The Bank of Nova Scotia (Scotiabank) has appointed Jamaican native Anya Schnoor as its new executive vice-president (EVP) – global insurance as the Canadian banking giant launches a new insurance strategy and makes global insurance a priority.

Schnoor is currently serving as the EVP for the Caribbean, Central America & Uruguay for Scotiabank’s International Banking division, a role that she was appointed in October 2020. This role has seen her oversee Scotiabank’s international banking strategy for personal, commercial, corporate, wealth, and insurance operations. Schnoor also has oversight for Scotiabank’s insurance business within the international banking segment. Her new appointment will take effect on November 1, the first day of Scotiabank’s 2025 financial year (FY).

“Canadian banking and international banking will maintain P&L accountability as we build and launch the insurance strategy. Anya will also partner with leaders in our global wealth management business to determine opportunities to support GWM’s (global wealth management) insurance advice and distribution ambitions. Close partnership and collaboration across our business lines will be key to our success,” stated an e-mail by Jacqui Allard, Scotiabank’s global head of global wealth management.

Schnoor currently serves as the chair of Scotia Group Jamaica Limited since December 2022, sits as a board member of Scotiabank Trinidad and Tobago Limited since October 2020 and sits on numerous other boards across the region. She has spent 32 years in finance and has been with Scotiabank since 2006.

As part of her new role, insurance executives Wayne Hewitt, Carol McKeever, Jarod Perryman, Debra Lopez Spence, and Mark Longman will now report to Schnoor. Jabar Singh, chief executive officer (CEO) of Scotiabank Colpatria, SA will see his role expanded as head of the Caribbean and Central American (CCA) region. Terri-Lee Weeks was also tapped to lead Tangerine Bank, Scotiabank’s Toronto bank subsidiary, as president and CEO on November 1, as Gillian Riley retires after a 31-year stint at the company.

“In her new role, Anya will bring together our insurance product, underwriting and distribution experts from across the bank to lead a strategic review of our insurance opportunities globally. Together with her team, she will develop a winning strategy that delivers diversified, capital-light earnings growth while helping to drive client primacy in or Canadian and international markets. She will also work hard to find opportunities to support the insurance advice pillar of our total wealth strategy in global wealth management,” said Allard.

According to Scotiabank’s 2023 annual report, insurance underwriting income, net of claims brought in CA$482 million or 1.49 per cent of Scotiabank’s CA$32.31 billion in total revenue for the period. Scotiabank had been reducing its insurance presence and position over the last five years in different markets.

Scotiabank completed the sale of Scotia Insurance Caribbean Limited (now GK Life Insurance Caribbean Limited) for $3.02 billion with a contingent consideration of $563.55 million over the next two years subject to certain conditions. Scotiabank in the 2022 FY sold its associate stakes in Thanachart Insurance Public Company Limited and Thanachart Securities Public Company Limited, Thailand-based companies. Scotiabank also sold Scotia Insurance Eastern Caribbean Limited (now GK Life Insurance Eastern Caribbean Limited) in March 2021 for $637.78 million for the insurance company with a contingent consideration of $476.93 million over a one-year period based on certain gross premium targets.

Scotiabank was also set to have sold Scotia Jamaica Life Insurance Company Limited and ScotiaLife Trinidad and Tobago Limited to Sagicor Financial Company Limited with a 20-year exclusive distribution agreement to sell insurance products underwritten by Sagicor, but those acquisitions fizzled out between 2019 to 2020. These divestments took place under previous Scotiabank CEO Brian J Porter.

With newly minted Scotiabank CEO Scott Thomson leading a new direction for the global bank, he has set four pillars to push the bank forward. These pillars include ‘grow and scale in priority businesses’, earn primary client relationships’, ‘make it easy to do business with us’ and ‘win as on team’. One of these pillars will apparently be focused on insurance which was a smaller business compared to its commercial banking, investment banking and wealth management segments.

Scotia General Insurance Agency Limited (trading as ScotiaProtect) was launched late 2023 in Jamaica where it would complete its complement its financial service offerings by offering general insurance products which were underwritten by GK General Insurance Company Limited. The Bank of Nova Scotia Jamaica Limited injected $2.5 billion in fresh capital into its Jamaican life insurance business which has resulted in its LICAT (Life Insurance Capital Adequacy Test) ratio being at 381 per cent versus the regulatory minimum of 100 per cent.

In the most recent quarter, Scotia Jamaica Life also saw a 177 per cent growth in sequential quarter applications for its Solace product and noted that premiums were up ten per cent over the nine months. Insurance contributed eight per cent of Scotia Group Jamaica’s $46.32 billion in revenues over the nine months and made up 15 per cent of Scotia Group Jamaica’s $20.86 billion in profit before tax. With respect to Scotiabank Trinidad & Tobago, insurance services made up 9.55 per cent of its TT$1.94 billion in revenue for the 2023 FY.

Scotiabank’s nine months revenue was up five per cent to CA$25.14 billion with net interest income marginally rising to CA$14.33 billion due to a 14 per cent rise in interest expense. Due to the sale of CrediScotia Financiera to Banco Santander during the third quarter, Scotiabank recognised a $143-million impairment loss for the period. Despite expenses marginally rising and taxes being lower, consolidated net profit was only up two per cent to CA$6.20 billion with CA$6.12 billion being attributable to stockholders.

Total assets were down over the nine months to CA$1.40 trillion with loans and advances at CA$759.21 billion and cash and deposits with financial institutions at CA$58.33 billion. Total liabilities were down to CA$1.32 trillion with total deposits at CA$949.20 billion while total equity was CA$83.22 billion, with CA$81.50 billion being attributable to shareholders.

Scotiabank’s stock price was up to CA$71.51 and US$52.05 on Thursday which translated to a market capitalisation of CA$88.50 billion. Scotiabank will be releasing their fourth quarter earnings on December 3.