Latest update February 14th, 2025 8:22 AM
GTM 2012 profits highest ever
The Guyana and Trinidad Mutual Fire Insurance Company (GTM) has recorded the highest ever profit in its 133 years of existence.
This announcement was made at the company’s 133rd Annual General Meeting (AGM) that was held a week ago.
The Chairman of the company’s Board of Directors R.L. Singh (AA) in a review of the entity’s performance, reported that GTM Fire Insurance Company recorded an after tax surplus/profit of $263.2M., while the Life Insurance Company recorded a surplus of $184.3M; a combined after tax profit of $447.57M.
GTM Fire and Life Building.
However he noted that even though 2012 was the most productive year so far, it was not without its challenges.
These challenges include increased competition, lower premium rates and high fire and motor claims.
But the company has reaffirmed its commitment to ensuring efficiency, prompt claims settlement, corporate governance, implementation of sound risk management policies and strategies, proactive business retention strategies, according to Singh.
It was stated that The Actuarial Valuation of the GTM Life Insurance Company as at December 31, 2012, shows significant improvement in solvency which increased from 267% at the end of 2011 to 315.5% at the end of 2012.
This Singh said is icing on the cake for what was a very good year for the Company.
During the AGM, the Chairman also acknowledged the contribution made by former Board Chairman Harold B.Davis CCH, who passed away recently.
Singh highlighted the significant contributions made by Davis, particularly in the areas of corporate governance, human relations, training and transformational leadership during his forty years on the Board, 17 of which he served as Chairman. A minute of silence was observed by those who were gathered.
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