March 1, 2026
Guardian Holdings Limited (GHL)
Unaudited financials for the first quarter ended March 31, 2026:
Reported in Trinidad & Tobago Dollars (unless otherwise stated):
GUARDIAN HOLDINGS LIMITED (GHL), for the three months ended March 31, 2026, reported a 6% increase in Insurance Revenue totaling $1.57 billion compared to $1.48 billion in the corresponding period last year. The growth was driven by the Life, Health and Pension (LHP) segment, which delivered insurance revenue of $776.21 million (2025: $733.70 million), up 6%, while the Property and Casualty (P&C) segment contributed $792.31 million (2025: $746.29 million), an increase of 6%.
Insurance Service Expenses amounted to $1.79 billion (2025: $1.01 billion), representing a substantial 77% increase year-over-year, driven primarily by higher claims activity in the P&C segment. Conversely, Net income from reinsurance contracts held swung favourably to $485.99 million from a net expense of $287.49 million in the prior year’s quarter, reflecting higher reinsurance recoveries on P&C claims. As a result, Insurance Service Result increased by 46% to close at $265.07 million (2025: $181.14 million).
Net Income from Investing Activities decreased by 58% to $179.51 million compared to $431.75 million in the prior year’s quarter. This decline was largely driven by unrealised net fair value losses of $254.14 million versus gains of $47.39 million in 2025, attributable to heightened stock market volatility during the quarter.
Net Insurance Finance Expenses decreased by 68% to $71.53 million (2025: $220.68 million), mainly from the LHP segment, where reductions in expenses were driven by the effect of changes in interest rates and other financial assumptions.
Net Insurance and Investment Result amounted to $373.06 million, a 5% decrease from $392.21 million reported in the prior year’s quarter.
Fee and Commission income from brokerage activities was $20.94 million (2025: $20.20 million). Consequently, Net Income from all Activities decreased by 4% to $394.00 million (2025: $412.41 million).
Other Operating Expenses for the quarter amounted to $208.24 million, a marginal 1% increase relative to $206.72 million reported in the prior year’s quarter.
Other Finance Charges totalled $47.22 million (2025: $47.58 million).
Operating Profit for the quarter ended March 31, 2026, amounted to $138.55 million, a 12% decrease relative to $158.11 million reported in 2025. Share of after-tax Profits of Associated Companies totalled $5.62 million, a 5% decrease from the corresponding period last year (2025: $5.89 million).
Profit before Taxation for the quarter amounted to $144.17 million, a 12% decrease relative to $164.00 million reported in 2025. Taxation for the quarter was relatively flat at $42.36 million (2025: $42.61 million). As such, Profit from continuing operations after taxation amounted to $101.81 million, a 16% decrease from the $121.39 million reported in the prior year’s quarter.
Notably, the Group disposed of its 100% shareholding in Thoma Exploitatie B.V. on January 24, 2025, which had resulted in a non-recurring gain of $651 million recognised within profit from discontinued operations in the prior year’s quarter. Accordingly, Profit for the period amounted to $101.81 million compared to $771.30 million in 2025, which had benefitted from this one-time disposal gain.
Net Profit attributable to shareholders amounted to $100.47 million (2025: $769.56 million).
Consequently, Earnings Per Share for the quarter amounted to $0.43 (2025: EPS: $3.32). The twelve-month trailing EPS was $3.72 or J$87.35 the number of shares used in these calculations was 232,024,923.
Notably, GHL’s stock price closed the trading period on April 30, 2026, at a price of J$321.51 with a corresponding P/E ratio of 3.68x.
Segment Performance
The Life, Health and Pension (LHP) segment delivered Profit before Taxation of $126.59 million (2025: $159.69 million), a 21% decrease driven primarily by lower investment income. The Property and Casualty (P&C) segment contributed Profit before Taxation of $66.52 million (2025: $62.54 million), a 6% increase. The Insurance Brokerage segment generated Profit before Taxation of $12.36 million (2025: $11.74 million), up 5%. The Asset Management segment reported Profit before Taxation of $4.18 million (2025: $1.71 million), a 144% increase year-over-year.
Balance Sheet Highlights
The Company’s assets totalled $40.58 billion as at March 31, 2026 (March 31, 2025: $38.01 billion), an increase of 7% year-over-year. The growth in total assets was mainly due to a $784.70 million or 3% increase in ‘Investment Securities’ to close the period at $27.07 billion (March 31, 2025: $27.05 billion), a $431.10 million or 13% increase in ‘Cash and cash equivalents’ to $3.81 billion (March 31, 2025: $3.37 billion), and a $1.99 billion or 50% increase in ‘Reinsurance contract liabilities’ related items reflecting growth in the underlying P&C book.
Shareholders’ Equity was $6.41 billion as at March 31, 2026 (March 31, 2025: $5.40 billion), representing an 19% increase year-over-year and a book value per share of $27.64 or J$648.20 (March 31, 2025: $23.26 or J$539.62).
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