The Guyana and Trinidad Mutual Fire Insurance Company Limited (GTM) has recorded a surplus of $180, 415,719 during the last year, an increase from the $165, 882,799 which was recorded the previous year.
This was announced on Wednesday, as the firm held its 129th Annual General Meeting (AGM) at the National Cultural Centre and released its accounts for the period ended June 30, 2009.The accounts of the insurance company were audited by chartered accountants Deloitte & Touche.
GTM’s total equity and liabilities at the end of the accounting period amounted to $3, 602,813,033. At the end of the previous accounting year, the firm had recorded total equity and liabilities amounting to $3,217,517, 020.
Chairman of the Board of Directors Harold Davis, in his report, said the company had performed well in spite of the challenging global financial climate providing statistics as proof. He said that in spite of these challenges, the company “wrote new business amounting to $36 billion in Sums Insured with premium income of $ 174.3 million”. Davis said that after taking into account the policies that were written off, “the net increase in business amounted to $20.8 billion in Sums Insured and $86.4 million in premium income. In his speech, the chairman said the company “ended the year with business in force amounting to $183.4 billion in Sums Insured and premium income of $1 billion. These amounts represented an increase of 12.8 percent and 9.1 percent respectively from the preceding year, when the company recorded $162.6 billion in Sums Insured and $946 million in premium income.
Davis also disclosed that during the year, the company had paid and provided for claims to the tune of $454.5 million, which is an increase from $385.8 million in the preceding year. He further stated that “after taking into account recoveries from reinsurers of $44.8 million, the net claims paid and provided for amounted to $409.7 million compared to $294.4 million for the previous year.”
Meanwhile, the Chairman told the gathering that the “company continues to pursue an investment strategy which balances the portfolio between security, liquidity and exchange rates exposure.” According to him, for the last year the firm’s “total investment income was $93.4 million”, which is $10.2 million more that the total for the previous year.
He emphasised that in spite of the “uncertainties brought about by the global financial crisis”, the company “continues to be prudent in its business decisions and will exercise the greatest level of care and scrutiny in all its financial dealings.”
Speaking about the plans for the new year, the Chairman said that after the successful introduction of the Female Road Rescue Club over the last year, the company intends to offer a special package to senior citizens.
He also said that in a “few days time”, the company will be launching a branch in the Lethem, which he said is a move intended to “take advantage of the opportunities which are likely to follow the opening of the Takutu Bridge.”
