As we reflect on 2024, I am proud to report that our company delivered one of our best years on record despite operating in one of the most challenging environments our industry has faced since 2017. Together, we navigated a hard insurance market, rising original rates, weakened reinsurance appetite, higher cost of doing business, and increasing human resources pressures-emerging stronger, more resilient, and well positioned for the future. 

Our financial and operational results in 2024 saw Gross written premium of nearly USD 240 million, Gross assets in excess of USD 400 million and EBITDA more than USD 20 million, a company record, which underscore the strength of our strategy and the dedication of our people. We achieved solid premium growth, maintained underwriting discipline, and delivered strong profitability while continuing to honor our commitments to policyholders. Our focus on risk management, operational efficiency, and innovation allowed us to thrive even in the face of external headwinds. 

Several key initiatives supported our success this year. 

• Reinsurance structure: we managed net retention with adequate capital, balanced the use of proportional treaties, engaged with reinsurers, brokers, consulting actuaries, accountants etc. thereby taking a more structured solutions approach. 
• Digital Advancement: We continued our investment in technology and data analytics to improve underwriting precision, claims processing and customer experience. 
• Operational Efficiency: Through process optimization and careful expense management, we mitigated the impact of inflation, rising costs in reinsurance and increased cost of doing business. 
• Talent and Culture: We prioritized attracting, retaining and promoting skilled professionals while investing in leadership development, team mindset and workforce engagement, and diversity initiatives. 

We recognize that our people are our greatest strength. Like many organizations, we faced challenges in recruitment, retention, and employee well-being amidst a competitive labor market and evolving workplace expectations. We are laser focused on meeting these challenges and continue to drive a culture of togetherness, team engagement and creating an environment where talent thrives, opportunities are created, hard work is rewarded and love for the company is paramount. 

We have entered 2025 with confidence and clear objectives. The fundamentals of our business remain strong, our balance sheet is robust and resilient, and our strategies are unfazed and will be further reinforced. We will continue to invest in technology, broaden our product offerings, strengthen our relationships with agents, brokers, associates, partners, management and staff. 

Last but by no means least we will enhance our services to our esteemed policyholders, and provide them with security, protection and peace of mind under our Umbrella with the tagline “FAST, FAIR and ALWAYS THERE”. 

On behalf of the shareholders and boards I extend my gratitude to our employees, clients, brokers, agents and associates for your trust and support. TOGETHER, we will continue to build a stronger and THE MOST TRUSTED INSURER!  

We shall promote current initiatives, seize new opportunities, and shape the future of our company with pride and positivity. 

Yours Sincerely, 

Imran McSood Amjad

Chairman

NAGICO Group of Companies

To the Communities and Stakeholders we proudly serve,

2024 marked a pivotal year for the NAGICO Group, as we achieved exceptional and milestone financial results through a disciplined, strategic approach and the collective commitment of our entire team.

Our profit before tax reached USD 20.2 million, a remarkable increase from the prior year, and our total assets and equity soared to USD 407.3 million and USD 113.5 million respectively, clear evidence of the effectiveness of our data-driven decision making and the soundness of our operating model. These results were not accidental; they are the outcome of rigorous analyses, structured actions, and a relentless focus on optimizing every aspect of our business. I am extremely proud of the interconnectedness and alignment we achieved across the Group and with our partners, as this was a catalyst for our exceptional results; results that I am confident will define our new normal.

We refined our underwriting and pricing strategies, leveraging data and analytics to ensure risk selection and pricing were aligned with market realities. By ensuring rate adequacy across the property, motor, and medical lines, managing catastrophe exposure with precision, and continuing to deliver fast and fair services, we effectively grew and managed our portfolio in both the property and casualty, and life and health lines, generated strong returns overall, even in the face of events such as Cyclone Belal which impacted one of our French overseas islands and Hurricane Beryl which caused devastation to Grenada and St. Vincent and the Grenadines.

We have built a versatile operating model that safeguards our balance sheet, minimizes volatility, and ensures earnings stability, such that even in the face of catastrophic events, the impact is managed as an earnings event rather than a capital event.

The strength and commitment of our intermediary network, our agents and brokers, who form the backbone of our distribution channel was instrumental to the results we achieved. In a year defined by a hard market, our partners demonstrated drive, working closely with us to execute on our defined strategies. Together, we ensured rate adequacy across the lines of business, addressed inflationary pressures, and maintained disciplined underwriting standards. Their commitment to our shared objectives and their ability to adapt to our evolving strategies and market conditions were instrumental in driving growth and optimizing results.

Our distribution network enabled us to reach new heights in gross written premium (2024: USD 237 million; an 8% increase yoy), with growth noted in nearly every territory and line of business. The collaboration between our internal teams and external partners ensured that our products and services remained accessible, competitive, and responsive to the needs of our clients.

Reinsurers have recognized the quality of our business and the leadership we bring to the market. Their confidence in our approach, grounded in transparency, data-driven decision making, and consistent delivery on promises, has been reflected in their support as we optimized our reinsurance program. The alignment of our objectives with those of our reinsurers has allowed us to secure robust protection, manage risk effectively, and reinforce the sustainability of our operating model.

Further, our direct team embraced the plan, executed with discipline, and demonstrated their commitment to our mission. Their belief also in our strategy and their ability to deliver results in a challenging environment has been integral to our success. We have been focused on fostering a culture of team, unity, engagement, and opportunity, where talent is nurtured, hard work is recognized, and a genuine passion for the company is encouraged.

We maintained our controls on spending, streamlined processes, and improved operational efficiency across the Group. Further, reduced acquisition costs, improved investment returns, and enhanced cash flow management all contributed to our robust financial position and milestone profits.

Regulatory confidence in our Group has been reinforced by the effective steering of the business and the tangible, positive results delivered by management. Our leadership team has consistently demonstrated sound governance and operational discipline, culminating in strong financial and operational turnaround recognized by our regulators. The management team’s proactive engagement, transparent communication, and delivery of measurable outcomes have strengthened trust and confidence in our business, confirming the Group as a reliable and well-managed organization within the regulatory landscape.

The support of our shareholder, First Star Inc., and the board of directors has been instrumental in our journey. Their guidance and commitment have enabled us to raise capital, refine our strategy, and execute our plans with confidence, knowing that we are trusted.

Our focus remains on sustaining and building upon these achievements. Continuing to live up to our people centric purpose driven philosophy, we will be giving much attention to customer experience; both internal and external. Also, with further optimization of our systems and processes, the support of our 100% shareholder, First Star Inc, and a clear strategy catering to our customers and partnerships, our investment in talent development, retention and acquisition, along with our commitment to excellence, NAGICO will continue to grow and succeed.

I am excited by the prospect of our Group’s future as 2024 demonstrated what we can deliver. We have set new standards, and we will uphold these as we walk Together Towards Tomorrow.

On behalf of the entire team, I extend gratitude to our customers, shareholder, board of directors, intermediaries, reinsurers and other service providers, and to every member of the NAGICO family for their dedication, trust and support. To our customers, a sincere and special thank you to you, for continuing to give us purpose.

NAGICO is a Group that protects people’s lives, health, and property, with a strong focus on service, trust, and community. We help people recover from life’s surprises while remaining deeply connected to the communities we serve, today and into the future.

With gratitude,

Kyria Ali
Chief Executive Officer
NAGICO Group of Companies