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GTM demonstrates resilience in face of financial crisis

May 06, 2009 News

In light of the global financial crisis that has adversely impacted the Colonial Life Insurance Company (CLICO) Guyana Limited, the Guyana and Trinidad Mutual (GTM) Life Insurance Limited has shown resilience.
The company, in its 84th Annual Report, for the period ending December 30, 2008, has shown a marginal growth over the previous year.
At the end of last year the total assets stood at some $5.6B as against $5.2B for the previous year.
According to the report of the Directors on the insurance in force, at the commencement of the year, after adjustment for the change in currency exchange rates, there were 10,356 policies in force worth some $24.3B, with annual premiums of some $421.3M.
It was disclosed that during the year, 1,202 policies were issued worth some $6B, returning annual premiums amounting to in excess of $76M.
At the end of last year, GTM had 10,655 policies in force totalling $27.9B including bonus additions, yielding annual premiums of $459M.
As it relates to group life and pensions at the end of the year, there were in force 51 group life plans with annual premiums of $50.3M and a gross of $6B.
Group pension plans then in force numbered only six with a premium income of $21.4M and contemplated annuity benefits of $82.3M
“These group policies total 57 and produce an annual income of $71,724,465.”
Under Health Insurance, the directors reported that at the end of 2008 there were 1,270 health plans with annual premiums of $255.9M.
The total claims paid and provided for by GTM during the year 2008 amounted to $226,195,477.
The company reported that the ledger value of shares, debentures and other securities purchased during the year amounted to $75.3M while redemptions were $195M.
The value of securities as was reported were revalued at market rate at the end of the year that resulted in a net increase of $57.3M.
Overall, total revenue premiums soared over the 2007 period ending the year with some $720M whilst income from investments was in excess of $838M with all of the investments outside of Guyana seemingly relatively safe. The maturity dates of the policies held outside of Guyana vary between this year and 2017 and are expected to rake several hundred million dollars.
An actuarial review was completed at the end of 2007 revealing a surplus for the company to the tune of some $514.4M. The next review is slated for December 2010.
The company will be hosting its Annual General Meeting next Monday and all of the members of the Board of Directors are up for reelection.

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