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Demerara Mutual earned $1.3 B in 2009 – after tax profit $240M

Jul 10, 2010 News

The Demerara Mutual Life Assurance Ltd. revenue for 2009 totalled $1.3B, a slight reduction from the previous year.
Contrary to an earlier publication by Kaieteur News, the figures released at the Insurance Company’s Annual General Meeting last week, showed that the company’s profit for last year was $240M after taxes. The premium income of the company was $829M with an investment income of $480M.
The figures published previously were in relation to Company’s subsidiary, Demerara Fire and General Insurance Company.
Chairman of the Board of Directors, Richard Fields, said he year was not without its challenges, the major one being the global economic turndown, which resulted in tighter financial conditions.
The company therefore focused on real estate as its primary investment, since this can be easily reconverted into cash. Plans for the future include the expansion of the company’s markets and distributing channels, and the introduction of 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, last Friday, where policy members received reports on the company’s performance and its financial accounts for the past year.

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