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Good year for Sagicor General

marciadottin, [email protected]

Good year for Sagicor General

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SAGICOR GENERAL INSURANCE Inc. reported one of its best financial results during 2011, posting net income of $12.5 million, up from $7.8 million in 2010.
According to recently published financial statements for the year ended December 31, 2011, the company’s gross premium revenue increased from $109.9 million in 2010 to $122 million.
After providing for reinsurance expenses, its net premium revenue rose to $34.4 million, an increase of approximately 17 per cent.
Chief executive officer David Deane said Sagicor General’s gross premiums written in 2011 increased in all territories where it does business.
Trinidad, Barbados and the Eastern Caribbean recorded approximately 7.2 per cent, 6.1 per cent and 0.8 per cent growth, respectively.
“Property business accounts for approximately 50 per cent of our gross written premiums, motor for almost
37 per cent, and accident and marine together for approximately 13 per cent.
“Our net claims incurred however were higher by nearly 19 per cent over the previous year due to an overall deterioration of our motor insurance book of business,” the CEO said.
Deane added that the company recorded an 8.3 per cent increase in the number of reported claims. The company’s investment income stood at $7.5 million and was buoyed by the sale of a number of shares early in the year, thereby providing income before taxes of $15.1 million.
The company’s total comprehensive income increased from $5.9 million in 2010 to $8.4 million.
Deane said Sagicor General has satisfied all of the statutory fund requirements and its assets significantly exceed its known liabilities.
He added that the company looks forward to attaining similar results in 2012 despite the difficult local, regional and international economic environment in which insurers and reinsurers are currently operating.