GUYANA and Trinidad Mutual Life Insurance Company Limited (GTM) has overtaken its 2011 surplus by 106 percent with a record $184M for 2012.

This is despite the Eastern Caribbean being slapped with increasing economic challenges arising from a global financial crisis and fiscal policies, the newly elected Chairman, Mr. Ram Singh reported at the Annual General Meeting (AGM) yesterday.
He was addressing the gathering at the Georgetown Club, in Camp Street, where his election took place.
Singh said the company is confident of its capacity to combat the challenges and remains loyal to its clients.
He said in spite of increasing competition from other insurance companies, GTM continues to grow.
“In a climate of international economic uncertainty, your company has performed remarkably well in being able to realise the record surplus of $184M,” Singh said, emphasising that the achievement mirrors a substantial increase of $95M over that in 2011, with 13 percent more than the 2011 income of $1.1billion.
He said the company honoured its claims obligations, totalling $432M, in 2012, compared to $380M in the previous year. This increase of $52M was the main contributing factor to the overall higher expenditure by $58M or five percent more than the previous year.
Singh said the total asset base of the company, as at December 2012 was $7.5 billion and he assured that it will continue taking action to surmount economic challenges being faced in the Region.
“We are confident of the support of all our dedicated team members whose ultimate goal is to ensure the continued growth of your company,” he added, congratulating workers for exceptional contributions to the company.
Sales persons of the year for the Caribbean Offices awards went to Delon Felix and Anthony Semple of Guyana. Hansraj Singh and Elwin Jones shared the 2012 GTM Award and Rookie of the Year was Owen Maison.