General Accident Insurance Company Reporting A 41% Increase In Booked Gross Written Premium to JA$6.56 Billion
General Accident Insurance Company Jamaica Limited (“General Accident”) is reporting for the six months ended 30th June 2019 profit before tax of $163.56 million compared to prior year of $114.53 million.
Managing Director Sharon Donaldson commenting on the results indicated that for the period, General Accident’s underwriting performance improved over 2018, as they booked gross written premium of $6.56 billion, an increase of 41% over the same period last year.
Net earned premiums also improved by 29% to $988 million while net claims charges grew by 23% to $633 million.
Administrative expenses however increased by 19% when compared to the same period prior year.
The company, she said, enjoyed improved technical results with underwriting profit of $80.97 million representing positive growth over the prior period’s underwriting loss of $7.67 million.
Their combined ratio for the first half of 2019 was 92% compared to 97% for 2018.
With respect to Investment Performance, she is reporting that investment income for the first half of 2019 was $79.06 million, 12% below prior year of $89.81 million. This represents an annualized return 4.53%.
General Accident ended the second quarter with a book value of $2.19 billion and generated annualized return on average equity for shareholders of 12.8%
Net profit after tax of $135.28 million, an improvement on the 2018 figure of $95.44 million and earnings per share of $0.13, an improvement on the 2018 figure of 9 cents.