During 2010, the Hand-in-Hand Mutual Life Assurance Company Ltd recorded a net increase in funds of $45,654,953, more than 12 times the $3,595,052 recorded the previous year. The firm, however, recorded a total comprehensive income of $297,590,638 for 2010 down from the $300,643,122 recorded in 2009.
The company’s annual statement for the year ended December 31, 2010 was published in Friday’s edition of the Stabroek News. According to the statement, the company recorded overall revenue of $396,114,552 up from last year’s figure of $326,787,435. The increase in revenue was partially driven by investment income totalling $29,904,666; some $17,890,812 of which was classified as “other revenue”. There was also $1,776,807 classified as “held to maturity”; $5,379,276 “available for sales”; $4,839,771 for “loans and receivables”. The company also experienced an actuarial increase in funds of $8,473,708.
The company recorded a total of $358,987,815 in revenue from premiums, an increase from the $306,829,593 recorded the previous year. According to the 2010 statement, $399,006,480 were earned from premiums and $40,018,665 from reassurance premiums.
According to the financial statement the company’s expenditure was $348, 459,599 more than the previous year. The company’s expenditure for the previous year was $323,192,383. Management expenses amounted to $121,402,168 down from the $136,188,000 recorded the previous year. Commissions increased to $40,509,433 from the $35,407,478 recorded in 2009. Claims also increased, with $170,300,551 being paid out last year; up from the $135,392,527 paid out in 2009. Surrenders totalled $13,646,866 slightly down from the $13,708,935 recorded in 2009. Annuities and pensions totalled $2,000,688 less than the $2,030,688 recorded in 2009. Taxation last year was tagged at $599,893 up from the $464,755 in 2009.
Meanwhile, the company reported a “net increase in group pension contribution and interest on deposit administration fund” amounted to $137,978,889. The figure recorded in the financial statement for the previous year was $144,026,109. Fair value adjustment on investments for 2010 was $133,252,733 compared to $158,189,854 in 2009.
The company will hold its Annual General Meeting on Thursday, May 19 at the company’s Avenue of the Republic offices.
