Demerara Mutual earns $70.8M in 2009

Jul 04, 2010 News

The Demerara Mutual Life Assurance Ltd. revenue for 2009 totaled $70.8M, 20 percent more than last year. The figures released at the Insurance Company’s Annual General Meeting on Friday showed that the company’s profit for last year was $1.17M after taxes.

Winners of Awards at the Demerara Mutual Annual General Meeting on Friday pose with Board Members for a group photograph.

Chairman of the Board of Directors, Richard Fields, in his report to policyholders said the year was not without its challenges, the major one being the global economic turndown, which resulted in tighter financial conditions.

The company focused on real estate as its primary investment, since this can be easily reconverted into cash.

More than $207M in claims were paid, $45M of which were death benefits and $131M paid to persons whose policies matured.

Plans for this include the expansion of the company’s markets and distributing channels. The company also plans to introduce new products to fill the needs of clients, while at the same time continuing the training of the sales force.

The Demerara Mutual website will be upgraded and the client base expanded by a projected 41 per cent which could lead to increased sales revenue of 38 per cent.

The 118th AGM of the company was held on the tarmac of the Robb Street location, where policy members received reports on the company’s performance and its financial accounts for the past year.

The meeting was also attended by members of the Board of Directors, management and staff from the regional offices in Grenada, St. Vincent and the Grenadines and St. Lucia, along with their Guyanese counterparts.

A number of presentations were made as the Company distributed sales awards to their top producers and service awards to employees.

Guyana was the top performer in the territory with the sale of 556 policies, with Clarke’s Branch selling 446 of them. Head of the Branch, Charles Clarke, sold 105 of those.

The company’s top producer was Wilcox Roberts of Grenada who sold 115 policies in 2009.

Both received the Chairman’s Diamond Award. The CEO’s Challenge Trophy went to Sabina Charles-Kirton of St. Lucia.