General Accident pre-tax profits up 58 per cent in Q2
Kingston, Jamaica: -- General Accident Insurance saw its pre-tax profit soar to $126.5 million during the second quarter ending June this year, 58 per cent higher than the comparative quarter.
At the same time, the company posted $104.4 million in profit after tax for the three months ended June 2019, up from $79.6 million in the second quarter of 2018.
The strong performance was fuelled by a significant increase in General Accident’s gross written premiums, which stood at $3.8 billion, nearly 60 per cent above the comparative quarter.
The company enjoyed improved technical results, reversing an underwriting loss of $410,000 in the three months ending June 2018, to recording an underwriting profit of $39 million during the current period.
“The board and management of the company is committed to ensuring that the company continues on its growth path for the year ahead,” indicated Sharon Donaldson, General Accident’s Managing Director.
At the same time, net earned premiums increased by 25 per cent, up from $402.6 million.
Also, during the period, technical income increased by 14 per cent, moving from $148 million in the second quarter of 2018 quarter to $169.8 million in the review period.
Management expenses for the quarter totalled $223.8 million, 25 per cent above prior year. While other operating expenses stood at $23.4 million, more than double the amount incurred in the comparative period.
Nonetheless, the company saw improvements in its investment income during the second quarter ending June 2019, recording a seven per cent increase, up from $41.5 million in 2018.
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 per cent.