Latest financial returns from IronRock Insurance Company have highlighted the extent to which the company’s investment income has been injured by COVID-19.
IronRock’s Managing Director R Evan Thwaites confirmed that investment income continues to come under pressure by the pandemic. Investment income for 2020 was slightly up by just under two million dollars year-over-year to $40.2 million coming from $38.7 million posted for 2019.
For the December 2020 quarter investment income was down by almost one million dollar moving from $10.55 million in 2019 to $9.3 million. According to Thwaites, “investment income continues to be affected by economic and market conditions, which have kept global debt yields relatively low, despite the arguably higher systemic risk present in most markets.”