With the pending resignation of the current president of its insurance arm, Scotia Jamaica Life Insurance Company Limited (SJLIC), Scotia Group is on the hunt for a fresh leadership for the subsidiary.

On Monday, group president and CEO Jacky Sharpe disclosed that president Hugh Reid was in the departure lounge with plans to migrate.

The group has been advertising for new leadership, stating also that candidates must have plans to deepen penetration of its insurance products.

Locally, there are six life insurance companies in operation with total assets $281 billion as at December 2015.

Sharpe did not disclose SJLIC’s standing, but said the company continues to be a strong player locally.

SJLIC’s profit before tax for 2015 was $3.8 billion versus $3.3 billion in 2014.

The company saw growth in core insurance revenues and through its ScotiaBridge product led the market for Approved Retirement Schemes, accounting for 51 per cent of the market, it noted in the group’s annual report.

Gross premium income fell marginally during the year from $6.2 billion in 2014 to $6 billion, but the group notes that an overall increase in revenue occurred due to higher actuarial releases related to the change in the tax regime for insurance companies, and higher credit insurance premiums due to strong growth in retail loan volumes.

Sharpe said SJLIC intends to continue to grow its market share and profits “in line with its vision of being the best value for life, health and retirement solutions in Jamaica”.

“We do not focus on challenges but opportunities, with the main one being low insurance market penetration based on the number of persons who are underinsured,” she stated.

The position for a new president has been advertised internally within Scotiabank across the region, and externally in Jamaica.