The Guyana and Trinidad Fire Insurance Company Ltd has recorded a surplus of over $221.6 million for the year ended June 30, 2010, up from the $180.4 million recorded last year.
The company’s annual report showed that insurance premiums during the year totalled close to $1.8 billion, an increase from the $1.6 billion recorded the previous year. According to the report, the premiums for this year were $1,789,371,135. Of this amount $992,580,073 were classified under “property”, $733,298,581 under “motor” and $63,493,481 under “Accident and liability.” Reinsurance premiums were pegged at $397,554,407 compared to $342,799,518 for the previous year.
According to the report, total revenue for the year was $1,500,012,348 up from the 1,355,951,759 of the previous year. Total expenditure was $1,278,394,670 an increase from the $1,175,536,040 recorded last year.
The “total comprehensive income for the year net of tax” was $378,006,897 up from the $309, 560,431 pegged the previous year.
The company held its Annual General Meeting yesterday at the Georgetown Club.
The company benefited from a “written back on disposal of investment” totalling $7,150,596.
The entity’s current total assets were valued at $1,890,699,306 while current liabilities totalled $750,875,174. For the previous year, the total current assets were $1,724,289,385 while the current liabilities totalled $664,383,984.
According to the report of the directors, “the ledger value of shares, debentures and other securities purchased during the year amounted to $135,129,466 while redemptions amounted to $15,510,124. At the end of the year, the directors revalued the securities to reflect current market value, causing a net increase of $128,507,373. “This fair value adjustment is being held in the investment reserve,” the directors said.
The directors said too that “mortgage loans advanced during the year totalled $15,100,000 and the aggregate of loans outstanding at 30 June, 2010 was $37,905,316.
A final dividend of 3.75 per cent for Preferent Scrip holders and 4 per cent for First Preferred Stockholders was approved by the directors. A recommendation was made for a final dividend of 3.00 percent for the half year on the Ordinary Scrip Capital. There was a total payment of 6 per cent for the year in respect of Scrip and Stock Capital.
