GTM policy portfolio jumps $4.5B in one year
At December 31, last, the Guyana and Trinidad Mutual Life Insurance Company had 11,029 policies in force to the value of $36.219 billion, which yielded annual premiums of $540.104 million.
These figures show growth over the company’s position at the beginning of the financial year when there were 10,797 policies in force, for a value of $31.778 billion attracting premiums of $496.274 million.
This information was revealed last Friday when GTM released its 2010 report during its annual general meeting at the Georgetown Club.
At that meeting this insurance company, which has a history reaching back to 1925 and has branches and sub-offices throughout Guyana and the Eastern Caribbean, re-elected its entire board of directors led by Chairman, Harold B. Davis, and approved emoluments for these nine persons at a total of $9.072 million.
The company reported that at 2010 year-end there were 73 group life plans in force, insuring a total value of $7.107 billion, and attracting premiums of $68.350 million.
There were 1,572 health plans bringing in annual premiums of $358.181 million. The life assurance fund stood at $3.507 billion.
Under ACCI Protect there were 777 policies insuring $1.874 billion attracting annual premiums of $5.997 billion. The life assurance fund was $3.507 billion.
“The total claims paid and provided for during the year amounted to $339,353,094,” the company stated. “Death claims in respect of 59 policies totaled $78,241,130 net of reinsurance, endowments matured required $41,353,113, payments under annuity policies were $11,2230,846, disability benefits $517,318 and health insurance benefits$208,010,687.
Since the inception of the company, the total net claims paid and provided for amounted to $3,059,502,542,” according to the annual report.
GTM stated that the ledger value of shares, debentures and other securities purchased last year amounted to $56.921 million while redemptions were $219.213 million.
“Securities were revalued at market rate as at December 31, 2010 which resulted in a net increase of $221.228 million.”
This insurance company’s chief source of revenue comes from premiums, representing 77.3 per cent of the total; investment income followed at $18.9 per cent; consideration for annuities was $3.0 per cent; and other income stood at 0.8 per cent.
Some 47.5 per cent of that revenue went to policy holders benefits; management expenses stood at 31.3 per cent; 11.0 per cent went to commissions; 8.4 per cent was transferred to policy holder’s fund; and taxation took 1.8 per cent.