Allshores Reports Operating Profit Of $31.9M
Allshores Limited announced its financial results for the six months ended 30 June 2026.
A spokesperson said, “Operating profit for the period was $31.9 million and shareholders’ equity increased to $478.1 million. The Board has declared an interim dividend of $0.40 per share.”
Financial Highlights
- Operating profit of $31.9 million.
- IFRS net income of $44.5 million.
- Shareholders’ equity increased to $478.1 million from $442.1 million at 31 December 2025.
- Interim dividend of $0.40 per share declared.
- Share tender offer completed following the period end.
- Normal course share repurchase programme renewed for a further year.
Chief Executive Officer’s Review
Abigail Clifford, Group President and Chief Executive Officer, commented: “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, reflecting an adverse development on legacy motor claims.
“Shareholders’ equity increased to $478.1 million during the period. We continued to return capital to shareholders through dividends and share repurchases and, following the period end, successfully completed the Company’s tender offer.
“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.
“I am particularly proud of the way our colleagues have embraced the opportunities and challenges that come with integration while maintaining their focus on customers. Their commitment has helped us achieve a great deal over the last two years, and we are building a stronger business that is better positioned to serve our customers and support future growth.”
Business Review
Health Insurance
A spokesperson added, “Health insurance experienced lower utilisation of certain local healthcare services and a lower incidence of high-cost major medical claims during the first half of the year.
“Utilisation and claimant counts during the period were below both historical levels and recent experience. 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.
“During the period, the Group completed the migration of all health insurance customers onto a single administration platform. The migration was completed while maintaining continuity of service for customers.
Pensions
“The underlying pensions business benefited from growth in assets under administration and favourable investment markets during the period. Fee income increased compared with the prior year, reflecting higher average assets under administration.
“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.
Group Life and Annuities
“Group Life delivered an improved result compared with the prior year, supported by favourable claims experience, lower reinsurance costs and continued underwriting discipline. The annuities business also contributed positively during the period.
Bermuda Property & Casualty
“Current-year underwriting indicators remained satisfactory, notwithstanding that Bermuda P&C reported lower earnings than the prior year due to an adverse development on legacy motor claims. Management does not expect this to re-occur in the second half of the year and remains confident in the full year result.
Caribbean Property & Casualty
“Caribbean operations reported improved underwriting performance. The result reflects continued progress in reducing catastrophe aggregates, improving portfolio quality and managing reinsurance costs. While conditions remain challenging in a number of markets, performance improved compared with the prior year.
European Property & Casualty
“European operations delivered a satisfactory result. Claims experience remained favourable in both Malta and Gibraltar, although competitive conditions continue to place pressure on growth in certain lines of business. Excluding reserve assumption benefits recognised in the prior year, underlying performance was broadly stable.
Outlook and Capital Management
“As the Group enters the second half of 2026, management expects claims experience within parts of the health business to move closer to longer-term levels. Bermuda P&C is not expected to experience a recurrence of the adverse development on legacy motor claims reported in the first half. The Group will also continue work on the integration of its pensions businesses, including the detailed review of historical records ahead of a future customer migration.
“The second-half result will also be influenced by external factors. These include exposure during the remainder of the Atlantic hurricane season and investment market conditions, which remain subject to global economic and geopolitical uncertainty.
“Following the period end, the company successfully completed its tender offer. The Board has also approved the renewal of the company’s normal course share repurchase programme for a further twelvemonth period on the same basis as the 2025 programme.
“The Board has declared an interim dividend of $0.40 per share payable on 16 October 2026 to shareholders of record on 9 October 2026.”
