Building on Solid Foundation
Annual Report 2016
Annual Report 2016
BENEFITS
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Dependable Coverage
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Long Term Financial Strength
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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.
(cid:18)(cid:75)(cid:69)(cid:94)(cid:47)(cid:94)(cid:100)(cid:28)(cid:69)(cid:100)(cid:3)(cid:94)(cid:44)(cid:4)(cid:90)(cid:28)(cid:44)(cid:75)(cid:62)(cid:24)(cid:28)(cid:90)(cid:3)(cid:24)(cid:47)(cid:115)(cid:47)(cid:24)(cid:28)(cid:69)(cid:24)(cid:3)
(cid:24)(cid:349)(cid:448)(cid:349)(cid:282)(cid:286)(cid:374)(cid:282)(cid:3)(cid:258)(cid:400)(cid:3)(cid:393)(cid:286)(cid:396)(cid:272)(cid:286)(cid:374)(cid:410)(cid:258)(cid:336)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)(cid:393)(cid:396)(cid:381)(cid:296)(cid:349)(cid:410)
(cid:24)(cid:349)(cid:448)(cid:349)(cid:282)(cid:286)(cid:374)(cid:282)(cid:3)(cid:393)(cid:286)(cid:396)(cid:3)(cid:94)(cid:346)(cid:258)(cid:396)(cid:286)
(cid:1010)(cid:1008)(cid:1081)
(cid:1009)(cid:1011)(cid:1081)
(cid:1008)(cid:1007)(cid:1081)
(cid:936)(cid:1004)(cid:856)(cid:1005)(cid:1008)(cid:3)
(cid:936)(cid:1004)(cid:856)(cid:1006)(cid:1004)(cid:3)
(cid:936)(cid:1004)(cid:856)(cid:1005)(cid:1011)(cid:3)
(cid:1008)(cid:1009)(cid:1081)
(cid:936)(cid:1004)(cid:856)(cid:1005)(cid:1011)(cid:3)
(cid:1006)(cid:1004)(cid:1005)(cid:1007)
(cid:1006)(cid:1004)(cid:1005)(cid:1008)
(cid:1006)(cid:1004)(cid:1005)(cid:1009)
(cid:1006)(cid:1004)(cid:1005)(cid:1010)
We are quite proud of the impressive shareholder’s value creation record developed over the past four (4) years.
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)