With over $7.9 billion in net profit recorded for its 2019 financial year and a 15 per cent increase over 2018, Guardian Life Limited last Saturday announced its highest profit in its 20-year history at the company’s annual awards, held at Jamaica Pegasus hotel in New Kingston.

During his opening remarks at the award ceremony, president of Guardian Life Limited (GLL) Eric Hosin stated that net premium income of $13.8 billion (excluding deposits invested in the unit-linked policyholders’ funds) grew by eight per cent with a five-year compound average growth rate (CAGR) of 15 per cent, according to a press release.

Notwithstanding the intensely competitive environment, the company’s two major lines of business led the way, with individual life contributing $5.6 billion and group health $6.3 billion, growing by eight per cent and 12 per cent, respectively.

“The individual life sales team achieved new business annualised premium income (API) of $1.87 billion, a notable 38 per cent increase over 2018,” Hosin said.

He indicated that this level of productivity contributed to steady growth in GLL’s market share within the traditional industry when compared to the same period in 2018.

The company’s employee benefits division continued to make inroads in the group health market in 2019, registering a new business API of more than $892 million which represents a 211 per cent improvement over 2018.

“We now proudly cover over 145,700 employees and their dependents,” Hosin said.

Guardian Life’s asset base of $86.9 billion increased by $8.7 billion or 11 per cent at the end of 2019, over 2018. The growth in asset base was primarily due to a $5.0-billion, or eight per cent growth in financial assets, funded primarily from the investment of interest payments, cash from operations, and gains in the local equities portfolio.

“On the 5th of September 2019, 20 years since GLL was incorporated and declared its belief in Jamaica, the company completed its first development – the 66 spacious, elegant and stylish units of the Hampshire. Other projects that are in the pipeline include the 176-unit twin-tower development of the Cambridge, which commenced April 2019; and the luxury 6-villas, 14- apartments development, The Camden at Millsborough, which broke ground on January 6, 2020. Both projects are slated for completion in late 2021,” Hosin noted.

Guardian Life also showed commitment to corporate social responsibility with various community projects undertaken and sponsorships and donations made during 2019.

“Our biggest annual charity event, the ‘Keep It Alive’ 5K Night Runs, raised $22.8 million which was donated to five major hospitals. We believe that this event, held in Kingston and Montego Bay, is one of the best ways in which the company can make extraordinary contributions to selected causes, and one that we will continue to host as we contribute to the country’s health sector,” Hosin said.

“Let’s press on even when we may feel like quitting, and be firm in our resolution to all be winners,” he encouraged his audience.

Eric Hosin, president of Guardian Life Limited, announces a $7.9-billion net profit recorded for the 2019 financial year, a 15 per cent increase over 2018, at the Guardian Life Limited Annual Awards held at Jamaica Pegasus hotel.