IronRock Insurance has reported a 26 per cent increase in insurance revenue for the year, reaching J$1.75 billion.
The company says this was driven by disciplined growth strategies and heightened market activity.
Its insurance service result also rose 26 per cent to $150.6 million dollars, underscoring the strength of its underwriting approach despite rising reinsurance costs.
But, net profit dipped by four per cent to $80.7 million, due to increased claims, administrative expenses, and reinsurance costs.
IronRock's investment portfolio crossed the one billion dollar mark in 2023 and continued to perform well last year, buoyed by easing interest rates.
The company closed the year with $1.17 billion in total cash and investments, up 14 per cent year-on-year, while shareholders' equity rose eight per cent to 811 million dollars.
Shareholders also benefited from higher dividend payouts, and the company recorded a 54 per cent increase in market capitalisation.
A move to new office space has also been announced, signaling IronRock's readiness for long-term growth and operational expansion.
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