HIGH off a number of achievements last year, Victoria Mutual Investments Limited (VMIL) at the end of its financial year ended December 2021 reported solid results, accelerating its growth momentum over the prior year.

As part of the financial arm for the larger VM Group, VMIL for the 12-month period turned revenues of $2 billion, matched by increased profits of $564 million, up 30 per cent relative to the previous year.

“Despite the continued economic and social fallout from the [novel coronavirus] pandemic, VMIL made significant advances in 2021, posting positive growth results for profit before and after tax, profit margin, as well as revenue. Increased innovation, as well as customer and employee focus and engagement, contributed to the group’s financial improvement,” the company’s management, led by CEO Rez Burchenson, stated in a note accompanying the financials.

Citing milestone achievements including the launch of its Wealth IPO Edge platform, dividend payments of over $232 million, along with the raising of over $2.5 billion in capital to fund investments in small and medium-sized businesses and other asset classes, the company has its eyes set on delivering more positive results for investors this year.

The entity said that while it continues to be bullish on the plans for growth and expansion it will continue to scan the hostile operating environment, now marked by a new set of challenges stemming from the Russia/Ukraine impasse, so as to effectively manage its portfolios.

“In light of the unfolding aggressions being meted out by Russia on its Ukrainian neighbour, we are keeping a close watch so as to be able to anticipate the impact on the markets that this instability may cause and how these may impact investor portfolios,” the directors noted.

At the end of last year total assets for the company stood at $31.2 billion, an increase of 5.1 per cent or $1.52 billion more than that in 2020. The company said this growth was also primarily driven by increases in its investment securities portfolio.

After entering into an agreement to acquire financial institution Republic Funds (Barbados) during the year the company is now pushing to have these transactions completed by midyear, with the requisite regulatory approvals.

“Growth in our off-balance sheet business is a core strategic objective of the group which will have focused attention in the coming financial year. We will continue to seek innovative channels and products geared towards creating value for our clients,” the entity also said of its focus for the upcoming financial year.