Victoria Mutual records $2.05 billion surplus for 2010
THE Victoria Mutual (VM) Group significantly improved its performance in 2010, reporting an after-tax surplus of $2.05 billion for the year ended December 31, 2010. This represents an increase of 256.4 per cent or $1.47 billion when compared with the prior year.
Speaking at the society’s 132nd Annual General Meeting, which was held last week at the Knutsford Court Hotel, VM chairman Michael McMorris indicated that the dramatic improvement was influenced heavily by a gain of $925 million to the Group from the merger of one of the Society’s subsidiaries, Victoria Mutual Insurance Company (VMIC) with the British Caribbean Insurance Company (BCIC). The Society holds a 31.5 per cent stake in the merged entity which now trades as BCIC: An affiliate of Victoria Mutual.
The Group’s capital and reserves increased by 33 per cent to an all-time high of $7.9 billion, thereby significantly consolidating the financial strength and stability of the institution. The Victoria Mutual Group consists of The Victoria Mutual Building Society (VMBS) and a number of local and overseas subsidiaries, including Victoria Mutual Wealth Management (VMWM), Victoria Mutual Money Transfer Services (VMTS) and Victoria Mutual Property Services (VMPS).
VMBS increased its after-tax surplus by 451.7 per cent, moving from $255 million to $1.4-billion year over year, while the wealth management arm, VMWM, contributed $158.69 Million to the Group’s pre-tax surplus.
President and CEO of the Victoria Mutual Group, Richard Powell indicated that he is pleased with many aspects of the Group’s performance in 2010. He, however, noted that although the organisation has made tremendous strides in recent years, there is still a significant amount of work being done to improve the level of service delivery to members and customers, as well as the efficiency of the operations. He renewed the society’s commitment to the ethos of mutuality and delivering value to members through tangible benefits such as higher savings and lower mortgage rates as well as no or, low fees for many transactions and services.
