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Demerara Mutual Life Assurance Society Limited recently held its Annual General Meeting;
Chairman, Richard B. Fields, SC and other Directors.
during which the entity said it celebrated 122 years of stability and unbroken service to communities in Guyana, Grenada, St. Lucia and St. Vincent.
“Despite the modest pace at which the global economy has grown and higher unemployment and inflation rates in the territories the company calls home, Demerara Mutual has used the challenges of the time as motivation for achieving higher levels of performance and success.”
In his address, Chairman of Demerara Mutual, Richard B. Fields, SC., revealed that the society’s revenue for 2013 was $1.77B, which represented a 17% increase over the preceding year’s revenue of $1.47B. The company’s record of paying claims in a timely manner is a clear indication of its commitment, the Chairman said.
The Chairman observed, however, that “the society’s after tax result was a deficit and explained that this was due to the fact that changes in actuarial liabilities are now accounted for in the Statement of Profit or Loss account and other comprehensive incomes. This was done to correctly disclose Actuarial Liabilities and to comply with new regulations.”
“I am pleased to announce that in Guyana we are the number one life insurance company in premium income. In each of the other territories we hold the number two position. Our annual premium of $ 252.9M was a 26% increase over the $200.3M figure for the preceding year.”
The AGM also welcomed three newly appointed Directors: Dr. Karen Gordon-Boyle, Medical Doctor; Deenawati Panday, Attorney-at-Law and Louis Holder, who are replacing Directors who have resigned.
The 122nd AGM also celebrated the contributions and achievements of Demerara Mutual staff with the presentation of awards for long service and sales.
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