Tax benefit boosts Coralisle profits
Coralisle Group recorded a 38 per cent increase in earnings last year and sold its minority stake in a Trinidadian-based insurer for $11.6 million, the company’s financial statements for 2025 reveal.
Net income was $94.7 million in 2025, said Coralisle, up 38 per cent from $68.6 million a year earlier. The insurer recorded higher insurance revenue and investment returns in addition to a substantial income tax benefit.
The Bermudian-based insurance group, which operates under the CG Insurance brand in Bermuda, revealed the sale of its 40 per cent stake in Beacon Insurance Company — which is based in Port of Spain — in its full-year financial statements for the 2025.
Coralisle said the Beacon transaction was completed in November last year, when Musson (Jamaica) Ltd, the parent company of Jamaica-based insurer General Accident, acquired Beacon.
Coralisle, which had owned the minority stake in Beacon since 2018, booked a gain of $1.46 million on the sale.
The financial statements of privately held Coralisle were made publicly available on the website of the Bermuda Monetary Authority, the financial services regulator.
A note in the document said that during 2025, one of the group’s subsidiaries, Coralisle Re, which focuses on property-catastrophe reinsurance, redomiciled from Bermuda to the Cayman Islands, where it was registered by way of continuation.
The company reported an income tax benefit of $30.8 million for 2025, compared with a $4.4 million tax expense in the previous year.
The accounts show current tax of $11.2 million — reflecting the amount expected to be recovered from or paid to the taxation authorities — offset by a $42.1 million deferred tax benefit.
The deferred tax figure included the release of a $31.5 million provision against deferred tax assets — meaning the group now expects to be able to use tax benefits that had previously not been recognised.
Among its assets, Coralisle also recorded nearly $13.3 million in tax credits for which the company expects to qualify under Bermuda’s Tax Credits Act 2025.
The credits are designed to reward qualifying companies for creating and maintaining jobs in Bermuda, hiring and training Bermudians, spending locally, and donating to local charities. Companies can claim 50 per cent of available credits for 2025, rising to 75 per cent this year and 100 per cent from 2027.
Coralisle said insurance contract revenue increased 6.4 per cent to $1.07 billion from $1.01 billion.
The insurance service result fell to $83.2 million from $100.2 million. Insurance service expenses rose to $674.3 million from $628 million, and net expenses from reinsurance contracts held increased to $316.2 million from $280.5 million.
Incurred claims and other insurance service expenses increased to $604.7 million from $541.5 million.
Investment income rose to $35.3 million from $21.3 million. The group recorded $19.6 million of unrealised investment gains, compared with $10.7 million a year earlier, while realised gains increased to $3.2 million from $81,000.
Total assets increased 14 per cent to $2.03 billion at the end of 2025 from $1.77 billion a year earlier.
Total equity increased to $559.3 million from $488.6 million.
Coralisle paid $18 million in dividends to its parent company, Edmund Gibbons Ltd, during the year, three times the $6 million paid in 2024, as well as $4 million to non-controlling interests.
• For Coralisle’s 2025 financial statements, see Related Media
You must be Registered or to post comment or to vote.
