THE Hand-in-Hand Mutual Fire Insurance Company Limited and subsidiaries recorded $62M surplus of revenue over expenditure for the year ended December 2017, compared to the $39M registered for 2016.

According to the company’s audited financial statements printed in the June 9 edition of the Guyana Chronicle, the total revenue amassed for the year was $1.2B (or $1,202,288,775 in exact figures) while the expenditure recorded was $1.14B (or $1,140,287,095). With these figures, the surplus of revenue garnered for the period was pegged at $62M ($62,001,680).

The Income Statement, otherwise known as the Profit (or Loss) statement, showed that while less revenues were earned in 2017 compared to the $1.25B earned in 2016, the company’s expenditure had also declined from the $1.21B used up in the previous year.

The Fire Insurance Company is the oldest property insurer in Guyana. It is a mutual company (i.e., is owned by its policyholders) established in 1865, and is the founding member of the Hand in Hand Group, which comprises The Fire Insurance Company; Hand in Hand Mutual Life Assurance Company Limited; GCIS Inc.; Hand-in-Hand Trust Corporation Inc. and Hand-in-Hand Investments Inc.

In addition to the statements published for the company, the income statement for the group of companies was also detailed. The Group registered $2.1B (or $2,159,424,233) in revenues and $1.8B ($1,849,376,857) in expenditure for 2017. The surplus recorded was $310M ($310,047,376) as against the $92M ($92,995,789) registered in 2016.

The statements presented were independently audited by Chartered Accountants, TSD Lal and Co, in accordance with International Standards on Auditing (ISAs). The statements were approved by the Board of Directors on May 23, 2018.