Jamaican health and life insurance provider Canopy Insurance has registered its first profit since its launch four years ago.
The company declared registered net profit of J$39m (£197,000) for the financial year ending December 2023, compared to a loss of J$189m (£953,000) the previous year.
The company also saw its revenue increase from J$2.7bn (£1.4m) in 2022 to J$3.2bn (£1.6m) in 2023, an increase of 15.5%.
The company was created via a 50/50 partnership between two Jamaica-based conglomerates, GraceKennedy and the Musson group, targeted first at their own employees.
The company, which launched in 2020, is a challenger to the two established largest insurers in the country of about 2.8 million people – Sagicor Life and Guardian Life.
In explaining the rational behind its creation Canopy says on its website: “As large employers ourselves, GK and Musson were dissatisfied with the value we received in exchange for our monthly group health and life insurance premiums – so we decided to do something about it.”
The company differentiates itself on its technology, reducing paperwork to a minimum, and designed around the needs of Jamaican employees.
