Famguard Corporation Limited opened 2011 with first quarter net income up 172 percent year-on-year, spurred by a sharp increase in total income for the period. Unaudited interim financial results for the insurance and investments holding company showed net income of $825,215 for the quarter ended March 31, up from $303,855 same quarter previous year.  Earnings per share for the quarter came in at $0.08. Famguard Chairman Norbert Boissierre reported a 14 percent increase in total income year-on-year and improved results from the company's group health product together drove the net income boost.  The group health business benefitted from adjustments to premium rates and improved medial loss ratios, according to Boissierre. "In our group health business we have recorded improving trends in medical loss ratios, as premium rates continue to be adjusted to more adequately reflect actual claims experience," read Boissierre's comments on the results. Year-on-year, first quarter net premium income was up 7 percent to $20.9 million, while annuity deposits grew 88.3 percent to $3.7 million.   Together they generated a 14.4 percent increase in premium income and annuity deposits.  Total income was $27.6 million for the quarter, a $3.4 million growth year-on-year. Reducing net income was a $5.6 million or 48.6 percent increase in net policyholder benefits.  A 28.2 percent growth in policyholder benefits to $19.1 million underlay that figure, but reinsurance recoveries fell off by 40.4 percent to $1.9 million.  For the quarter, Famguard added $1.5 million to reserves for future policyholder benefits, bringing that balance sheet line to $133.1 million at 31 March 2011.   The company saw total expenses grow by 3.0 percent during the first quarter to $8.1 million. Total assets increased by $2.0 million to $212 million compared to 2010 year-end figures, with notable movements in premiums receivable, up 44.0 percent since the beginning of the quarter to $9.4 million and a 30.3 percent increase in receivables and other assets to $3.5 million. The company's mortgage delinquency ratio stood at 6.63 percent at quarter-end, ahead of the industry average of 10.8 percent, according to Famguard. Famguard's first quarter results follow on the 43 percent net income growth the company posted for 2010.

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