Canopy Insurance Limited, a joint venture between GraceKennedy Group and Musson Jamaica Limited, posted profit for a third consecutive year, with revenue and earnings both rising by double-digit levels.
The results were achieved against the backdrop of Hurricane Melissa, the Category 5 storm that struck Jamaica last October. Net profit for the year reached $253.9 million, up 17 per cent from $216.9 million in 2024. Total revenue rose 22 per cent to $4.83 billion from $3.96 billion, driven by growth in Canopy’s client base beyond its founding corporate sponsors.
The financials were published online this week and signed by Oliver Tomlinson, chief executive, alongside Deputy Chairman Steven Whittingham.
During the year, the company relocated its offices from St Lucia Avenue in New Kingston to Half-way Tree Road, resulting in a jump in property, plant and equipment on its books to $326 million from $25.4 million. The lease runs 60 months, with an option to renew for a further 60 months.
Balance sheet assets totalled $1.8 billion, up from $1.2 billion a year earlier. Total equity stood at $1.2 billion at year end, up from $945.4 million, supported by retained earnings rather than fresh capital injections, none of which were made in 2025.
Canopy initially offered life insurance services to both GraceKennedy and Musson workers, but has since expanded to external clients. Its product line-up now includes critical illness, personal accident, and family plan coverage.
The company is within striking distance of eliminating the accumulated losses built up during its start-up phase. Specifically, its accumulated deficit narrowed to $110.7 million from $364.5 million a year earlier. At the current rate of profit generation, the deficit could be fully erased within this financial year. Canopy first turned a profit in 2023, earning $39.2 million. Prior to that, it recorded losses of $188 million in 2022, $168 million in 2021, $65 million in 2020, and $197 million in 2019. The company was founded in 2018.
The 2025 financials show the insurance service result — revenue less claims and directly attributable expenses — widened to $301.7 million from $233.2 million, a 29 per cent improvement, reflecting tighter claims management relative to premium growth. Insurance service expenses rose 23 per cent to $4.52 billion. Operating cash inflows strengthened to $442.6 million from $245.5 million in 2024, reflecting profitable underwriting and disciplined claims payments.
business@gleanerjm.com
