General Accident profit soars


General Accident profit soars

Wednesday, November 20, 2019

Print this page Email A Friend!

General Accident Insurance Company Jamaica Limited (General Accident) reported last Friday an unaudited net profit of $192.53 million for the nine months ended September 30, 2019. This represents a 34 per cent increase compared to the previous corresponding period.

Chairman of General Accident PB Scott, in reporting to stockholders, indicated that the company achieved a book value of $2.03 billion and enjoyed improved technical results as underwriting profit of $108.64 million represents positive growth over the prior period’s underwriting loss of $27.70 million.

“For the period, General Accident’s underwriting performance improved over 2018, as we booked gross written premium of $8.9 billion, an increase of 21 per cent over the same period last year. Net earned premiums improved by 28 per cent to $1.53 billion, while net claims charges grew by 14 per cent to $987 million,” he stated in the report.

Underwriting refers to the process that a lender or other financial service uses to assess the creditworthiness or risk of a potential customer, while premium is the amount paid periodically to the insurer by the insured for covering his/her risk.

He further added that General Accident, for the ninemonth period, achieved an investment income of $113.73 million, 5.5 per cent below the prior period which recorded $120.32 million. This resulted in an annualised return of 7.12 per cent.

In the latter part of September, General Accident acquired a 55 per cent stake in Motor One Insurance Company, a Trinidadian motor insurance headquartered in Port of Spain, with a large branch network throughout Trinidad.

Scott declared that the consolidated impact for the 14 days are not included in the nine-month financial report, but will be reflected in the fourth quarter report.

Earnings per share for the period under review ended at $0.19, an increase compared with the $0.14 recorded in the prior corresponding period. — BY Abbion Robinson

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon