Premium income resilient for life insurers - EntornoInteligente

Entornointeligente.com / Jamaica Gleaner / The assets of life insurers grew to $229 billion last year or 12 per cent more than the year before. The life companies also kept their heads above water with resilient premium collections of $36.2 billion, up from $31.8 billion earned in 2012.

However, collectively, net income before taxes for the industry at $11.1 billion – was a mere two per cent better than previous year when pretax profit was $10.9 billion.

The Financial Services Commission (FSC) in its release of the new industry data this week said performance in the life segment was thwarted by the reduction in investment income from $15.6 billion to $13.9 billion.

Liabilities rose by 11 per cent to $166 billion, while the sectors capital base expanded from $55 billion to $62 billion.

The insurance regulator reported a solvency ratio of 37.7 per cent for the sector, wheras the FSC benchmark is 10 per cent.

There are six local life insurance companies: Cuna Mutual Financial Group; Guardian Life Limited; new kid JN Life Insurance Company; dominant player Sagicor Life Jamaica Limited; Scotia Jamaica Life Insurance Company; and NCB Insurance Company.

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