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For 2014, the Guyana and Trinidad Mutual Life Insurance Company (GTM) maintained its position as the largest health insurance provider in Guyana, with a net profit of $106M for 2014.Members of the GTM Board of Directors at the company’s 90th Annual General Meeting.This was disclosed by the Chairman of the GTM Board of Directors, R.L Singh, at the company’s 90th annual general meeting on Wednesday, last,Wholesale Jerseys USA, at the Georgetown Club,China Jerseys Cheap, Camp Street. The forum was attended by GTM’s Board of Directors as well as various stakeholders.Chairman Singh related that the company made a net surplus of $106M after tax, which indicates a significant increase of profit margins when compared to 2013, which recorded a $31.5M net surplus.The net surplus was calculated after adjusting for the movement of policyholders and liabilities, which amounted to a grand total of $327M. This also increased from 2013’s pre-adjustments,China Stitched NFL Jerseys, which amounted to $187.4M. Following the adjustments of policyholders and liabilities, the insurance company saw an over 200 percent increase in its net surplus.“This represents a significant increase of $75.1M or 238 percent,” Singh explained. “GTM has performed fairly well in 2014 in the Eastern Caribbean States where the company operates.”“The adoption of new reporting requirements under international standards and practices requires adjustments for changes in policyholder liabilities to be accounted for before recording net profit,” said Singh. After such calculation, he said that direct policyholder liabilities accounted for $220.4M.Despite a decline in the growth of sales for new life insurance policies, Singh said that the multinational insurance company has remained Guyana’s largest provider for health insurance.He noted that some of the factors contributing to the sales decline were increased competition and a reduced demand for the life insurance product. “However, GTM still has one of the country’s leading life insurance policies,” Singh boasted.Moreover, the Chairman related that the reason for the significant movement for Guyana in 2014, when compared to 2013, had to do with the decline in demand share prices last year.As GTM also has operations in the Eastern Caribbean region, the company’s meeting also contained reports from countries such as Grenada,Cheap NBA Jerseys China, St. Lucia, Dominica and St. Vincent and the Grenadines.In Grenada the net premium grew by 8 percent. However, the growth was undermined by $67M in claims and $26M in lapses and surrenders. Meanwhile, St. Lucia’s branches grew 3.7 percent in their premiums, but the country still performed much better than Grenada.However,China Jerseys, overall sales in the Eastern Caribbean did not fare well as the economic deficiency negatively affected significant growth in the region.“The Eastern Caribbean states faced another year of modest economic growth, high unemployment and widening fiscal deficits. These factors negatively affected both sales of new policies and business potential in Grenada, Saint Lucia, St Vincent and the Grenadines,” the GTM Chairman related. He added that even with an aggressive conservation strategy,Cheap NFL Jerseys China, high surrenders and lapses in policy still persisted in the region.According to Singh, to counter such negative factors both board and management have actively and continuously sought new ways of improving efficiencies to contain or reduce GTM’s original expenditures.“This includes a detailed assessment and review of resources utilisation,” Singh explained.
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