Guardian says world at nexus of new shocks

 

Robert Almeida, Chairman of Guardian Group Limited indicates that the company’s leadership will remain alert for new opportunities in a world which is rapidly changing.

In the company’s new annual report, he commented, “In the words of Warren Buffett, “Every crisis presents opportunities, but only the “wonderful” companies are able to withstand the shocks associated with these crises and capitalise on the resulting opportunities.

“That has been Guardian Group’s experience since our founding in 1847 — and especially over the past few years as we have navigated: once-in-a-century global pandemic; unprecedented impacts of climate change on catastrophe risk; and IFRS 17, considered by many to be the biggest change to the insurance industry in decades.”

Almeida said that the Guardian Group, a company that provides insurance and risk management solutions as well as wealth management solutions across the Caribbean, sits at the intersection of these “once-in-a-generation” shocks.

“The region counts on us to help withstand these shocks and manage these risks — and that is the opportunity for your “wonderful company”.”

Post-pandemic and following the IFRS 17 implementation, for the 2022 financial year, your company reported profit attributable to owners of the company of $472 million and ended the year with Net Equity of $2.9 billion, declines of 32 per cent and 27 per cent, respectively.

The Chairman outlined, “When the world changes, companies adapt. We made difficult but necessary changes. Execution has not been easy or perfect, but the results tell the story.

“ For the 2024 financial year, we reported profit attributable to owners of $850 million and ended with net equity of $4.6 billion — increases of 80 per cent and 58 per cent, respectively. In other words, we have not only recovered from the “bottom,” but we have also recovered past pre-pandemic and pre-IFRS 17 levels. “

Guadian’s management said that “The region needs more effective solutions to manage risks and build wealth – that is the business of Guardian Group. The region also needs to attract capital — Guardian Group must lead on that front as well. Success will require us to: provide the most effective and efficient risk and wealth management solutions; and be an attractive investment opportunity to global investors.

“We will continue our focus on efficiency, especially given advancements in digital technology and artificial intelligence, to provide globally cost-effective solutions to our clients and globally attractive returns to our investors. “

Ian Chinapoo, Group CEO noted that one key strategic capital action undertaken in 2024 was to divest insurance brokerage business in the Netherlands, Thoma Exploitatie B.V.

This he said was aligned with Guardian Group’s broader strategy of optimising capital efficiency and the decision to invest in areas where we can deliver the most impact.

“The sale to PIB Group Limited (PIB Group) marked the beginning of a new chapter for Thoma, while allowing Guardian Group to record a significant gain on sale from the transaction. This will be more fully disclosed in our Q1 2025 financial statements publication. Despite the divestiture of Thoma, our commitment to growth in the Dutch market remains steadfast. We will continue to expand our presence in the region through Guardian Group Netherlands and our strategic partnership with PIB Group.”