Allshores posts 15.7% rise in operating profit
Allshores recorded operating earnings of $31.9 million for the first six months of 2026, up 15.7 per cent from a year earlier.
Net income was $44.5 million for the period, down 41.3 per cent from 2025, when results included a $45.8 million one-off accounting gain arising from the amalgamation of BF&M and Argus.
Shareholders’ equity — in effect the company’s net worth — rose to $478.1 million at June 30, from $386 million a year earlier, an increase of 23.8 per cent.
The Bermuda Stock Exchange-listed company’s gross written premiums increased by 3.7 per cent to $330.7 million, while net claims incurred crept 2.2 per cent higher to $132.5 million.
Allshores’ investment return was $22.5 million, down from $32.4 million in the first six months of 2025, a 30.5 per cent fall.
Net operating expenses fell 1.8 per cent to $54.1 million, while annualised operating return on equity was 14.3 per cent, down from 16.7 per cent a year earlier.
Allshores’ board declared an interim dividend of 40 cents per share, payable on October 16 to shareholders of record on October 9.
Abigail Clifford, Allshores’ group president and chief executive officer, said: “The group delivered a satisfactory first-half result, with operating earnings somewhat ahead of the prior year.
“The result reflected a different balance of contributions across the group, with stronger contributions from some businesses offset in part by lower reported earnings in Bermuda P&C [property and casualty], reflecting an adverse development on legacy motor claims.”
She added: “The group continued to make progress on integration initiatives during the period. A significant milestone was achieved with the migration of all health insurance customers onto a single administration platform.
“As we continue to integrate the group’s operations, maintaining continuity of service for customers remains our key priority.”
The insurer, which has operations in Bermuda, across the Caribbean, as well as Malta and Gibraltar, said its health insurance business saw lower incidence of high-cost major medical claims during the first half of the year and lower utilisation of certain local healthcare services.
“Utilisation and claimant counts during the period were below both historical levels and recent experience,” Allshores stated in its six-month report.
“Management expects claims activity to move closer to longer-term levels over time, however, and does not expect the full extent of the first-half experience to be sustained.”
Allshores said its pensions business benefited from growth in assets under administration and favourable investment markets during the January to June period, resulting in high fee income.
The company added: “Work continued during the first half on plans to bring the group’s pensions businesses onto a common administration platform.
“This includes a detailed review of historical pension records ahead of a future customer migration. As the project progresses through the second half of 2026, the group expects to incur further costs associated with this important component of the broader integration programme.”
The group life insurance business delivered an improved result compared with the prior year, supported by favourable claims experience and lower reinsurance costs, Allshores said.
After the end of the reporting period, Allshores said it successfully completed its tender offer, and its board has approved the renewal of its regular share purchase programme for another 12 months.
• See Allshores’ six-month report under Related Media
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