![\"J.S.](\"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/wp-content\/uploads\/sites\/2\/2019\/08\/J.S.-Johnson.jpg\")
Growth is reassuring and indicative of an uptick in economic activity<\/h3>\nGrowth is reassuring and indicative of an uptick in economic activity<\/h3>\nJ.S. Johnson\u2019s improved second quarter results ending June 30 are indicative of an uptick in economic activity, the company\u2019s Managing Director Alister McKellar said in his managing director\u2019s review, adding that the company has experienced a decrease in claims so far this year.<\/p>\n
McKellar explained that J.S. Johnson saw an increase in net income, from\u00a0$2,377,684 last year to\u00a0$3,679,402 this year.<\/p>\n
\u201cThis 55 percent growth is reassuring and indicative among other things of an uptick in economic activity,\u201d he said.<\/p>\n
\u201cA review of our segment information reveals that both of our divisions enjoyed profitability gains this year. Agency profitability is up $393,957 as an 11 percent increase in other expenses was surpassed by a 12 percent rise in net revenue from contracts with customers.\u201d<\/p>\n
Mckellars\u2019 review also revealed that the company\u2019s underwriting result\u00a0returned from a loss of $1,266 last year,\u00a0to a profit of $906,495.<\/p>\n
\u201cThere were many contributing factors to this impressive performance. Insurance expenses decreased over 40 percent largely due to a lower claims experience this year,\u201d he said.<\/p>\n
\u201cMoreover, losses on our investment portfolio were much lower at $26,921 as compared to $442,564 in the prior year.\u201d<\/p>\n
The company is celebrating its hundred-year anniversary this year.<\/p>\n
Managing Director of NUA Insurance Agents & Brokers and Chairman of the Bahamas Insurance Association Warren Rolle said in mid-June that Bahamians\u00a0seemed to still be economically challenged and\u00a0are still opting out of purchasing insurance policies for their homes, despite this country\u2019s high risk of hurricanes.<\/p>\n
He also warned that those who are insured have to ensure that their homes are\u00a0not underinsured.<\/p>\n
He added that the government\u2019s removal of value-added tax from insurance premiums has not translated into more insurance business.<\/p>\n