Guardian Holdings Limited (GHL)

Unaudited Financials for the Six Months Ended June 30, 2026

Reported in Trinidad & Tobago Dollars (unless otherwise stated)

Guardian Holdings Limited (GHL) for the six months ended June 30, 2026, reported a 7% increase in insurance revenue totalling $3.22 billion compared to $3.01 billion in the corresponding period last year. Insurance Revenue for the second quarter had an 8% increase to close at $1.66 billion compared to $1.53 billion for the comparable quarter of 2025.

Insurance Service Expenses amounted to $2.94 billion (2025: $2.10 billion), a 40% increase year-over-year, driven by higher claims activity, particularly in the P&C segment, and continued growth in the underlying insurance book.

Net income from reinsurance contracts held swung favourably to $189.34 million from a net expense of $485.06 million in the prior period, reflecting higher reinsurance recoveries on P&C claims.

Consequently, Insurance Service Result increased by 11% to $471.94 million compared to $425.67 million for the six months ended June 30, 2025. The company booked an Insurance Service Result of $206.86 million for the second quarter versus $244.53 million reported for the similar quarter of 2025.

Net Income from Investing Activities decreased by 17% to close at $818.93 million (2025: $989.97 million), driven primarily by net fair value losses of $122.83 million during the period, compared to net fair value gains of $53.71 million in the prior year, reflecting the impact of volatility across domestic, regional, and international stock markets. Recurring investment income remained resilient, with income from amortised cost and FVOCI assets rising 13% to $492.61 million (2025: $436.22 million). For the second quarter, Net Income from Investing Activities increased by 15% to $639.41 million compared to $558.22 million in the comparable quarter of 2025, supported by a partial recovery in net fair value gains of $131.31 million versus $6.32 million in Q2 2025.

Net Insurance Finance Expenses decreased by 18% to $401.89 million (2025: $489.53 million), principally within the LHP segment, driven by changes in interest rate assumptions and improved financial market conditions relative to the prior period.

Net Income from all Activities for the six months ended June 30, 2026, amounted to $923.15 million, a 4% decrease relative to $961.70 million reported in 2025. Net Income from all Activities for the second quarter amounted to $529.15 million (2025: $549.29 million).

Other Operating Expenses increased by 2% from $386.76 million in 2025 to $392.94 million in the period under review, reflecting the impact of an $18 million asset tax introduced for Trinidad subsidiaries, offset by continued cost discipline and operational efficiency gains.

Other Finance Charges were flat at $95.17 million (2025: $95.20 million). As a result, Operating Profit for the six months ended June 30, 2026, amounted to $435.04 million, a 9% decrease relative to $479.74 million reported in 2025. For the second quarter, Operating Profit amounted to $296.50 million (2025: $321.64 million).

Share of after-tax profits of associated companies totalled $12.35 million, a 14% increase from the corresponding period last year (2025: $10.80 million).

Profit before Taxation for the six months ended June 30, 2026, had a 9% decrease to reach $447.39 million (2025: $490.54 million). For the second quarter, profit before Taxation amounted to $303.22 million (2025: $326.54 million).

Taxation for the six months amounted to $90.66 million, a 2% decrease from the $92.59 million reported in 2025.

Net Profit from continuing operations amounted to $356.73 million (2025: $397.96 million). Notably, the prior year period included a non-recurring gain of $649.03 million from the disposal of the Group’s 100% shareholding in Thoma Exploitatie B.V., recognised within profit from discontinued operations. Accordingly, Profit for the Period amounted to $356.73 million compared to $1.05 billion in 2025, which had been materially elevated by this one-time disposal gain.

Net Profit attributable to Shareholders for the period totalled $354.47 million, relative to $1.04 billion reported in the prior period. For the quarter, Net Profit attributable to Shareholders amounted to $254.01 million compared to $274.40 million reported in 2025.

Consequently, Earnings Per Share for the six months amounted to $1.53 (J$35.75) (2025 continuing operations EPS: $1.70 or J$39.72), while Earnings Per Share for the second quarter totalled $1.10 (J$25.70) (2025: EPS $1.19 or J$27.81). The twelve-month trailing EPS was $3.63 (J$84.82), and the number of shares used in these calculations was 232,024,923.

Notably, GHL’s stock price closed the trading period on July 31, 2026, at a price of J$358.83 with a corresponding trailing P/E ratio of 4.22x, and a price-to-book ratio of approximately 0.53x based on a book value per share of J$679.30.

Balance Sheet Highlights

The company’s assets totalled $40.38 billion (2025: $38.53 billion), an increase of 5% year-over-year. Cash and Cash Equivalents increased by 24% to $4.00 billion (2025: $3.24 billion), while Reinsurance Contract Assets grew by 38% to $1.59 billion (2025: $1.15 billion), reflecting growth in the underlying P&C book. Investment Securities were broadly stable at $27.27 billion (2025: $27.29 billion).

Shareholders’ equity was $6.75 billion (2025: $5.47 billion), representing a 23% increase year-over-year and a book value per share of $29.07 or J$679.30 (2025: $23.58 or J$561.32).