While insurers domiciled in Puerto Rico have maintained underwriting discipline and demonstrated favorable operating results and solid balance sheet strength, the competitive operating environment and economic challenges there will hinder their ability to grow over the near to medium term, according to a new A.M. Best briefing.
First BanCorp., the parent company for FirstBank Puerto Rico, reported Monday net income of $23.3 million for the first quarter of 2016, or $0.11 per diluted share, compared to $15 million, or $0.07 per diluted share, for the fourth quarter of 2015 and $25.6 million, or $0.12 per diluted share, for the first quarter of 2015.
Encouraged by the progress shown by its U.S. mainland operation and by the strength of its Puerto Rico franchise, Popular Inc. reported Monday net income of $85 million for the first quarter ended Mar. 31, 2016, compared to net income of $137.4 million and an adjusted net income of $98.3 million for the quarter ended Dec. 31, 2015.
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