General Accident"s net income jumps by 41%

General Accident Insurance Company Jamaica saw its net profit increase by 41 per cent.

Profit for the three months ended June 2013 was $80 million, up from $53.9 million during the corresponding period.The improved performance reflected higher gross premium revenue and better underwriting profit.Underwriting profit, which is the income generated from the company’s core business of underwriting insurance, was $32 million for the three months ended June 2013, up from $16 million during the corresponding period.The company, which listed on the Jamaica Junior Stock Exchange last year, has a portfolio mix of seven classes, with property and motor being the primary oneImprovements in net commission contributed to the increase in profit from General Accident’s core business – commercial, property and motor, which saw healthy organic growth, the company said.Commissions expense improved, to $6.5 million during the three months ended June 2013, down from $78 million during the comparative period.Commission income earned from reinsurers grew by two per cent to $84 million during the review period, moving from $82 million in the corresponding period last year.The company executed some facultative transactions on behalf of large domestic and multinational clients, according to the general insurer.General Accident said it did not take up the significant risks that were associated with the large domestic and multinational clients.But claims expenses increased by 33 per cent to $157 million during the quarter under review, up from $117 million.Its gross premiums written for the third quarter 2013 was $2 billion, 23 per cent more than the same period last year. While net premiums written during the quarter under review was four per cent higher, moving from $265 million to $254 million.Investment income for the period under review increased by 33 per cent to $52 million, down from $39 million to $52 million.During the six months ended June, the company posted $145 million in investment income; this is an increase of 68 per cent compared to $86 million last year.“This represents an annualised return on our average investment portfolio of 12 per cent, well in excess of inflation and the returns on benchmark Government of Jamaica fixed-income securities,” the company said.An aerial view of General Accident.

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General Accident"s net income jumps by 41%

$100m Independence allocation will generate income for small businesses -- Ministry

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Friday, July 26, 2013 | 11:55 AM

KINGSTON, Jamaica — The Ministry of Youth and Culture today said the Government’s allocation of $100 million to the Emancipation and Independence celebrations for 2013 will generate revenues for medium, small and micro business across the country. According to Permanent Secretary in the Ministry of Youth and Culture, Sydney Bartley the staging of such events should be seen as much more than leisure or entertainment activities, but rather as part of a creative industry which generates jobs and other opportunities for hundreds of Jamaicans.“As an industry, several things are happening: there are persons working and they get that work whenever the creative industry has an event.  When the Government is celebrating Independence, dancers, musicians, bands, sound system operators, hairdressers, vendors and many others are employed”, he said.Many of the participants in these activities are from inner-city communities and they look forward to the staging of the ‘Emancipendence’ events primarily because of the potential to earn. In many instances these occasional events are their only source of income, Bartley said.The Permanent Secretary argued that the staging of events such as the Grand Gala provides a financial boost to businesses, performers and skilled technicians and therefore represents an investment in the Jamaican economy.Speaking at the recent launch of Emancipation and Independence celebrations, Youth and Culture Minister Lisa Hanna said that the Government was aware of the economic challenges that the country is facing and as such the celebrations will be held within the context of fiscal responsibility and done within budget.“The Government in general, and specifically, the Ministry of Youth and Culture, recognises the importance of staging these celebrations as a part of the programme for economic and social restoration. It has been manifested time and time again that we are at our best when we celebrate the achievement of our nation,” Hanna said.

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$100m Independence allocation will generate income for small businesses -- Ministry

$100m Independence allocation will generate income for small businesses -- Ministry

Latest News

Friday, July 26, 2013 | 11:55 AM

KINGSTON, Jamaica — The Ministry of Youth and Culture today said the Government’s allocation of $100 million to the Emancipation and Independence celebrations for 2013 will generate revenues for medium, small and micro business across the country. According to Permanent Secretary in the Ministry of Youth and Culture, Sydney Bartley the staging of such events should be seen as much more than leisure or entertainment activities, but rather as part of a creative industry which generates jobs and other opportunities for hundreds of Jamaicans.“As an industry, several things are happening: there are persons working and they get that work whenever the creative industry has an event.  When the Government is celebrating Independence, dancers, musicians, bands, sound system operators, hairdressers, vendors and many others are employed”, he said.Many of the participants in these activities are from inner-city communities and they look forward to the staging of the ‘Emancipendence’ events primarily because of the potential to earn. In many instances these occasional events are their only source of income, Bartley said.The Permanent Secretary argued that the staging of events such as the Grand Gala provides a financial boost to businesses, performers and skilled technicians and therefore represents an investment in the Jamaican economy.Speaking at the recent launch of Emancipation and Independence celebrations, Youth and Culture Minister Lisa Hanna said that the Government was aware of the economic challenges that the country is facing and as such the celebrations will be held within the context of fiscal responsibility and done within budget.“The Government in general, and specifically, the Ministry of Youth and Culture, recognises the importance of staging these celebrations as a part of the programme for economic and social restoration. It has been manifested time and time again that we are at our best when we celebrate the achievement of our nation,” Hanna said.Like our Facebook page https://www.facebook.com/jamaicaobserverFollow us on Twitter https://twitter.com/JamaicaObserver

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$100m Independence allocation will generate income for small businesses -- Ministry