Awardees with their prizes and trophies at the National Cultural Centre.

Chairman of the Board of Directors, Mr. Harold Davis made the disclosed at the 129th annual general meeting (AGM) in the National Cultural Centre, Georgetown.

He said, after taking into account policies written off, the net increase in business amounted to $20.6 billion sums insured and $86.4M in premium income.

This indicates that GTM ended the year with business in force amounting to $183.4 billion in sums insured and premium income of $1 billion compared to $162.6 billion and $946M, respectively, at the end of the preceding year,” Davis reported.

He said the figures represent increases of 12.8 per cent in both sums insured and premium income.

Davis said fire insurance claims paid amounted to $454.5M in comparison to $385.8M for the year before.

He said, after taking into account recoveries from reinsurers of $44.8M, the net claims paid and provided were a total of $409.7M, more than the $294.4M for the previous year.

Davis, talking about investments, revealed that GTM continues to pursue a strategy which balances the portfolio between security, liquidity and exchange rates exposure.

He said that, for the year under review, the total invested income was $93.4M, up from $83.2M over the previous year ended June 30, 2008, representing a 12 per cent growth.

Davis stated that the modest growth in investment income is acceptable by the company.

This is on the comfort that all of the investments made by the company are done within the stipulated company policies, guidelines and the various laws in the countries within the company operate,” he explained.

He said GTM cash profits declaration return was 55 per cent of premiums received during the last triennium and all participating policyholders shall receive a cash return on premiums.

Davis announced the declaration for this year as $60.7M after making allowance for expired time.

He said the Balance sheet shows GTM has total assets of $3.6 billion, 11 per cent more than the $3.2 billion in the preceding year.

According to his report, the net surplus of income over expenditure was $108.4M, less than the $165.8M in the preceding year.

At the AGM, several members of staff received long service awards and trophies and bursary awards were presented to 11 children of employees and policyholders, covering a period of five years, with an additional allowance in the fifth year for the payment of examination fees for five subjects.