August 14, 2026
General Accident Insurance Company Jamaica Limited (GENAC)
Unaudited financials for the six months ended June 30, 2026:
General Accident Insurance Company Jamaica Limited (GENAC) for the six months ended June 30, 2026 reported a 14% increase in insurance revenue totaling $7.18 billion compared to $6.28 billion in the corresponding period last year. Insurance revenue for the second quarter had a 10% increase to close at $3.58 billion compared to $3.25 billion for the comparable quarter of 2025.
Insurance Service Expenses amounted to $5.33 billion (2025: $4.24 billion), this represents an increase of 26% year over year. Meanwhile, net expenses from reinsurance contracts held decreased by 28% to $1.39 billion compared to $1.93 billion for the six months ended June 30, 2025, reflecting a shift in the mix between retained claims and reinsurance recoveries. The company booked net expenses from reinsurance contracts held of $92.75 million for the second quarter versus $738.39 million reported for the similar quarter of 2025.
Insurance service result increased by 308% to close at $456.47 million (2025: $111.90 million), while Net Investment Income decreased by 11% from $230.18 million in 2025 to $204.00 million in the period under review. As a result, net insurance and investment result for the six months ended June 30, 2026, amounted to $660.46 million, a 93% increase relative to $342.08 million reported in 2025.
Other Operating Income for the six months ended June 30, 2026, amounted to $57.78 million, a 72% decrease relative to $204.30 million reported in 2025. Other Operating Expenses totaled $343.08 million, a 19% increase from the corresponding period last year (2025: $287.53 million).
Profit before taxation for the six months ended June 30, 2026, amounted to $375.17 million, a 45% increase relative to $258.85 million reported in 2025. Profit before taxation for the second quarter amounted to $58.92 million (2025: $86.73 million).
The tax charge incurred for the six months ended June 30, 2026 had a 15% decrease to reach $71.77 million (2025: $84.59 million). As a result, Net Profit for the six months amounted to $303.40 million, a 74% increase from the $174.26 million reported in 2025. For the second quarter, Net Profit was $53.49 million (2025: $24.08 million). Net profit attributable to shareholders for the six months ended June 30, 2026 had a 50% increase to reach $270.23 million (2025: $180.38 million).
Unrealized gains on FVOCI investments for the six months ended June 30, 2026 amounted to $66.71 million, relative to losses of $34.83 million in 2025. Foreign currency translation adjustments reflected a loss of $12.23 million (2025: gain of $23.45 million). Total comprehensive income for the period totaled $357.87 million, relative to the $162.88 million reported in the same period last year.
Consequently, Earnings Per Share for the six months amounted to $0.23 (2025: EPS: $0.15), while Earnings Per Share for the quarter totaled $0.03 (2025: EPS: $0.03). The twelve-month trailing EPS was $0.45 and the number of shares used in these calculations was 1,181,271,478.
Notably, GENAC’s stock price closed the trading period on August 14, 2026, at a price of $8.95 with a corresponding P/E ratio of 19.88x.
Balance Sheet Highlights
The company’s assets totalled $26.60 billion (2025: $12.35 billion). The movement in total assets was mainly influenced by a 394% increase in ‘Reinsurance contract assets’ amounting to $11.46 billion (2025: $2.32 billion) and a $4.27 billion increase in ‘Other receivables’ amounting to $5.71 billion (2025: $1.44 billion), reflecting the consolidation of The Beacon Insurance Company and IFRS 17 balance-sheet gross-ups; additionally, Investment securities rose 20% to $4.65 billion (2025: $3.88 billion).
Shareholder’s equity was $7.15 billion (2025: $4.00 billion), representing a book value per share of $6.05 (2025: $3.39).
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