Generac Holdings Inc Annual Report 2016

Plain-text annual report

Building on Solid Foundation Annual Report 2016 Annual Report 2016 BENEFITS Excellent Customer Service Dependable Coverage Competitive Rates Long Term Financial Strength Your Safety Net i v e t i C o m p e t R a t e s & i o n a l t A d d i D I S C O U N T S ! CALL YOUR BROKER OR A GENAC REPRESENTATIVE FOR FURTHER DETAILS 929-8451 // 929-8454 Head Office: 58 Half Way Tree Road, Kingston 10 | www.genac.com Become a Facebook Fan Follow us on Twitter General Accident 2016 Annual Report YOUR RISK SOLUTION PARTNER HOMEOWNER PROPERTY The homeowners portfolio continues to maintain its percentage share of the total written premium for 2016. The property portfolio contributed to more than half of our total written premium for 2016. MOTOR The motor portfolio is the second largest contributor to our total gross written premium and during 2016 we grew by 8% recording a gross written premium of over $1billion. General Accident resides at the General Accident resides at the intersection of intelligent protection intersection of intelligent protection and utmost good faith and utmost good faith Intelligent Protection Utmost Good Faith We offer products that help a wide We offer products that help a wide range of customers to manage their range of customers to manage their risks and exposures risks and exposures About General Accident About General Accident 2. Governance and Financial Report The Corporate Governance and Financial Report information, contains corporate governance committee reports, risk mitigation procedures plus our Audited Financial Statements and Notes. Online Information Additional information about us may be found online at www.genac.com. Our full Financial Report and Annual Report may be viewed on our website. OUR PROMISE We aim to provide ﬁ rst-rate risk management solutions. We pledge to put our customers at the centre of what we do by understanding their needs, going the extra mile to ensure that our products contribute positively to their risk management while we provide prompt and efﬁ cient service. OUR PURPOSE General Accident has a clear and simple purpose - To make available an affordable risk transfer mechanism through a wide range of insurance products designed to transfer the risk to our shoulders enabling businesses to strive and economies prosper which we believe will ultimately help families to realize their ambitions and fulﬁ ll their hopes and aspirations. We believe that this is the best long-term growth path. Our deﬁ ned purpose and our operational efﬁ ciencies will help us to keep our promise to all our stakeholders and realize our vision of accelerating growth. We aim to be a proﬁ table choice by putting the needs of customers at the forefront of our daily tasks. HOW WE MEASURE OUR PERFORMANCE We track our progress by using a variety of ﬁ nancial and non-ﬁ nancial key performance indicators. In 2016, we implemented a dedicated function in the form of a Business Intelligence Unit so we can better respond to the changing regulatory and operating environment. As one of the leading providers of risk transfer solutions we have implemented best practices in our everyday activities. Our Annual Report and accounts for 2016 is presented into two (2) parts: 1. Our Strategic Report Our Strategic Report provides details about us, our business model and how we create value for our stakeholders. It also includes market and key performance indicators as well as our approach to sustainable risk management. Contents Contents We are a Great Force Who we are Where We Operate Financial Highlights We Create Value For Our Shareholders Business Segments Key Performance Indicators 10-Year Financial Statistics Chairman’s Report Notice of The Annual General Meeting Directors’ Report Strategic Priorities Business Model Management Discussion and Analysis Our Community Governance Board Of Directors Leadership Team Corporate Data Disclosure of Share Holdings Appendices Audited Financial Statements Proxy Form 1 2 3 4 5 6 7 8 10 12 13 14 16 17 20 22 23 26 32 33 35 We are a Great Force We are a Great Force $5.65 Billion IN GROSS WRITTEN PREMIUM $4.9 Billion IN TOTAL ASSETS $0.404 Billion IN PROFIT BEFORE TAX $0.04 Billion IN UNDERWRITING PROFITS Our long-term goal of creating value for our employees, customers, shareholders and business partners remain steadfast. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 1 Who We Are Who We Are General Accident is a leading general insurer in Jamaica. 15% Market share 18,205 Policies in force 91 Employees (December 31, 2016) $2.784B Market capitalization 956 Shareholders (December 31, 2016) 2 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 14,072 policy holders chose General Accident as their risk partners Each policy is designed to deliver value driven risk management solutions aimed at creating peace of mind achieved through our professional handling of risk Burglary Our Policy Types (cid:120) Commercial Property (cid:120) Homeowners (cid:120) Motor (cid:120) (cid:120) Marine (cid:120) (cid:120) (cid:120) (cid:120) Money (cid:120) Liability Engineering Professional Indemnity Travel Where We Operate Where We Operate We operate in Jamaica and our ofﬁ ces are located at 58 Half-Way Tree Road, Kingston 10. We are, however, serviced island wide through an extensive Broker and Agency network. Our distribution channel means that we can be reached in all Parishes. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 3 Financial Highlights Financial Highlights Business Segments: 4 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 We Create Value For Our Shareholders We Create Value For Our Shareholders Providing an impressive performance for our shareholders has been a key objective to which we remain commit- ted, despite the challenging environment. 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We provide a steady growth in dividend per share. For more information, visit www.genac.com 5 Business Segments Business Segments General Accident offers a wide range of product lines designed to meet the evolving needs of our customers. We offer a suite of commercial solutions to help business owners protect their legacies. We help individuals and their families protect what matters to them most. We provide an opportunity for professionals to protect their integrity and status. 6 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Key Performance Indicators Key Performance Indicators Profit before taxation '000 Earnings per share 285,269 323,702 319,965 303,448 404,243 0.38 0.32 0.31 0.30 0.28 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Return to shareholders Return on average equity 21% 23% 21% 22% 19% 24% 24% 21% 21% 18% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Net worth movement Underwriting margin 13% 13% 12% 11% 3% 8% 2% 2% 1% 1% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 For more information, visit www.genac.com 7 10-Year Financial Statistics 10-Year Financial Statistics Employee Count Policies in Force Gross Written Premiums Net Written Premiums Net Earned Premiums Claims Management Expenses Underwriting Profit Investment Income Profit Before Tax Profit After Tax Cash Dividends Investment Assets Insurance Reserves Shareholders’ Equity Market Share Gross Written Premiums Movement Loss Ratio Expense Ratio Underwriting Margin Investment Return Return on Average Equity Dividend Yield on Average Equity Increase in Net Worth Total Return to Shareholders 2016 91 2015 90 2014 78 2013 83 18,205 5,649,097 1,221,151 1,136,262 746,073 500,388 45,609 376,177 404,243 386,879 175,003 3,025,915 2,507,955 1,964,420 15% -8% 66% 9% 1% 13.1% 21% 9% 11% 19% 16,864 6,112,355 1,190,965 1,120,055 696,480 446,362 114,656 210,959 303,448 304,418 172,219 2,721,177 2,163,365 1,775,297 16% 21% 62% 7% 2% 8.0% 18% 10% 12% 22% 16,087 5,072,375 1,066,538 1,069,098 678,558 441,628 101,941 240,374 319,965 320,078 203,878 2,540,368 1,988,573 1,579,382 15% 13% 63% 9% 2% 9.8% 21% 13% 8% 21% 16,015 4,479,755 1,018,398 994,193 646,791 381,073 58,503 284,788 323,702 327,914 140,025 2,369,298 2,364,658 1,456,944 15% 18% 65% 9% 1% 13.7% 24% 10% 13% 24% 8 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 2012 77 2011 44 2010 69 2009 66 15,876 15,427 13,466 11,727 3,788,969 3,626,395 2,203,074 1,683,911 991,175 932,818 540,775 332,903 117,362 186,114 285,269 290,537 100,031 1,780,642 2,199,132 1,288,850 13% 4% 58% 9% 3% 866,513 819,490 420,142 300,592 161,589 1,015,010 1,341,478 1,284,816 90,925 1,602,732 2,042,511 1,140,743 13% 65% 51% 8% 4% 784,562 693,085 426,624 241,641 68,862 204,565 244,775 213,944 95,000 592,741 599,663 391,416 204,357 33,818 134,106 141,300 105,299 270,000 1,727,588 1,511,904 1,270,502 1,357,765 1,163,257 1,034,229 10% 31% 62% 11% 3% 7% 12% 65% 12% 2% 11.0% 61.0% 13.3% 10.2% 2008 64 11,187 1,504,687 434,117 356,433 360,568 169,613 (124,899) 288,007 142,810 149,018 - 1,265,838 1,100,096 1,157,244 7% 37% 101% 11% -8% 23.6% 2007 61 12,787 1,101,424 502,721 477,774 273,074 150,519 31,997 89,834 94,685 86,221 40,000 1,177,126 854,434 1,028,409 5% 40% 57% 14% 3% 7.6% For more information, visit www.genac.com 9 Chairman’s Report Chairman’s Report with its clients and a talented team. These fundamentals allow our business to perform in all operating conditions. More recently, we have developed new growth initiatives to build on this solid foundation which we expect to bring to market in 2017. Finally, I would like to express my gratitude to all those, both internally and externally who have contributed to us achieving another successful year. On behalf of the Board of Directors, P.B. Scott GENERAL ACCIDENT COMPLETES FIFTH YEAR AS A PUBLIC COMPANY General Accident navigated a challenging operating environment this year and produced an underwriting proﬁ t and solid returns on equity for our shareholders. Operating Performance In 2016, premium rates continued to plummet. In addition, the industry experienced major ﬁ re losses. Nevertheless, General Accident produced an underwriting proﬁ t of $45.6 million. We are proud to have now generated last ten years. underwriting proﬁ ts Underwriting proﬁ tability on a consistent basis is difﬁ cult and is a tribute to the expertise and discipline of our underwriting team. in nine of the Our investment ﬂ oat grew considerably last year standing at $3.0 billion compared to a prior year of $2.7 billion, an increase of 11%. Last year we earned a 14% return on our portfolio. These gains include a $149 million realized gain on the sale of listed equities which we consider non- recurring. Capital Management We are privileged to enjoy the support of some of largest and best capitalized reinsurers in the world. Their vast ﬁ nancial resources compliment our own capital base and allow us to serve thousands of customers and stand behind some of largest and most complicated risks in Jamaica. As a result of our underwriting and investment results, General Accident produced a 21% return on our average shareholders’ equity in 2016. Excluding the one time gains from the sale of our equities portfolio, our return on equity was 13%. In line with our dividend policy we returned $172 million to shareholders while still growing our net worth. Outlook In 2016, General Accident proved the resilience of our business. Despite falling premium prices, low interest rates and a busy non-catastrophe loss year for the industry General Accident was not only proﬁ table but produced strong returns on equity. Looking ahead, we expect the operating environment to remain challenging in the near term. However, historically both premium rates and interest rates have been cyclical. As a result over the long term we expect both to revert to long-term averages. This development would be highly beneﬁ ﬁ cal for our business. General Accident has a strong brand, deep relationships 10 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Developing responsible policy products with integrity lies at the heart of our business philosophy and we have made it a priority to develop and deliver products and services that promote the culture of good risk man- agement practices and protect our clients in the face of adversity. P.B. Scott Chairman General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 11 Notice Of The Annual General Meeting Notice Of The Annual General Meeting NOTICE OF THE ANNUAL GENERAL MEETING Dated this the 17th day of May 2017 By order of the Board. GENERAL ACCIDENT INSURANCE COMPANY JAMAICA LIMITED P.B. Scott NOTICE IS HEREBY GIVEN THAT the annual general meeting of General Accident Insurance Company Jamaica Limited (the “Company”) will be held at 10 am on June 21, 2017 at 58 Half Way Tree Road for shareholders to consider and, if thought ﬁ t, to pass the following resolutions: Ordinary Resolutions 1. To receive the report of the Board of Directors and the audited accounts of the Company for the ﬁ nancial year ended December 31, 2016. 2. To authorise the Board of Directors to re-appoint PwC as the auditors of the Company, and to ﬁ x their remuneration. 3. To re-appoint the following Directors of the Board, who have resigned by rotation in accordance with the Articles of Incorporation of the Company and, being eligible, have consented to act on re- appointment: (a) To re-appoint Jennifer Scott as a Director of the Board of the Company. (b) To re-appoint Nicholas Scott as a Director of the Board of the Company. (c) To re-appoint Nigel Clarke as a Director of the Board of the Company. 4. To authorise the Board of Directors to ﬁ x the remuneration of the Directors. 5. To approve the aggregate amount of interim dividends declared by the Board during the ﬁ nancial year ended 31st December 2016, being $175,003,125 or 16.97 cent per ordinary share, as the ﬁ nal dividend for that year. 12 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Directors’ Report Directors’ Report The Directors are pleased to present their report for General Accident Insurance Company Jamaica Limited for the ﬁ nancial year ended December 31, 2016. Financial Results The Statement of Comprehensive Income for the Company shows pre-tax proﬁ ts for the year of $404.2 million, taxation of $17.3 million and a net proﬁ t after tax of $386.9 million. Details of these results, along with a comparison with the previous year’s performance and the state of affairs of the Company are set out in the Management Discussion and Analysis and the Financial Statements which are included as part of this Annual Report. Directors The Directors of the Company as at December 31, 2016 are: P.B. Scott, Melanie Subratie, Sharon Donaldson, Ralph Thompson, Geoffrey Messado, Christopher Nakash, Jennifer Scott, Nicholas Scott, Nigel Clarke, Duncan Stewart and Mathew Lyn. The Directors to retire by rotation in accordance with the Articles of Incorporation are: Jennifer Scott, Nicholas Scott and Nigel Clarke but being eligible, will offer themselves for re-election. Auditors The auditors of the Company, Price waterhouse Coopers of Scotiabank Centre, Duke Street, Kingston, Jamaica have expressed their willingness to continue in ofﬁ ce. The Directors recommend their re- appointment. Dividend A dividend of $0.0727 per share paid on December 12, 2016 is proposed to be the ﬁ nal dividend in respect of the ﬁ nancial year ended December 31, 2016. On behalf of the Board of Directors, P.B. Scott For more information, visit www.genac.com 13 Our 2017 Strategic Priorities Our 2017 Strategic Priorities VALUE CREATION AND LONG TERM SUSTAINABILITY Our strategy drives how we conduct our business. We create value by using extensive risk knowledge and disciplined underwriting techniques to ensure that risks from private and business life are manageable for our customers and us. 1. Managing Our Business For Value Investment Position Our investment policy is geared towards proper asset liability needs and robust capital management that supports our business model. Our investment decisions are inﬂ uenced by cash ﬂ ow imperatives, currencies and inﬂ ation sensitivity of our underwriting liabilities. We try at all times to ensure that our capital base meets regulatory benchmarks. Distribution Channel We write business directly and through an extensive broker network. Our distribution partners are essential to our business model and our brokers are strategic drivers. Our broker partnerships provide a convenient mechanism for our customers to do business with us. Claims Service We strive to make our claims service meet our customers expectations so that our brokers and policyholders will want to insure with us rather than someone else. It is conventional wisdom that the claims department is the shop window of the insurance business and sometimes the window is not very attractive but when this is so we are more than happy to listen. We want to make sure that we give our brokers and insureds the kind of service they would like by being collaborative and technically sound, making our processes simple and effective. At the heart of our claims strategy is a culture that focuses on fairness, an interactive process and speed of turnaround time. We accept that one size does not ﬁ t all and the unit is so structured to ensure that the appropriate resources are available for different types of claims. 2. Building Supporting Capabilities Our Staff The efforts of our staff are crucial to our success and we take seriously our promise to deliver the best possible operational performance. Our staff is the single most important resource together with our ﬁ nancial capital. It is essential that we ﬁ nd the right people, retain them and keep them engaged and motivated while we instill a culture of excellence and opportunity. Training and development are crucial to us and we strive to create a working environment that promotes equality for all staff. We create value for our employees by investing in their capabilities and expertise so each may fulﬁ ll his or her potential. Risk Management Our business is subject to risks and uncertainties. We have developed a risk management framework to ensure that our risk proﬁ le remians aligned with our strategic objectives. Our operations are increasingly dependent on IT systems and management information. Disruption of our IT systems could impede our business operations in many ways that could negatively impact our proﬁ t objectives. We continually assess these threats as they evolve and adopt controls to mitigate them. We continue our investment in staff training and enhanced multi- layered controls in order to protect our information technology infrastructure. Regulatory capital adequacy is central to our continuity and our risk strategies are designed to ensure that we adhere to risk tolerance limits outlined in our framework. Risk management is an ongoing process that drives a culture from top management and our exposure is mitigated through traditional reinsurance and and a good spread of risks. 14 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Our 2017 Strategic Priorities Our 2017 Strategic Priorities 3. Grow Our Operational Earnings Proﬁ table Growth We believe that proﬁ table growth should be responsible growth. This approach guides our path and determines our strategic road map. Our business model begins with our customers’ needs, which informs our policy innovation, often times in collaboration with our business partners. Our growth initiatives remain: • Growth in value priced product lines and dividend. • Adhereance to best practices standards.We remain committed to best practices standards that drive a conservative risk proﬁ le based on our core philosophy of maintaining balance sheet strength, liquidity and capital adequacy. • Consistent improvements in operational efﬁ ciencies as we aim to deliver service that exceeds our clients and our business partners’ expectations through a cost effective platform. 4. Maintain Corporate Responsibility Our reputation is a long term asset that we zealously guard. We seek to protect this asset by constantly striving to build a sustainable entity that balances its own interests with those whom we serve. We are aware that good corporate governance promotes and support integrity and ethical conduct and so we are particularly attentive to the practice of sound coporate governace principles. The company is governed by a board of directors that provides oversight on a consitent basis. For more information, visit www.genac.com 15 Business Model Business Model We aim to be a leader in the insurance market providing a well-established brand that offers intelligent solutions that anticipate the needs of our clientele. Distribution Partners Sales General Accident Collection of Insurance Solutions A d v c e i Our Customers Government & Regulators n o i t a e r c e u a v t s u r T l Our Staff Our Shareholders Business Partners Our Business model is supported by sound ﬁ nancial management based on disciplined risk management and a policy geared towards meeting our liquidity and capital requirements. 16 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Management Discussion and Analysis Management Discussion and Analysis On the premium side, 2016 saw a reduction in total premium income year on year, the ﬁ rst in two decades. The property class saw a reduction of 12.7%; this was somewhat cushioned by good volume growth in all other signiﬁ cant lines of business resulting in an overall single digit shortfall of 8% below prior year’s performance. Insurance is our core business and where prices have reached unsustainable levels, we continue to stick to disciplined underwriting by withdrawing from unproﬁ table businesses causing gross premiums, as expected to contract slightly. Inspite of the challenging and competitive environment we remain committed to long term success rather than short term gains. Complementing our underwriting proﬁ t, Investment and other income amounted to $383.07 million compared to $221.04 million for 2015. One of the main drivers was the realization of fair value gains arising from the disposal of equity investments. The company saw an improvement in foreign currency gains year on year earning $49.42 million compared to $35.31. Invested assets grew by 8% from $2.38 billion to $2.56 billion due to a combination of acquisition and revaluation of foreign denominated invested assets. HIGHLIGHTS FOR THE YEAR Gross written premium 2016 2015 5.65 b 6.11 b Underwriting proﬁ t 45.60 m 114.65 m Investment and other income 383.07 m 221.4 m Net Proﬁ t before tax 404.24 m 303.45 m Equity at book value 1.96 b 1.78 b Financial Strength During the year under review the stock market continue to see growth with the result that the company’s market capitalization improved over prior year to $2.78 billion, an increase of 9% up from $2.55 billion, an indication of investor’s conﬁ dence. During 2016, we maintained our ﬁ nancial strength and we are pleased to present an improved balance sheet. Total assets of $4.9 billion increased by 11% up from $4.4 billion of prior year. Investment portfolio of $2.56 billion grew by 8%, up from $2.38 billion. Cash and cash equivalent were $1.08 billion compared to $1.0 billion in 2015. On the lilability side, Insurance liabilities were $2.79 billion due mainly to actuarial increases in our insurance For more information, visit www.genac.com 17 Sharon Donaldson Chief Executive Ofﬁ cer General Accident saw a year of robust performance combining proﬁ tability and solvency in a market characterized by a steep downward slide in prime rates that continued unabated for the greater part of 2016. This year’s proﬁ table results are especially heartening, considering a rather active year of non-cat losses, propelled mainly by our continued good fortunes in yet another year of benign catastrophe activities and an exceptionally good investment performance. Looking at 2016, the company wrote $5.65 billion of gross premiums, producing a net written premium of $1.22 billion and although a modest growth [ 3% over prior year] by our standard, we were still able to generate a 19.5% return on equity. On the investment side; we were able to generate 14.6% return on invested assets. FINANCIAL PERFORMANCE Proﬁ tability 2016 was yet another challenging year as the price levels of the insurance products trended downwards with the effect that proﬁ tability margins fell below expectations. The market continued to face increased competition from global players that produced a negative impact on rates. Against the backdrop of a difﬁ cult and competitive business environment, General Accident posted a net proﬁ t of $404.2 million compared to prior year $303.4 million. Notwithstanding a year of deteriorating loss experience we produced an underwriting proﬁ t, and this positive technical result is particularly gratifying in a year where the industry experienced major losses. Management Discussion and Analysis Management Discussion and Analysis reserves. The company continues to demonstrate careful use of capital across all divisions, generating a strong return on equity of 19%. Overall, free cash ﬂ ow for the year increased by 11% over prior year. Cash ﬂ ow from operating activities was $177.9 million compared to prior year $157.4 million. The improved variance being a result of signiﬁ cant improvements in cash collections. The positive net cash outﬂ ow from investing activities was $61.6 million arising from the timely disposals of a few major investments. Free cash ﬂ ow is the aggregate of cash ﬂ ows from operating activities less taxes deducted at source plus net cash from investing activities. Capital Position General Accident’s capital base remains fairly stable and is in compliance with the main capital adequacy and liquidity metrics prescribed by the Financial Services Commission that requires the company to maintain a minimum of 250% capital to risk weighted asset [MCT] and a liquidity ratio of 95%. At our reporting date the MCT ratio was 270% and our liquidity ratio 119%. We remain committed to maintaining adequate liquidity and capital positions as we continually balance the capital requirements of our shareholders, customers and regulator. We are pleased to report that we continue to enjoy the support of our reinsurance partners and we successfully renewed our 2017 treaty. Our combined ratio of 94%, although not as robust as prior year [2015 85%], remains encouragingly positive; an indication that we produce adequate premium income coverage for claims costs and overheads. In the main, we aim to keep the combined ratio as low as possible by employing disciplined underwriting and judicious claims management. Looking Forward General Accident expects the underlying proﬁ tability to continue despite the ongoing ﬁ erce competition in the market. We are conﬁ dent that our diversiﬁ ed investment portfolio is well positioned to provide a stable yield. Our success over the last 20 years is as a result of a clear vision. faced with Despite being increasingly competitive conditions and possible further rate softening, we will continue to look for growth opportunities. Our underwriters will continue to work diligently to ﬁ nd the best growth opportunities. We remain focused on efforts to use innovation to garner proﬁ table business and reduce overheads. Our 2017 strategy is a continuation of the new strategic direction we took in 2015 designed to produce greater personal lines coverage with wider business risk coverage. In the latter part of 2016 we moved into new unfamiliar market segments and we are pleased to report that we have somewhat outperformed our long-term expectations. We have strengthened our marketing team, added product capability, expanded our reach outside the corporate areas and strategically focused on building our newest product brand. Our goal for this brand is rather ambitious as we strive to create a preeminent specialized product that will complement our existing product line. We remain committed to providing double digit returns to our shareholders, despite the challenging operating conditions, by growing operating earnings and pursuing other income streams. Our track record of a decade of proﬁ table performance speaks for itself. We entered 2017 with great momentum and we believe that the planned improvements in our Information technology platform will continue to produce even greater operational efﬁ ciencies and signiﬁ cant savings. General Accident has remained resilient in the face of many challenges and has provided our shareholders with returns in excess of 11% for 18 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Management Discussion and Analysis Management Discussion and Analysis multiple years. We are on solid ﬁ nancial ground and with the help of our staff are well positioned to continue the success story. We work hard to attract the right talent and we are cognizant of our responsibility to provide a high morale-working environment. We continue to push our Internship programme, which has been very successful in attracting some of the country’s best graduate talents. Our strategy to create long-term value of sustained proﬁ tability combines clear portfolio choices supported by our business intelligence functions. Further, we assure you that we are ideally positioned to leverage changes in legislation to the beneﬁ t of all stakeholders. I would like to acknowledge the Board of Directors for providing such great insight, guidance and support to the management and staff. For the employees’ hard work over the past year, I say thank you. Your dedication and commitment are what make General Accident great. To our business partners, thank you for your continued support and involvement. You are important to our business. We will continue to work hard and make every effort to fulﬁ ll your expectations again in 2017. For more information, visit www.genac.com 19 Our Community Our Community We have that our recognised as a company responsibilities as a corporate citizen extends beyond the walls of our buildings. With the input from our staff, we were able to provide the much needed support to varied activities during 2016. Environment The environment is critical to our existence. Over the years, the awareness for a clean and wholesome environment has seen corporations and individuals increasing their involvement with associations that are committed to keeping the environment safe. This we endorse and as such continue to provide the Jamaica Environment Trust with ﬁ nancial as well as other resources necessary for them to operate effectively. Sports As we operate in the country of some of the world’s greatest athletes, we cannot help but to be involved in supporting the development of sports by providing sponsorship to various sporting activities. 20 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Our Community Our Community Other Support Recognising that if we team together we achieve more, on an annual basis our staff is involved in the main activities that are sponsored by other orgainisations. Every year we encourage our staff to build their own social responsibility proﬁ le and with our support they have actively participated in the Sigma Run and Relay For Life. SIMGA ANNUAL RUN & WALK General Accident’s Broker Services Manager, Careen Nolan makes a cheque presentation to the Chair of the National Child Month Committee Dr. Pauline Mullings. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 21 Governance Governance Good corporate governance promotes sustainable value for all our stakeholders. The Conduct Review Committee The conduct review committee has responsibility for oversight of and advice to the Board on policies and procedures to ensure that the company conducts its affairs responsibly and in keeping with our values and the broad requirements of the Regulator. The Audit Committee The committee has responsibility for the oversight and advice to the Board on all matters relating to ﬁ nancial reporting, internal controls and approach of ﬁ nancial reports to external bodies. Investment and Loan Committee The the Investment and Loan Committee has responsibility to drive the company’s investment strategy ensuring that all compliance requirements are met, inter alia, liquidity, quality and term of investments. Board Meeting and Committee Meeting We are pleased to report that our board and comittee meetings are supported by all members and meetings are well attended. Face to face committee meetings are held at least four times each year and more often if so warranted. Our corporate governance report describes the structure, rules and procedures that we believe are necessary for effective governance of the company’s affairs. General Accident is overseen by the Financial Services Commission and as a public interest entity we aim to establish and maintain strong corporate governance and risk management systems as well as effective internal controls that are appropriate for our business activities. Our corporate governance principles are incorporated in our corporate governance policies; reviewed annually to ensure continuing relevance and appropriateness. Board of Directors General Accident Board of Directors is responsible for determining the guiding principles of the compay’s business plans. The Board consists of eleven (11) members under the leadership of the chairman, Mr. Paul Scott, and is responsible for determining the overall strategy of the company and the supervision of senior management. Board members are elected by shareholders at the AGM. We recognize that the directors contribution is a key factor in our success and so board selection is carefully considered. Our Board consists of individuals with wide ranging relevant backgrounds, experience, skills and knowledge which creates a good balance. The Board beneﬁ ts from broad educational, professional and cultural backgrounds of its members, which collectively include ﬁ nancial services, engineering, accounting and manufacturing as well as legal and regulatory experience. Board’s Advisory Committees Board appointed committees are in place to provide guidance on all operational and strategic matters and make recommendations. There are four (4) such committees: - the Compensation Committee, the Conduct Review Committee, the Audit Committee and the Investment and Loan Committee. The Compensation Committee This committee is responsible for overseeing the decisions on the remuneration package and to ensure that it promotes a high performance culture and is aligned with our risk management principles. 22 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 General Accident Board General Accident Board P.B. Scott (appointed November 1998) Chairman Sharon Donaldson (appointed March 2008) Managing Director Mr. P.B. Scott is the Chairman and Chief Executive Ofﬁ cer of Musson Group and its principal shareholder. He also serves as Chairman of General Accident and Musson’s subsidiaries and afﬁ liates including Facey Group Ltd, T. Geddes Grant (Distributors) Ltd., Seprod, Eppley Ltd. and PBS Group Ltd. Mr. Scott also serves as a director of several other companies and organisations, including the development Bank of Jamaica (DBJ). He is a member of Electricity Sector Enterprise Team (ESET), Economic Programme Oversight Committee(EPOC) and director of American Inter-national School of Kingston (AISK). He is currently the Honorary Consul General in Jamaica for the Republic of Guatemala and is a keen sailor and is married to Jennifer an Attorney at Law. Together they have two children. In August 2016, he was elected President of the Private Sector Organisation of Jamaica. Sharon Donaldson is the Managing Director of the Company. She has been responsible for driving its recent growth in and for overseeing its prudent underwriting and risk management strategy. Ms. Donaldson has been with the Company for over 20 years, ﬁ rst joining as the Financial Controller in 1989 before becoming Managing Director in 2001. In addition to her responsibilities at the Company, Ms. Donaldson is a Director of Musson (Jamaica) Limited. Ms. Donaldson holds an LLB from the University of London, England, an M.B.A from University of Wales. She is a Chartered Accountant, a fellow member of the Institute of Chartered Accounts of Jamaica and an attorney at law. Melanie Subratie (appointed March 2002) Deputy Chairman Melanie Subratie is the Deputy Chairman of the Company. She is an honours graduate of the London School of Economics, and is currently the chairman of Transaction Epins Limited, Productive Business Solutions (Jamaica) Limited, Musson Foundation and Seprod Foundation. She is the Vice Chairman of Musson (Jamaica) Limited. She serves on all the boards of the subsideries of the musson group. Mrs Subratie return to Jamaica over ten years ago, after working the Financial Services Division of Deloitte & Touche, U.K. She also worked for startup political news service DeHavilland. Dr. Nigel L. Clarke (appointed August 2011) Non Executive Director Dr. Clarke is Deputy Chairman and Chief Financial Ofﬁ cer of the Musson Group of Companies and serves on the Board of Directors of all Musson companies including, General Accident, Facey Group, T. Ged- des Grant and their subsidiaries, among other group companies. In addition he is Chairman of Eppley Limited and Deputy Chairman of the PBS Group. Dr. Clarke is a member of the Executive Committee of the Board of Seprod and sits on the Board of Directors of all its subsidiary companies. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 23 General Accident Board General Accident Board Geoffrey Messado (appointed May 2001) Non Executive Director Jennifer Scott (appointed December 2009) Non Executive Director Geoffrey Messado is a non-executive Director of the Company and is Chairman of the Audit Committee of the Board. Mr. Messado is also the Financial Controller of the Musson Group, and he serves as a director of certain subsidiaries and afﬁ liated companies. He also serves as Chairman of Mapco Printers Limited and as a director of Edgechem(Jamaica) Limited, the Coffee Industry Board, Clarendon DistillersLimited, Spirits Pool Association and Caribbean Molasses Company (Jamaica) Limited. Mr. Messado is a Chartered Accountant, FCA, FCAA, ATII. He is also the Past President of the Jamaica Ex- porters Association. Jennifer Scott is a non-executive Director of the Board of the Company. Mrs. Scott holds a B.Sc.(Hons) in Psychology from Newcastle University, United Kingdom. She later gained a Graduate Diploma in Legal Studies from Keele University, UK, the Certiﬁ cate of Legal Practice from the College of Law, London and was admitted as a Solicitor of Supreme Court of England and Wales. She attended Norman Manley Law School, and was admitted as an Attorney-at-Law of the Supreme Court of Jamaica. She is a member of the legal practice of Clinton Hart & Co., Attorneys-at-Law. Nicholas A. Scott (appointed July 2011) Non Executive Director Dr. Ralph Thompson, C.D. (appointed January 1993) Non Executive Director Nicholas Scott is a non-executive Director of the Company. Mr. Scott is the Chief Investment Ofﬁ cer of the Investment and Financial Services businesses of the Musson Group. He is also a Director of Sperod Limited. He returned to Jamaica in 2009 after working as a private equity investor and investment banker at the Blackstone Group and Morgan Stanley in New York and Brazil. Mr. Scott holds a B.Sc. in Economics (Magna Cum Laude) from the Wharton School at the University of Pennsylvania, an M.B.A (Beta Gamma Sigma) from Columbia Business School and a M.P.A. from the Harvard Kennedy School of Government. Dr. Ralph Thompson is a non-executive Director of the Company. He is also the Chairman of the Conduct Review Committee of the Board. Dr. Thompson was formally the Managing Director of C.D. Alexander Realty Company Limited and was formerly the Chief Executive Ofﬁ cer of Seprod Limited. He serves as a director of several entities within the Musson Group including Musson (Jamaica) Limited and T. Geddes Grant Limited. Dr. Thompson is also a former member of the New York Bar. 24 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 General Accident Board General Accident Board Duncan Stewart (appointed August 2011) Independent Non Executive Director Christopher Nakash (appointed December 2006) Independent Non Executive Director Christopher Nakash is an independent non-executive Director of the Board of the Company. Mr. Nakash brings to the Board his management experience, gained as Chief Executive Ofﬁ cer of Nakash Construction & Equipment Limited. In the past, Mr. Nakash also served as General Manager of Netstream Global (2003 to 2008), and he was also a founding member and Director of the Riverton Improvement Association and Intelligent Multimedia Limited. Mr. Nakash holds a BBA from University of New Brunswick, Canada. Duncan Stewart is an independent non-executive Director of the Company. Mr. Stewart is the Gen- eral Manager of Stewart Motors Limited and is also involved in related family businesses Stewart’s Auto Sales Limited and its afﬁ liated companies, Stewart’s Auto Paints Limited, Tropic Island Traing Company Limited and Silver Star Motors Limited. Mr. Stewart joined as a third generation member after graduating from McGill University with a B.Eng. (Mech). Mr. Stewart is also a director of the Automobile Dealers Association and the Richard and Diana Stewart Foundation. He is also a sponsor of the fam- ily charity, Kind Hearts, which is run by his children and their cousins. Mr. Stewart is a past National Rally Champion. Matthew Lyn (appointed July 2015) Non Executive Director Matthew Lyn is an independent non-executive Director of the Board of the Company. Mr. Lyn is the Chief Operating Ofﬁ cer of CB Group. Mr. Lyn is a past student of Campion College and holds a Bachelor of Business Administration (Accounting) from Emory University. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 25 Leadership Team Leadership Team Maureen Hall General Manager Ms. Maureen Hall is the General Manager of the Company with direct responsibility for the Claims and Underwriting Departments. Ms. Hall has been with the Company for over 20 years. She joined the Company in 1989 as Credit Controller, was appointed Marketing and Customer Service Manager in January 1991 and later Claims Manager in June 1994. She was promoted to General Manager in 2006. Ms. Hall has also held executive posts at Kingston Terminal Operators Limited and Allied Insur¬ance Brokers Limited. She also served as Coach of Jamaica’s National Netball Team for many years and remains a member of the sport’s international coaching committee. Ms. Hall holds a B. Ed (Hons) degree from the University of Sussex, England, as well as a Diploma in Mass Communication from the University of the West Indies, and a M.B.A from Manchester, Univer- sity England. Ms. Hall is also an associate member of the Chartered Insurance Institute (UK) Cheryll Henry Human Resources & Facilities Manager Ms. Cheryll Henry is the Human Resources and Facilities Manager of the Company. Ms. Henry has been with the Company for over 15 years. She joined the Company in 1996 as an Administrative Supervisor and, notably, within a 10 year period she rotated through every division, and was also appointed Operations Manager of Orrett & Musson Investment Company Limited, a former subsidiary of the Company. Ms. Henry holds a Bachelors degree in Management Studies from the University of the West Indies and a Diploma in Human Resource Management from the Institute of Management & Production. 26 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Leadership Team Leadership Team Gregory St Hugh Foster Chief Financial Ofﬁ cer. Mr. Gregory Foster is the Chief Financial Offer with responsibility for leading the ﬁ nance, accounting and treasury function. Mr. Foster joined the Company in August 2014 after 8 years at PricewaterhouseCoopers where he held the position of an Assistant Manager in their Audit and Assurance De-partment. He has accumulated over seven years of experience in providing audit services to a wide spectrum of clients, including government/public sector, ﬁ nancial services, and manufacturing and distribution. Mr. Foster is also part-time lecturer at Richmond Academy (an ACCA gold approved learning center. Mr. Foster obtained his ACCA professional qualiﬁ cation in 2006 and is also a member of Institute of Chartered Accountants of Jamaica (ICAJ). Douglas Hayden Information Technology Manager Mr. Douglas Hayden join the company in December 2014. He came to us with over twenty years of experience in the Information Technology discipline, twelve of those years being at the management level. He holds a Bachelor’s degree in Computer Science from Florida International University, a diploma in Information Technology from the University of Technology and several professional certiﬁ cations including Information Technology Infrastructure Library (ITIL v3). General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 27 Leadership Team Leadership Team Janette Cole Smith Compliance Manager Mrs. Janette Cole Smith is the Compliance and Operations Ofﬁ cer of the Company. She rejoined the Company in January 2014. She has over 20 years of experience as a senior manager in the ﬁ nance and insurance industry. Her last post was as the AVP of Operations at Proven Wealth Ltd. Mrs. Cole Smith is a Chartered Accountant and a fellow member of the Institute of Chartered Accountants of Jamaica. Andrea Muir Gibbs Underwriting Manager Mrs. Andrea Muir-Gibbs joined the company in 2013. She is the Underwriting Manager in charge of Underwriting. Mrs. Muir-Gibbs has over 15 years of experi¬ence in the insurance industry. She is a Chartered Insurer and a member of the Chartered Insurance Institute (UK). 28 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Leadership Team Leadership Team Tracey-Ann Thompson Operations Manager Miss Tracey-Ann Thompson joined the company in 2008. She is the Operations Manager for Underwrit- ing Department of the Company. Miss Thompson has over 7 years of experience in the insurance industry. She is the holder of a Bachelor of Science Degree in Banking and Finance and is currently pursuing a Master of Science Degree in Enterprise Risk Man- agement and is a Certiﬁ ed Insurance Technician from the College of Insurance Professional Studies. Joseyane Nevers Claims Manager Miss Joseyane Nevers joined the company in 2009. She is the Assistant Claims Manager for the Claims Department of the Company. Miss Nevers has over 7 years of experi¬ence in the insurance industry. She is the holder of a Bachelor of Science Degree in Marketing and International Business and a LLB and holds certiﬁ cates in Property, Motor and Liability Insurance form the College of Insurance Professional Studies. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 29 Leadership Team Leadership Team Careen Nolan Broker Services Manager Ms. Careen Nolan began her insurance career with General Accident in January 1992, where she worked in the Underwriting department and held various post, the last being Underwriting Su- pervisor when she resigned in June 1996. She re- turned in 2007, as the Underwriting Manager and worked brieﬂ y with the company for two years, un- til she decided to follow other career aspirations. In January 2017, Miss Nolan rejoined the company and she was appointed Broker Services Manager. She brings to her new position a wealth of knowledge in Risk Management. Careen has a Bachelor of Science Degree in Computing with Management Studies from the University of Technology and she has a MBA in General Management. Janille Jarrett Underwriting Manager AutoSmart Business Unit Mrs. Janille Jarrett joined General Accident in May 16, 2005, and she has worked in the Customer Service, Underwriting and Broker Services departments. She advanced through the ranks and held the position of Underwriting Supervisor up to August 2015, when she migrated. She re-joined us in July 2016 and was appointed Underwriting Manager -AutoSMART, which is a specialized insurance business unit within General Accident. 30 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Leadership Team Leadership Team Tanya Thomas Busniess Intelligence Manager Miss Tanya Thomas joined the Company in July 30, 2012 as a Data Analyst and in April 2015 she was promoted to Senior Data Analyst. She has prior experience in the ﬁ eld of management, having been employed for four years as an Administrative Manager with Quick Signs Ltd. She is the holder of a Bachelor of Science Degree in Computing with Management Studies. For more information, visit www.genac.com 31 Corporate Data Corporate Data Chairman Deputy Chair Managing Director DIRECTORS: P.B. Scott Melanie Subratie Sharon Donaldson Ralph Thompson Geoffrey Messado Jennifer Scott Christopher Nakash Nicholas Scott Nigel Clarke Duncan Stewart Matthew Lyn CORPORATE SECRETARY: Geoffrey Messado APPOINTED ACTUARY: Josh Worsham, FCAS, MAAA AUDITORS: PricewaterhouseCoopers BANKERS: First Caribbean International Bank ATTORNEYS: DunnCox Kingston, Jamaica W.I. REGISTERED OFFICE: 58 Half Way Tree Road Telephone: (876) 929-2451 Fax: (876)929-1074 Email: info@genac.com Website: www.genac.com REGISTRAR: Jamaica Central Securities Depository 32 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Disclosure of Shareholdings Disclosure of Shareholdings Shareholdings of Top 10 Shareholders Shareholders Shares Percentage 1. Musson Jamaica Limited 824,999,989 80.00 2. Mayberry West Indies Limited 3. Apex Pharmacy 4. JCSD Trustee Services Ltd. Sigma Venture 5. Mayberry Managed Client Account 6. Lloyd Badal 7. First Caribbean Int’l Sec. Ltd. A/C B.U.T 8. Lancedale Farquharson 9. Sagicor Pooled Equity Fund 10. P.A.M Ltd – Pooled Pension Equity Fund 36,562,279 11,588,279 9,121,759 6,963,288 6,232,040 5,029,666 4,571,693 4,251,700 4,128,000 3.54 1.12 0.88 0.67 0.60 0.49 0.44 0.41 0.40 Shareholdings of Directors Director P.B. Scott Nigel Clarke Melanie Subratie Sharon Donaldson Duncan Stewart Nicholas Scott Christopher Nakash Geoffrey Messado Ralph Thompson Jennifer Scott Matthew Lyn Direct Nil 2,475,248 Nil 3,450,198 2,475,190 1,980,198 1,698,020 1,000,000 Nil Nil Nil Connected 824,999.989 Nill 824,999.989 177,758 Nill Nill Nill Nill Nill Nill General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 For more information, visit www.genac.com 33 Disclosure of Shareholdings Disclosure of Shareholdings Shareholdings of the Management Team Manager Maureen Hall Cheryll Henry Gregory Foster Tracey-Ann Thompson Janielle Jarrett Douglas Hayden Andrea Muir Gibbs Janette Cole-Smith Tanya Thomas Joseyane Nevers Careen Nolan Stock Trading Direct 2,362,000 1,980,198 350,000 50,000 25,000 Nil Nil Nil Nil Nil Nil Connected 38,000 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil General Accident’s ordinary shares traded on the Jamaica Stock Exchange (JSE) under the symbol GENAC. Quarterly high and low closing market of the stock in 2016 were as follows: Quarters Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 High $3.00 $2.05 $2.40 $3.00 Low $3.00 $2.00 $2.25 $2.80 34 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016 Appendices Appendices General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2016- For more information, visit www.genac.com 35 Notes For more information, visit www.genac.com Notes For more information, visit www.genac.com Form Of Proxy Form Of Proxy “ I/We _____________________________________________________________(insert name)of _________________________________ ________________________________(address) being a shareholder(s) of the above-named Company, hereby appont:________________________________________________________________(proxy name) of ____________________________ _________________________________________(address) or failing him, ___________________________________________________.. ____________________________(alternate proxy) of _____________________________________________________________________ _______________________________________________________________(address) as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held at 10 am on June 21, 2017, at 58 Half Way Tree Road and at any adjournment thereof . I desire this form to be used for/ against the resolutions as follows (unless directed the proxy will vote as he sees ﬁ t): No. Resolution details Vote for or against (tick as appropriate) ORDINARY RESOLUTIONS 1. To receive the report of the Board of Directors and the audited accounts of the Company for the year ended December 31, 2016. 2. To authorise the Board of Directors to re-appoint PwC as the Auditors of the Company and to ﬁ x their remuneration. For Against For Against To re-appoint the following Directors of the Board, who have resigned by rotation in accordance with the Articles of Incorporation of the Company and, being eligible, have consented to act on re-appointment. 3.(a) To re-appoint Jennifer Scott a Director of the Board of the Company.. 3.(b) To re-appoint Nicholas Scott as a Director of the Board of the Company. For Against 3.(c) To re-appoint Nigel Clarke as a Director of the Board of the Company. 4(a) To authorise the Board of Directors to ﬁ x the remuneration of the Directors. 5. To approve the aggregate amount of interim dividends declared by the Board during the ﬁ nancial year ended 31st December 2016, being $175,003,125 or 16.97 cent per ordinary share, as the ﬁ nal dividend for that year. For Against For Against For Against For Against Signed this day of 2017: Signed: _____________________________________ (signature of primary shareholder) Signed: _____________________________________ (signature of joint shareholder, if any) Name: _____________________________________ (print name of primary shareholder) Name: _____________________________________ (print name of joint shareholder, if any)

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