Demerara Mutual Life Assurance Society Limited and its subsidiary is among the most recent corporate entities reporting healthy performances as public limited liability companies continue to release their annual reports for the last financial year.

In his report to Demerara Life’s 121st Annual General Meeting Friday last, Chairman Richard Fields disclosed to shareholders that the company’s revenues have increased 5 percent since 2011 to total $1,790 million at the end of 2012. He revealed, too, that its after-tax surplus had increased 4 percent since 2011 to an amount of $ 101.4 million at the end of 2012.
Sales Team
Fields gave credit to Demerara Mutual’s marketing effort for the company’s performance, saying “our sales team has once again done us proud in ensuring that we are well positioned in a highly competitive and volatile market.”
According to the Chairman, the company’s sales team sold “the highest number of lives” in its last financial year giving Demerara Mutual a leading 30 percent share in the market of life assurance policies. He also indicated that Demerara Mutual leads its rivals in annualized premium income.
Fields singled out Guyana’s Richard Seaton, who he said was Demerara Mutual’s producer for 2012, having made 114 policy sales. St. Lucia’s Sabina Charles, he said, “sold 100 lives” and was the second most outstanding performer.
The company’s Chairman saluted the management team, led by CEO Keith Cholmondeley, for its “untiring efforts, dedication and unswerving loyalty in responding to changing environment, new regulations and demands of the board to deliver information and competently execute corporate strategy ensuring the Society’s continued success.”
Fields explained to shareholders that management, along with the Board of Directors, strove to ensure “the prudent management of the affairs of your society [as well as] full compliance with the stringent principles of good corporate governance.” He stated that through the Board’s respective subcommittees, many sections of the Society were addressed in detail and decisions were taken having regard for management’s recommendations for the company’s “improved efficiency and financial growth.”
Describing the economic backdrop against which the company registered its performance, Fields observed that the global economy grew by 3.2 percent in 2012 and the Caribbean grew by 3 percent. He noted that in Guyana the real Gross Domestic Product (GDP) grew by 4.8 percent in 2012, while in Grenada, St. Lucia and St. Vincent the real GDP growth rates for the same year were 0.05, 3.5 and 1.2 percent respectively.
Fields in his address also paid tribute to past Director, Mr. Hugh George who he said resigned in February this year after serving the Society for 48 years.
“The Society is most grateful to Mr. George for his invaluable contributions to its growth over very many years,” the Chairman said, adding, “We wish Mr. George the very best for a peaceful and pleasant retirement.”