Guardian Life Limited, the newest associate company of National Commercial Bank Ltd (NCB) pending regulatory approval, this week reported net profit of $4.8 billion for the year ended December 31, 2015.

The results are an 87 per cent improvement on 2014 when $2.2 billion was earned.

Company President, Eric Hosin, said in company comments released Monday that the results were the outcome of “strategic management of the company’s relationships with its stakeholders, the focus on new business growth, service excellence, liquidity and risk management and operational efficiency”.

Hosin said other factors assisting were an increase in domestic investments linked to the performance of the Jamaican Stock Exchange in 2015.

Also germane, he said, were changes in the tax regime for life insurance companies. Corporate taxation was set at 25 per cent for year of assessment 2015.

This replaced a gross premium tax levy at three per cent and investment income tax at 15 per cent.

A reduction in underwriting expenses led to net income from insurance activities of $3.7 billion which exceeded 2014 by more than 200 per cent.

Net underwriting revenue of $9 billion increased by seven per cent over 2014.

Guardian indicated that during the year it experienced growth in all lines of business, while the company expanded its individual life product suite.

In November 2015 NCB reached an agreement to purchase a 29.99 per cent stake in Guardian Holdings Ltd (GHL) through a private sale of shares owned by the Lok Jack and Ahamad families and the International Finance Corporation, the private sector arm of the World Bank. The transaction is awaiting regulatory approval.