Total assets amounted to TT$34.81 billion as at December 31, 2022, this represents a 1% increase over the TT$34.58 billion reported in 2021. ‘Loans and receivables’ and ‘Reinsurance assets’ contributed the most the assets base amounting to TT$2.32 billion (2021:TT$1.94 billion) and TT$1.26 billion (2021:TT$1.10 billion) respectively.
Shareholder’s equity as at December 31, 2022 stood at TT$5.56 billion (2021: $4.97 billion) resulting in book value per share of TT$23.96 (J$539.43) relative to TT$21.44 (J$491.65) as at December 31, 2021.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.