GUYANA and Trinidad Mutual Life Insurance Company Limited (GTM) has reported a $93.4M surplus for 2009, an increase over the $47.8m for 2008.
The disclosure was made by the Chairman, Mr. Harold Davis, at the 85th Annual General Meeting (AGM) Wednesday. Addressing the forum at Georgetown Club, in Camp Street, he said greater profit was mainly due to higher premiums and income from investments – the latter in light of the global financial crisis, from a portfolio that is conservative and secure.
“I boast, to you, that none of your company’s assets or investments were lost or impaired, neither in the midst, nor in the wake of the financial turmoil,” he reported to the stakeholders
Davis explained that the events surrounding the financial crisis clearly indicate that all economies are susceptible to the volatility of the global market.
However, he said GTM has “weathered the storms” of the economic upheaval that continues to impact businesses.
Reflecting on the company’s operations last year, Davis said GTM was propelled to the top position in the life insurance business and hopes to maintain it for a long time.
He said, last year, GTM was part of a summit in St. Vincent, for premier insurance providers and it resulted in a declaration detailing the plan of action to enhance the company’s status in the islands; formation of an alliance in Grenada with Grenada Motor and General Insurance Company; commissioning of branches in two of Guyana’s interior locations; rebuilding of  its Vreed-en-Hoop, West Coast Demerara office and continued acknowledgement of its corporate social responsibility through a bursary awards scheme and community projects.
“GTM’s vision of being the premier customer oriented services provider in Guyana and the Caribbean is facilitated by these developments,” Davis stated.
He emphasised the need for compliance with all regulations pertinent to the insurance industry.
“The ultimate demise of at least one regional financial group and the resultant increase in regularity requirements has resulted in the erosion in the confidence of the insuring public across the Caribbean and a high level of skepticism from prospective purchasers of insurance,” Davis said, referring to the collapse of CLICO.

MORE CHALLENGING

He said that situation has made the sale of insurance products more challenging but maintained that the pillars of support that GTM has, its stakeholders, will be the strength on which it advances in 2010.
The annual report said, at the end of 2009, there were 10,797 policies in force, insuring $31,778,846,630, including bonus additions and yielding annual premiums of $496,274,309.
The compilation said, at the same time, there were 65 group life plans in force with annual premiums of $81,951,369 insuring a total sum of $7,550,205,945. Group pension plans then numbered five, with premiums income of $18,556,463 and contemplated annuity benefits of $71,323,409.
It also said those group policies produced an annual income of $100,517,832.
Relative to health insurance, the compendium  said there were 1,470 health plans with annual premiums of $358,131,855 and that the Life Assurance Fund stood at $3,601,524,090 at the end of 2009.
Total claims paid and provided for during the year amounted to $294,514,091 and, since its inception, the company paid total net claims amounting to $2,720,149,448, the stakeholders were informed.
GTM reiterated its mission to consistently provide sound, solid and reliable customer oriented insurance services of the highest professional and ethical standard in Guyana and across the Caribbean.