After posting a five-fold increase in its profit for the financial year ending December 31, 2021, the Insurance Corporation of Barbados Limited (ICBL) says the first quarter of 2022 has produced a loss for the company.In the last annual financial statement, ICBL executive chairman Joe Poulin told investors that at the end of 2020 the after-tax profit of ICBL stood at $4.3 million and by the end of 2021, the after-tax position had jumped to $21.2 million.He disclosed that last year’s results were largely “driven by asset management net income of $21.4 million offset by losses in insurance operations”.However, in his commentary on the first quarter results for the period ending March 31, 2022, the executive chairman said the company which he purchased from the Bermuda-based BF&M, had posted a $0.1 million loss, compared to the $2.7 million in net income for the corresponding period in 2021.