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GTM remains sound despite global crisis – Chairman

Sep 25, 2009 News

(By Brushell Blackman)
The Guyana and Trinidad Mutual Life Insurance Company Limited (GTM) recorded growth in a number of areas during the previous year, according to the report produced at the Annual General Meeting on Wednesday.
Chairman Harold Davis told the gathering that despite the year under review being a tumultuous one the company remains sound.
Branding the preceding year a challenging one, he said that the company wrote new business amounting to $36B by way of sums insured. Income from premiums totalled $174.3M.
Alluding to the global financial crisis and to the collapse of Clico, Davis said that people still reposed confidence in GTM.
“Through concerted efforts of the sales representatives, staff and management, we were able to dispel uncertainties… the company’s new business portfolio grew significantly.”
For the year under review the chairman said gross motor premiums brought in $675.9M compared to $621.6M for the previous year. Gross motor claims paid totalled $246.4M as compare to $172.6M for the previous year, an increase of $73.8M.
There was also a net income increase in accident and liability. Overall the company’s balance sheet showed assets at $3.6B compared to $3.2B for the preceding year—an eleven percent increase.
The net surplus of income over expenditure was $180.4M as compared to $165.8M the previous year, up by $14.6M.
He assured policyholders; that under his watch the company will remain prudent in investments and management practices. The chairman spoke about one of the new products, the Female Road Rescue Club.
This, he said, caters for the female policyholders who may find themselves in unsafe situation in the event of their vehicle breaking down.
He said the company has partnered with MMC security service to bring relief to its women foe if they become distressed. He said that the company continues to spread its wings across Guyana with a branch in Bartica. In a few days another will open its doors in Lethem.
Pointing to the importance of staff the Chairman said their development is integral to the continued success of the company. It is to this end that staff with the requisite skills and abilities will be selected for training.

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