General Accident offers products that help our customers to manage risk and exposure.
ABOUT US
Our Purpose
We are a well-established general insurance company offering
a wide range of innovative, affordable risk transfer solutions.
Through these products, we provide financial protection and
peace of mind to individuals, families and businesses and
play a vital part in building a thriving national economy.
General Accident strives to deliver quality service to our
customers and in so doing deliver sustainable profits to our
shareholders. We are committed to good corporate citizenship
and the support and development of our employees.
How We Measure Our Performance
We track our progress by using a variety of financial and
non-financial key performance indicators led by our Business
Intelligence Unit, which guides and monitors our response to
the changing regulatory and operating environment.
Our Annual Report is presented in two 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.
2. Governance and Financial Report
The Corporate Governance and Financial Report contains
corporate governance information, committee reports, risk
mitigation procedures and our Audited Financial Statements
and Notes.
Our Location
We are headquartered at 58 Half-Way Tree Road, Kingston
10, Jamaica. We also service clients island-wide through an
extensive network of professional insurance brokers, agents
and branch at Unit #8 Summit Business Centre, Fairview,
Montego Bay.
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.
TABLE OF CONTENTS
6
7
8
11
12
14
16
18
19
20
22
23
27
28
30
32
39
46
47
49
Who we are
We are strong
Financial highlights
We create value for our shareholders
Key performance indicators
10-Year financial statistics
Chairman’s report
Notice of the annual general meeting
Directors’ report
Our strategic priorities
Business model
Management discussion and analysis
Corporate social responsibilty
Corporate governance
Risk management
The Board of directors
Management team
Company profile
Disclosure of shareholdings
Financial statements
Proxy form
WHO WE ARE
WE ARE STRONG
19%
31,752
131
Market
Capitalization
Shareholders
(Dec. 31, 2018)
Market
Share
Polices in
Force
Employed
(Dec. 31, 2018)
3.65B
1,062
26,632
Policyholders
6• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
$8.7
Billion
in GROSS
WRITTEN
PREMIUM
$7.1
Billion
in TOTAL
ASSETS
$353
Million
in PROFIT
BEFORE TAX
$175
Million
in
INVESTMENT
INCOME
19%
31,752
131
Market
Capitalization
Shareholders
(Dec. 31, 2018)
Market
Share
Polices in
Force
Employed
(Dec. 31, 2018)
3.65B
1,062
26,632
Policyholders
WE ARE STRONG
$8.7
Billion
in GROSS
WRITTEN
PREMIUM
$7.1
Billion
in TOTAL
ASSETS
$353
Million
in PROFIT
BEFORE TAX
$175
Million
in
INVESTMENT
INCOME
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•7
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS cont’d
PREMIUM MOVEMENT OVER FIVE YEARS
0.26
0.23
0.21
0.13
2014
2015
2016
2017
2018
(0.08)
LOSS RATIO OVER FIVE YEARS
63%
62%
66%
82%
63%
2014
2015
2016
2017
2018
8• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
COMBINED RATIOS
2018
2017
2016
2015
2014
-21%
63%
49%
91%
-22%
82%
43%
103%
-14%
66%
44%
96%
-12%
62%
40%
90%
-14%
63%
41%
90%
-40%
-20%
-0%
20%
40%
60%
80%
100%
120%
INCURRED LOSSES
EARNED EPENSE RATIO
COMMISSION PAID
PREMIUM MOVEMENT OVER FIVE YEARS
0.26
0.23
0.21
0.13
2014
2015
2016
2017
2018
(0.08)
LOSS RATIO OVER FIVE YEARS
63%
62%
66%
82%
63%
2014
2015
2016
2017
2018
FINANCIAL HIGHLIGHTS cont’d
COMBINED RATIOS
2018
2017
2016
2015
2014
-21%
63%
49%
91%
-22%
82%
43%
103%
-14%
66%
44%
96%
-12%
62%
40%
90%
-14%
63%
41%
90%
-40%
-20%
-0%
20%
40%
60%
80%
100%
120%
INCURRED LOSSES
EARNED EPENSE RATIO
COMMISSION PAID
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•9
FINANCIAL HIGHLIGHTS cont’d
WE CREATE VALUE FOR OUR SHAREHOLDERS
Consistent Shareholder Dividend
Dividend as percentage of profit
Dividend per Share
62%
48%
54%
57%
52%
68%
$0.20
$0.14
$0.17
$0.17
$0.15
$0.19
2013
2014
2015
2016
2017
2018
General Accident offers a wide range of product lines 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 the most. We provide an opportunity for
professionals to protect their integrity and status.
10• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
WE CREATE VALUE FOR OUR SHAREHOLDERS
Consistent Shareholder Dividend
Dividend as percentage of profit
Dividend per Share
62%
48%
54%
57%
52%
68%
$0.20
$0.14
$0.17
$0.17
$0.15
$0.19
2013
2014
2015
2016
2017
2018
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•11
KEY PERFORMANCE INDICATORS
HEADING
Profit Before Taxation ‘000
Earnings per Share
Net Worth Movement
Return on Average Equity
404,243
352,569
0.38
0.28
319,965
303,448
0.31
0.30
236,077
0.21
20%
20%
17%
14%
11%
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
12%
11%
8%
6%
-1%
Return on Shareholders
Underwriting Margin
21%
21%
19%
9%
14%
2014
2015
2016
2017
2018
10%
10%
11%
4%
2014
2015
2016
2018
2017
-3%
12• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•12
Profit Before Taxation ‘000
Earnings per Share
Net Worth Movement
Return on Average Equity
404,243
352,569
0.38
0.28
319,965
303,448
0.31
0.30
236,077
0.21
12%
11%
8%
6%
20%
20%
17%
14%
11%
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
-1%
Return on Shareholders
Underwriting Margin
21%
21%
19%
9%
14%
2014
2015
2016
2017
2018
10%
10%
11%
4%
2014
2015
2016
2018
2017
-3%
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•13
10-YEAR FINANCIAL STATISTICS
2018
$'000
2017
$'000
2016
$'000
Gross Written Premiums
Net Written Premiums
Net Earned Premiums
Claims Expenses
Management Expenses
Underwriting Profit/(Loss)
Investment Income
Profit Before Tax
Profit After Tax
Cash Dividends
Investment Assets
Insurance Reserves
Shareholder’s Equity
8,735,797
1,862,294
1,630,430
1,023,022
794,061
174,768
174,675
352,569
285,370
150,047
3,340,001
3,975,949
2,056,612
7,106,254 5,649,097
1,221,151
1,459,344
1,136,262
1,329,900
746,073
1,087,590
500,388
572,287
45,609
(35,532)
328,382
236,077
221,236
328,762
404,243
386,879
2015
$'000
6,112,355
1,190,965
1,120,055
696,480
446,362
114,656
210,959
303,448
304,418
2014
$'000
2013
$'000
2012
$'000
2011
2010
$'000
$'000
5,072,375 4,479,755 3,788,969 3,626,395 2,203,074
1,066,538 1,018,398
1,069,098
693,085
784,562
819,490
932,818
994,193
866,513
991,175
2009
$'000
1,683,911
592,741
599,663
678,558
441,628
101,941
646,791
540,775
420,142
426,624
391,416
381,073
332,903
300,592
241,641
204,357
58,503
117,362
161,589
68,862
240,374
284,788
186,114
1,015,010
204,565
319,965
323,702
285,269
1,341,478
244,775
320,078
327,914
290,537
1,284,816
213,944
172,219
175,003
200,001
2,721,177
3,116,686 3,025,915
3,192,778 2,507,955 2,163,365
1,775,297
1,937,771 1,964,420
203,878
140,025
100,031
90,925
95,000
270,000
2,540,368 2,369,298 1,780,642 1,602,732
1,988,573 2,364,658
1,579,382 1,456,944 1,288,850 1,140,743 1,270,502 1,034,229
1,727,588 1,357,765
2,042,511
2,199,132
1,511,904
1,163,257
Ratios & Other Information
Employee
Policies In Force
Market Share
Gross Written Premiums Movement
Loss Ratio
Expense Ratio
Underwriting Margin
Investment Return
Return On Average Equity
Dividend Yield On Average Equity
Net Worth Movement
Total Return To Shareholders
2018
131
31,403
19%
2017
111
24,000
17%
2016
91
18,205
15%
23%
63%
9%
11%
5%
14%
7%
6%
14%
26%
82%
8%
-3%
11%
11%
10%
-1%
9%
-8%
66%
9%
4%
11%
21%
9%
11%
19%
2015
90
16,864
16%
21%
62%
7%
10%
8%
18%
10%
12%
22%
16,087
16,015
15,876
15,427
13,466
2014
78
15%
13%
63%
9%
10%
10%
21%
13%
8%
21%
2013
83
15%
18%
65%
9%
6%
14%
24%
10%
13%
24%
2012
77
13%
4%
58%
9%
13%
11%
24%
8%
13%
22%
2011
44
13%
65%
51%
8%
20%
61%
107%
8%
13%
-3%
2010
69
10%
31%
62%
11%
10%
13%
19%
8%
13%
32%
14• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
33,818
134,106
141,300
105,299
2009
66
11,727
7%
12%
65%
12%
6%
10%
10%
25%
13%
13%
Gross Written Premiums
Net Written Premiums
Net Earned Premiums
Claims Expenses
Management Expenses
Underwriting Profit/(Loss)
Ratios & Other Information
Investment Income
Profit Before Tax
Profit After Tax
Cash Dividends
Investment Assets
Insurance Reserves
Shareholder’s Equity
Employee
Policies In Force
Market Share
Loss Ratio
Expense Ratio
Underwriting Margin
Investment Return
Return On Average Equity
Dividend Yield On Average Equity
Net Worth Movement
Total Return To Shareholders
Gross Written Premiums Movement
2018
$'000
2017
$'000
2016
$'000
8,735,797
7,106,254 5,649,097
1,862,294
1,459,344
1,221,151
1,630,430
1,329,900
1,136,262
1,023,022
1,087,590
746,073
794,061
572,287
500,388
174,768
(35,532)
45,609
174,675
328,382
328,762
352,569
236,077
404,243
285,370
221,236
386,879
2015
$'000
6,112,355
1,190,965
1,120,055
696,480
446,362
114,656
210,959
303,448
304,418
150,047
3,340,001
3,975,949
2,056,612
175,003
200,001
3,116,686 3,025,915
172,219
2,721,177
3,192,778 2,507,955 2,163,365
1,775,297
1,937,771 1,964,420
31,403
24,000
18,205
2018
131
19%
23%
63%
9%
11%
5%
14%
7%
6%
14%
2017
111
17%
26%
82%
8%
-3%
11%
11%
10%
-1%
9%
2016
91
15%
-8%
66%
9%
4%
11%
21%
9%
11%
19%
2015
90
16,864
16%
21%
62%
7%
10%
8%
18%
10%
12%
22%
2014
$'000
2013
$'000
2012
$'000
2011
$'000
2010
$'000
5,072,375 4,479,755 3,788,969 3,626,395 2,203,074
784,562
991,175
1,066,538 1,018,398
693,085
932,818
994,193
1,069,098
426,624
540,775
646,791
678,558
241,641
332,903
381,073
441,628
68,862
117,362
58,503
101,941
866,513
819,490
420,142
300,592
161,589
240,374
319,965
320,078
284,788
323,702
327,914
186,114
285,269
290,537
1,015,010
1,341,478
1,284,816
204,565
244,775
213,944
2009
$'000
1,683,911
592,741
599,663
391,416
204,357
33,818
134,106
141,300
105,299
100,031
140,025
203,878
270,000
90,925
1,727,588 1,357,765
2,540,368 2,369,298 1,780,642 1,602,732
1,163,257
1,511,904
2,199,132 2,042,511
1,988,573 2,364,658
1,579,382 1,456,944 1,288,850 1,140,743 1,270,502 1,034,229
95,000
2014
78
16,087
15%
13%
63%
9%
10%
10%
21%
13%
8%
21%
2013
83
16,015
15%
18%
65%
9%
6%
14%
24%
10%
13%
24%
2012
77
15,876
13%
4%
58%
9%
13%
11%
24%
8%
13%
22%
2011
44
15,427
13%
65%
51%
8%
20%
61%
107%
8%
13%
-3%
2010
69
13,466
10%
31%
62%
11%
10%
13%
19%
8%
13%
32%
2009
66
11,727
7%
12%
65%
12%
6%
10%
10%
25%
13%
13%
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•15
Paul B. Scott
Chairman
CHAIRMAN’S REPORT
2018 was the first year of our “Call to Action” Five-Year Strategic Plan.
General Accident had another successful year; one that delivered
strong results and successfully combined profitability and solvency.
We expanded our sphere of influence outside the corporate
area into other parts of the island and our motor portfolio in
particular showed encouraging growth.
We will continue to reward your investment in General Accident
by making consistent dividends to shareholders.
We are focused on using digital transformation to provide our
customers with better and more efficient solutions for their
insurance needs.
We have the financial strength to expand through organic growth
and by acquisition, should suitable opportunities present themselves.
OUTLOOK
We are confident that our management team will continue to
deliver improved results in 2019, based on settled strategies. While
we build digital competence, we are reducing the complexity of
internal processes. This is a positive push factor for profitability.
We continue to seek innovation in the products we offer to build
client satisfaction and steady growth.
As always, I would like to express my gratitude to our policyholders,
brokers, reinsurers, management team and board of directors
for their continued support. Thanks to the significant pool of
expertise offered by our staff.
We look towards the future with optimism.
Paul B. Scott
CHAIRMAN
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•17
NOTICE OF ANNUAL GENERAL MEETING
General Accident Insurance Company Jamaica Limited
NOTICE IS HEREBY GIVEN THAT the Annual General
Meeting of General Accident Insurance Company
Jamaica Limited (the “Company”) will be held at
9:00 am on September 11, 2019 at 58 Half Way
Tree Road, Kingston 10, for shareholders to consider
and, if thought fit, 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 financial year ended December 31, 2018.
2. To authorize the Board of Directors to reappoint
PricewaterhouseCoopers as the auditors of the
Company and to fix 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
reappointment:
(a) To reappoint P.B. Scott, Director of the Board
of the Company.
(b) To reappoint Melanie Subratie, Director of the
Board of the Company.
(c) To reappoint Christopher Nakash, Director of
the Board of the Company.
4. To authorize the Board of Directors to fix the
remuneration of the Directors.
5. To approve the aggregate amount of interim
dividends declared by the Board during the
financial years ended December 2018 being
$150 million or 14.55 cents per ordinary share,
as the final dividend for that year.
Dated this 30th day of April 2019 by Order of
the Board.
18•
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
DIRECTORS’ REPORT
The Directors are pleased to present their report
for General Accident Insurance Company (Jamaica)
Limited for the financial year ended December
31, 2018.
FINANCIAL RESULTS
The Statement of Comprehensive Income for the
Company shows pre-tax profits for the year of
$352.6 Million, taxation of $67.2 Million, and a net
profit after tax of $285.4 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,
2018 were P.B. Scott, Melanie Subratie, Sharon
Donaldson, Geoffrey Messado, Christopher Nakash,
Jennifer Scott, Nicholas Scott, Duncan Stewart,
Matthew Lyn, Brian Jardim and Gregory Foster.
The Directors to retire by rotation in accordance
with the Article of Incorporation are: P.B. Scott,
Melanie Subratie and Christopher Nakash.
AUDITORS
The auditors of the company, PricewaterhouseCoopers
of Scotiabank Centre, Duke Street, Kingston, Jamaica
have expressed their willingness to continue in office.
The Directors recommend their reappointment.
DIVIDEND
A dividend of 14.55 cents per share payable on
January 8, 2019, is proposed to be the final dividend
in respect of the financial year ended December
31, 2018.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•19
OUR STRATEGIC PRIORITIES
VALUE CREATION AND LONG-TERM SUSTAINABILITY
Risk confronts all economic activity. General Accident
creates value for individuals and businesses by
providing a range of risk transfer mechanisms,
facilitating robust commercial activity and protecting
the assets of companies and people by reducing risk
and uncertainty. We create value by our knowledge
of risk assessment and management, and solid
insurance underwriting techniques. When risk is
managed appropriately by countries, corporations
and families, long-term sustainability of economic
health is safe-guarded.
an opportunity to reinforce the trust of our clients
and producers and build customer loyalty.
ROBUST RISK MANAGEMENT
Insurance cover reduces risk and uncertainty. We rely
on our risk management framework to ensure that
our risk tolerance limits are adhered to, particularly
regarding reinsurance support, risk spread, through
a series of multi-layered controls. Regulatory capital
adequacy is central to our continuity, and our
risk strategies are designed to ensure that legal
requirements are met or exceeded.
SOUND INVESTMENT DECISIONS
BUILDING SUPPORTING CAPACITY – OUR STAFF
Our investment policy is geared towards building a
strong, growing balance sheet, by stringent asset/
liability management and ensuring capital adequacy.
Our investment decisions are influenced by cash
flow imperatives, potential currency volatility and
the inflation sensitivity of our underwriting liabilities.
We target the optimal mix of investments to provide
adequate returns for shareholders, while meeting
all regulatory requirements.
ISLANDWIDE DISTRIBUTION CHANNELS
We write business directly and through an extensive
broker and agent network. Our distribution partners
are essential to our business model and we regard
our producers as strategic drivers of our success,
providing convenience and professional guidance
to our customers.
FAST, FAIR CLAIMS SETTLEMENT
We believe the true test of an insurance policy
is when a claim is made. We endeavour to meet
our customers’ expectations for fair, flexible and
accessible claims service by simple processes and
fast turnaround times. We see claims handling as
Our staff complement is the one of our most
important resources. We are committed to recruiting,
training and keeping the right people, providing
them with a culture of excellence and opportunity.
We create value for our employees by investing in
their capabilities and potential through training
and development programmes.
UTILIZING INFORMATION TECHNOLOGY
Technology is central to our business, delivering a
core competitive advantage that drives long-term
value by enhancing our clients’ experience, driving
efficiency and creating new opportunities. Our
products and skills are available to our customers
online, in person or on the phone and we ensure
that our customers get the same high-quality service
no matter how they approach us. We are investing
in technology to ensure we have the best and most
secure systems in place for claims, payments and
renewals, as well to build greater cost-effectiveness
and efficiency. Expanding use of data analytics
allows us to build agility in the face of changing
market trends and ensure data-driven decisions.
20• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
INCREASE OPERATIONAL EARNINGS
We believe that profitable growth should be responsible
growth, with due regard paid to profitable and sustainable
premium rates. Our business model begins with our
customers’ needs, which informs product innovation in
collaboration with our business partners and producers.
Our growth initiatives remain:
• Growth in value-priced and profitable product lines
• Payment of dividends to shareholders
• Steady strengthening of our balance sheet, liquidity
base and capital to provide the essential foundation
for growth
• Consistent improvements in operational efficiencies,
as we aim to deliver service that exceeds our clients’
and our business partners’ expectations.
MAINTAIN CORPORATE SOCIAL RESPONSIBILITY
We regard our good reputation as a critical long-term
asset, which is based on the underlying insurance
principle of utmost good faith. With the consistent
guidance and expertise of our Board of Directors,
we seek to:
• Provide a productive and fairly-compensated
work environment for our staff, including a range
of incentives for excellent performance
• Establish best practice benchmarks to guide service
delivery of our products
• Operate a successful corporate social responsibility
programme which involves our staff in outreach
efforts to support education, under-served children
and the natural environment
• Ensure all we do is grounded in high standards of
integrity and ethical conduct
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•21
BUSINESS MODEL
Sales
General
Accident
Collection of
Insurance
Solutions
Distribution
Partners
Advice
Risk Transfer
Risk Solutions
Our
Customers
Government &
Regulators
n
o
i
t
a
e
r
C
e
u
l
a
V
d
n
a
t
s
u
r
T
Our Staff
Our Shareholders
Business Partners
Although the business model remains fundamentally
customer centric, the emergence of the new models
that focus on a digital customer centric journey,
that makes it easier to do business, is now a critical
factor for our business model.
This has pushed us to remodel our clients’ interactions
with an enhanced digitization that demands new
distribution channels. We aim to deploy as far as
possible, bearing in mind regulatory limitations,
technology based insurance solutions in the long term.
Our ambition is to be the best general insurer as
measured by our customers, employees, investors
and the communities in which we live and work.
Our business model is founded on the values of
all our stakeholders.
22• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Sales
General
Accident
Collection of
Insurance
Solutions
Distribution
Partners
Advice
Risk Transfer
Risk Solutions
Our
Customers
Government &
Regulators
n
o
i
t
a
e
r
C
e
u
l
a
V
d
n
a
t
s
u
r
T
Our Staff
Our Shareholders
Business Partners
MANAGEMENT DISCUSSION
& ANALYSIS
FINANCIAL HIGHLIGHTS
2018 was a good year for General Accident; we achieved
strong financial results and improved profitability. We
increased our profit before tax by 49% to $353.0
million; grew net written premiums by 28% to $1.862
billion, and produced an improved combined ratio.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•23
Particulars2018$ billion2017$ billionTotal RevenueUnderwriting Profit (Loss)Investment IncomeProfit Before TaxReturn on Equity8.7350.1750.1750.3537.100(0.355)0.3280.23611%14%2018$ billion2017$ billionNet Premiums EarnedClaims CostNet CommissionOperating ExpensesUnderwriting Result1.630(1.023)0.3610.7941.330(1.09)0.2940.572(0.035)0.17520182017Investment IncomeRealized Gain on Disposal of InvestmentFair value gainsOther Investment gains/(losses)million164.9-9.8million173.5151.9 3.0(25.8)47.0302.6221.7ActualRequiredMCT/%211.6Liquidity/%9995200.8SHAREHOLDERSBOARDCHIEF EXECUTIVEOFFICERSENIOR EXECUTIVE & LEADERSHIP TEAMCONDUCT REVIEWCOMMITTEEAUDIT COMMITTEEINVESTMENT & LOANCOMMITTEECOMPENSATIONCOMMITTEEGRAND TOTAL8,735,7977,106,25423%Engineering307,9065,366,253930,7772,130,860434,5394,213,143922,2651,536,304(29%)27%1%39%PropertyMisc. ClassesMotorGROWTHDEPT CLASSGROSS PREMIUMDEC 2018 $’000GROSS PREMIUMDEC 2017 $’000Total
MANAGEMENT DISCUSSION & ANALYSIS cont’d
MANAGEMENT DISCUSSION & ANALYSIS cont’d
REVENUE SUMMARY
Premium income met and exceeded targets.
Volume growth was especially strong in the
AutoSmart products, driven mainly by increased
visibility of the AutoSmart brand achieved
through the advertising campaign launched
in early 2018.
Gross premium of $8.7 billion increased by 23%
over prior year; earned commission of $361.0
million outpaced prior year by 23%. This highly
satisfactory outcome occurred despite high
levels of competition in the property market.
New business grew by 30% over prior year.
Although property rates declined in the second half of 2018, we were able to selectively exploit business opportunities
that offered adequate margins.
Overall, we adhered to our aggressive but profit-oriented underwriting policy.
OPERATING EXPENSES
Operating expenses increased over prior year due largely to the
advertising campaign but the expense ratio of 8.7% compared
favourably with the performance of our competitors.
UNDERWRITING RESULTS
The improvement in our technical results is
partly due to a higher premium income and a
reduction in claims incurred cost. This positive
development in claims outcome was partly
attributable to the effects of a targeted approach
to settle or close long outstanding matters.
We also experienced significant improvements
in recovery from third parties in the second
half of the year.
The combined ratio, which reflects the relation
of claims cost to net earned premiums, was
91%, an improvement over the prior year
position of 103.0%
INVESTMENT INCOME
Owing to the ongoing low reinvestment yield
and low market interest rates in the year under
review, yields on new investments was lower
than last year, generating income well below
prior year performance.
Return on investment amounted to 7% compared
to prior year performance of 11%.
24• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Particulars2018$ billion2017$ billionTotal RevenueUnderwriting Profit (Loss)Investment IncomeProfit Before TaxReturn on Equity8.7350.1750.1750.3537.100(0.355)0.3280.23611%14%2018$ billion2017$ billionNet Premiums EarnedClaims CostNet CommissionOperating ExpensesUnderwriting Result1.630(1.023)0.3610.7941.330(1.09)0.2940.572(0.035)0.17520182017Investment IncomeRealized Gain on Disposal of InvestmentFair value gainsOther Investment gains/(losses)million164.9-9.8million173.5151.9 3.0(25.8)47.0302.6221.7ActualRequiredMCT/%211.6Liquidity/%9995200.8SHAREHOLDERSBOARDCHIEF EXECUTIVEOFFICERSENIOR EXECUTIVE & LEADERSHIP TEAMCONDUCT REVIEWCOMMITTEEAUDIT COMMITTEEINVESTMENT & LOANCOMMITTEECOMPENSATIONCOMMITTEEGRAND TOTAL8,735,7977,106,25423%Engineering307,9065,366,253930,7772,130,860434,5394,213,143922,2651,536,304(29%)27%1%39%PropertyMisc. ClassesMotorGROWTHDEPT CLASSGROSS PREMIUMDEC 2018 $’000GROSS PREMIUMDEC 2017 $’000TotalParticulars2018$ billion2017$ billionTotal RevenueUnderwriting Profit (Loss)Investment IncomeProfit Before TaxReturn on Equity8.7350.1750.1750.3537.100(0.355)0.3280.23611%14%2018$ billion2017$ billionNet Premiums EarnedClaims CostNet CommissionOperating ExpensesUnderwriting Result1.630(1.023)0.3610.7941.330(1.09)0.2940.572(0.035)0.17520182017Investment IncomeRealized Gain on Disposal of InvestmentFair value gainsOther Investment gains/(losses)million164.9-9.8million173.5151.9 3.0(25.8)47.0302.6221.7ActualRequiredMCT/%211.6Liquidity/%9995200.8SHAREHOLDERSBOARDCHIEF EXECUTIVEOFFICERSENIOR EXECUTIVE & LEADERSHIP TEAMCONDUCT REVIEWCOMMITTEEAUDIT COMMITTEEINVESTMENT & LOANCOMMITTEECOMPENSATIONCOMMITTEEGRAND TOTAL8,735,7977,106,25423%Engineering307,9065,366,253930,7772,130,860434,5394,213,143922,2651,536,304(29%)27%1%39%PropertyMisc. ClassesMotorGROWTHDEPT CLASSGROSS PREMIUMDEC 2018 $’000GROSS PREMIUMDEC 2017 $’000Total MANAGEMENT DISCUSSION & ANALYSIS cont’d
Investment Result
FINANCIAL STRENGTH
For 2018, the company generated Profit after Tax of
$285.4 million, compared to $221.2 million for the
prior year.
Shareholders’ equity increased to $2.1 billion, up from
$1.9 billion.
Earnings Per Share [EPS] of $0.28 improved slightly
over prior year $0.21. The number of shareholders
increased, an indication of shareholder confidence.
Total assets of $7.1 billion increased by 24% up from
$6.7 billion last year.
Market capitalization improved over prior year to $3.6
billion, an increase of 26% over prior year at $2.9 million.
CAPITAL POSITION
We continue to manage our capital to ensure that we
meet all applicable regulatory standards. We aim to
achieve a level of financial strength that will enable us
to take advantage of profitable growth opportunities.
We are happy to report that we met all regulatory
capital and liquidity requirements for 2018.
LOOKING AHEAD
For 2019, we anticipate premium income growth
upwards of 15% over prior year. The key drivers are
expected to be the excellent relationship we continue
to enjoy with our producers, the expansion of existing
client relationships, as well as seeking any profitable
opportunities.
We expect the 2019 combined ratio to be around 90%
of net earned premium. An accurate forecast is not
possible due largely to the volatility of our damage
and injury claims.
If the average claims ratio for 2018 holds in 2019, we
project the technical results to be somewhat better
than the year under review.
For our investments, we expect to generate slightly lower
yields on regular fixed income interest securities. With
the projected growth in premium, however, we want to
incrementally increase our diversified portfolio and we
are committed to pursuing profitable new investments.
We are investing heavily in digital transformation. We
now have in place a dedicated unit that is mandated to
capture and analyse data that will drive our business
strategy and enhance our core business.
Management is committed to building on the strategy
implemented in 2018. We will continue to focus on strong
brand development, reasonable levels of diversification,
a robust capital shield and a managed risk appetite.
To achieve our strategic goals, we must ensure that
we have the right team and tools in place. With this
in mind, we will maintain our focus on innovation,
managing the talents of our staff complement and
leveraging our group’s diversity.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•25
Particulars2018$ billion2017$ billionTotal RevenueUnderwriting Profit (Loss)Investment IncomeProfit Before TaxReturn on Equity8.7350.1750.1750.3537.100(0.355)0.3280.23611%14%2018$ billion2017$ billionNet Premiums EarnedClaims CostNet CommissionOperating ExpensesUnderwriting Result1.630(1.023)0.3610.7941.330(1.09)0.2940.572(0.035)0.17520182017Investment IncomeRealized Gain on Disposal of InvestmentFair value gainsOther Investment gains/(losses)million164.9-9.8million173.5151.9 3.0(25.8)47.0302.6221.7ActualRequiredMCT/%211.6Liquidity/%9995200.8SHAREHOLDERSBOARDCHIEF EXECUTIVEOFFICERSENIOR EXECUTIVE & LEADERSHIP TEAMCONDUCT REVIEWCOMMITTEEAUDIT COMMITTEEINVESTMENT & LOANCOMMITTEECOMPENSATIONCOMMITTEEGRAND TOTAL8,735,7977,106,25423%Engineering307,9065,366,253930,7772,130,860434,5394,213,143922,2651,536,304(29%)27%1%39%PropertyMisc. ClassesMotorGROWTHDEPT CLASSGROSS PREMIUMDEC 2018 $’000GROSS PREMIUMDEC 2017 $’000TotalParticulars2018$ billion2017$ billionTotal RevenueUnderwriting Profit (Loss)Investment IncomeProfit Before TaxReturn on Equity8.7350.1750.1750.3537.100(0.355)0.3280.23611%14%2018$ billion2017$ billionNet Premiums EarnedClaims CostNet CommissionOperating ExpensesUnderwriting Result1.630(1.023)0.3610.7941.330(1.09)0.2940.572(0.035)0.17520182017Investment IncomeRealized Gain on Disposal of InvestmentFair value gainsOther Investment gains/(losses)million164.9-9.8million173.5151.9 3.0(25.8)47.0302.6221.7ActualRequiredMCT/%211.6Liquidity/%9995200.8SHAREHOLDERSBOARDCHIEF EXECUTIVEOFFICERSENIOR EXECUTIVE & LEADERSHIP TEAMCONDUCT REVIEWCOMMITTEEAUDIT COMMITTEEINVESTMENT & LOANCOMMITTEECOMPENSATIONCOMMITTEEGRAND TOTAL8,735,7977,106,25423%Engineering307,9065,366,253930,7772,130,860434,5394,213,143922,2651,536,304(29%)27%1%39%PropertyMisc. ClassesMotorGROWTHDEPT CLASSGROSS PREMIUMDEC 2018 $’000GROSS PREMIUMDEC 2017 $’000Total CORPORATE SOCIAL RESPONSIBILITY
I am confident of our team’s capabilities
and their commitment to the future of
our company. In 2018 we launched
the “Bee the Difference” campaign to
promote growth and career development
of our staff. With strong human
resources leadership, we believe we
are able to guide and encourage the
progress of our staff.
Although the economic environment
is challenging, and interest rates
are expected to remain low, we are
convinced that the strategy set in 2018
is the right one and we are committed
to delivering on our promises to all
our stakeholders.
I would like to thank the General Accident
team for their stellar performance
and the Board for their guidance
and support.
Sharon Donaldson
MANAGING DIRECTOR
26• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
CORPORATE SOCIAL RESPONSIBILITY
learning, we support employees who wish to pursue
a degree or certificate from an accredited university,
college or professional association, by providing
financial support for tuition and textbooks, as well
as time off to study for exams. For employees who
require a professional license as part of their job
responsibilities, General Accident covers the training
and license costs.
General Accident Insurance Co. Ja. Ltd. conducts
its business with a strong dedication to ethical and
responsible practices. Throughout our organization
we are cognizant of the positive and negative impact
we can have on the natural environment and our
communities. Each day we endeavour to minimise waste
and reduce resource consumption, while we enhance
positive impacts in terms of employee benefits, social
welfare and community engagement.
We believe there can be no sustainable profitability if
we do not take care of the social and environmental
footprint left by our business. We are committed to
care for people’s well-being and we are proud of the
work being done by our employees to give back to
our communities. We strive to provide them with the
encouragement and resources needed to support a
diverse range of initiatives.
Community Support
We support organizations working to build strong
and resilient communities. We believe we have the
responsibility to make a positive difference in the
communities in which we live and work, recognizing
that when communities thrive, individuals and
businesses benefit. A key priority for us in this area
is investing in health, well-being and education as
a future pathway to community prosperity. In 2018
General Accident contributed to and participated in
several charitable initiatives including the Jamaica
Cancer Society Relay for Life, Sigma Run, Colour
Me Happy Run and Mobay City Run.
As a leading Jamaican insurer we take our role in
creating economic, social and environmental value
seriously. Through our commitments to customers,
employees, communities and the environment, we
aim to create a better future for our employees,
customers and Jamaica.
Employee Engagement
We strive to create a work environment where employees
feel committed and inspired to give their best every
day, ensuring their own success along with that of
the company. We believe one of the best investments
we can make is in our people. We provide employees
with the tools, training and opportunities they need
to reach their full potential, preparing them for future
experiences and career opportunities. As part of our
commitment to employment development and lifelong
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•27
THE AUDIT COMMITTEE
The Audit Committee is comprised of three non-executive
directors and one executive director.
This committee has responsibility for the oversight of all
matters relating to financial reporting, internal controls
and approval of financial reports to be circulated to all
regulatory bodies.
The Audit Committee meets at least five times a year.
Members of the Audit Committee are:
Mr. Geoffrey Messado – Chairman, Mr. Christopher Nakash,
Mr. Duncan Stewart, Mr. Brian Jardim, Mr. Gregory Foster
and Mr. Matthew Lyn.
INVESTMENT AND LOAN COMMITTEE
The Investment and Loan Committee is comprised of
three non-executive directors and one executive director.
The committee has the responsibility to oversee and drive
the company’s investment strategy, ensuring that all due
diligence requirements are met, inter alia, liquidity, risk
levels and term of investments.
The committee meets at least four times a year. Members
of the Committee are:
Mrs. Melanie Subratie – Chairman,
Ms. Sharon Donaldson – Managing Director, Mr. Christopher
Nakash, Mr. Duncan Stewart, Mr. Matthew Lyn and
Mr. Brian Jardim
CORPORATE GOVERNANCE
General Accident is particularly attentive to cutting-
edge corporate governance principles. We review
our governance policies annually to ensure relevance
and utility. Our Board of Directors and executive
committees are diverse, with regards to tenure,
gender, professional background and experience.
We select Board members based on desirable skill
and experience that will contribute to the overall
success of the company.
Good corporate governance enables General
Accident to create sustainable value for the benefit
of its shareholders, customers, employees and
other stakeholders.
The Board of Directors has overall responsibility
for the strategic direction and management of the
company. The Board is comprised of eleven members:
a non-executive Chairman, seven non-executive
directors and three executive directors. The Board of
Directors is supported by the work of four high-level
executive committees, which examine and deliberate
a range on proposals to attain strategic outcomes.
The Board generally meets five times a year.
THE COMPENSATION COMMITTEE
The Compensation Committee is responsible for
overseeing decisions on remuneration for Board
members and senior managers, in order to promote a
high-performance culture aligned with risk management
principles. The Compensation Committee meets
once per year. Members of the Remuneration
Committee are:
Mr. Paul Scott – Chairman, Ms. Sharon Donaldson
and Mr. Gregory Foster.
THE CONDUCT REVIEW COMMITTEE
The Conduct Review Committee is comprised of four
directors. This committee has responsibility for review
and oversight of our policies and procedures to
ensure that General Accident conducts its affairs in
keeping with our values and regulatory requirements.
The committee meets at least three times a year.
Members of the Conduct Review Committee are:
Mr. Christopher Nakash – Chairman, Mr. Duncan
Stewart, Mr. Brian Jardim, Mr. Gregory Foster and
Mr. Matthew Lyn.
28• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Corporate Governance Structure
SHAREHOLDERS
BOARD
CHIEF EXECUTIVE
OFFICER
SENIOR EXECUTIVE & LEADERSHIP TEAM
AUDIT COMMITTEE
CONDUCT REVIEW
COMMITTEE
COMPENSATION
COMMITTEE
INVESTMENT & LOAN
COMMITTEE
Corporate Governance Structure
SHAREHOLDERS
BOARD
AUDIT COMMITTEE
CONDUCT REVIEW
COMMITTEE
COMPENSATION
COMMITTEE
INVESTMENT & LOAN
COMMITTEE
CHIEF EXECUTIVE
OFFICER
SENIOR EXECUTIVE & LEADERSHIP TEAM
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•29
RISK MANAGEMENT
General Accident is regulated by the Financial
Services Commission (FSC) and the FSC operates a
risk-based approach to supervision. The Company
has a Board-approved risk management framework,
which identifies risk appetite and the major risk
outcomes that pose a threat to the achievement
of the company’s strategic objectives.
The entire management team has been engaged in a
risk management exercise to identify and rank risks
associated with main operational processes. Risks are
monitored monthly and reported under a number of
headings which, together with our mitigation approach,
are set out below:
Type of Risk
Risk Detail
Approach
Underwriting Risk
Adverse claims
development
Inadequate premiums
•
•
•
•
Prudent reserving practice/policy for
individual claims
Broker IBNR practice
Rigorous selection criteria for each risk
Clear and disciplined underwriting
philosophy
Effective diversification of risks
•
• Well-structured reinsurance
Liquidity Risk
The risk of insufficient cash
flows to meet settlement
obligations as they fall due.
Operational Risk
The risk of failure of internal
processes and systems and
loss of or inadequate human
resources.
Regulatory Capital
The risk of not meeting
regulatory benchmarks
Market Risk
The risk of losses on our
investment portfolio arising
from fluctuations in the
market value of underlying
investments
•
•
•
•
•
•
•
programme.
The use of cash flow forecasting to manage
future cash requirements
Sufficient liquid assets are maintained to
ensure that there are adequate funds to meet
all obligations even at short notice
Internal processes are frequently reviewed
and tested to determine vulnerability and
corrected as required.
Staff training and building of organizational
capacity is an ongoing process.
Frequent modeling of the company’s capital
components to ensure transaction decisions
are made in such a way to avoid a drag on
capital ratio
The company has a well-defined investment
strategy that is clearly communicated to all
members of the investment committee. This
is regularly reviewed and is consistent with
the prudent person principle.
A diversified portfolio lies at the heart of our
investment strategy and investments’
duration and currency are so determined to
avoid any mismatch of assets and liabilities
whilst earning the maximum return at an
acceptable level of risk.
Credit Risk
The risk arising from the likely
default by counterparties.
•
Review of solvency requirements of each
major counterparty.
30• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
THE RISK COMMITTEE
The Risk Committee is responsible for examining
major risks faced by the company for both assets
and liabilities and reviewing tools for monitoring
and controlling such risks, using outside risk experts
when necessary. The committee examines the main
technical and financial underwriting commitments,
claims reserving, risk concentration, counterparty,
liquidity and operational risks, as well as relevant
charges in the regulatory environment.
The Risk Committee is comprised of seven
members and is chaired by a member of the
Senior Management team. It meets at least four
times a year.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•31
HEADING
THE BOARD OF DIRECTORS
THE BOARD OF DIRECTORS
Paul B. Scott
(appointed November 1998)
Chairman
PB Scott is the Chairman, CEO and principal shareholder of
the Musson Group.
He joined the group in 1994 and became CEO in 2004. In 2009
he was appointed chairman of the board. He is responsible for
the strategic direction, performance and overall operations of
the Musson Group and all of its subsidiaries including the Facey
Group, PBS Group, Seprod, T. Geddes Grant Distributors ltd.
and General Accident Insurance Company ltd. among others.
In addition to his responsibilities at Musson he serves on
many public boards and commissions. He is a trustee of the
American International School of Jamaica and currently is
Chairman of the Development Bank of Jamaica (DBJ). He is a
past President of the Private Sector Organization of Jamaica.
Melanie Subratie
(appointed March 2002)
Deputy Chairman
Melanie Subratie is Chairman and CEO of Stanley Motta
Ltd, a company Listed on the Jamaica Stock Exchange,
responsible for developing over 230k sq. ft. Of real estate
from concept to completed construction, to a fully tenanted
technology park.
She is Vice Chairman of Musson (Ja.) Ltd and a director
on all its subsidiaries, in addition to being Vice Chairman
of Eppley Ltd. And sits on the executive of Seprod Group
of Companies and all of its subsidiary boards. Melanie
chairs the Audit Committee for both Productive Business
Solutions Ltd and Seprod Ltd.
She is Chairman of Seprod Foundation, Musson Foundation,
a founder and Chairperson of Jamaica Girls Coding
and Chairman to RISE Life Management. A number of
her foundation projects have included a major focus on
developing technology and coding skills for Jamaican
youth. Melanie is a keen Angel investor and sits on the
Boards of LoanCirrus, Bookfusion, and is a board member
of First Angels itself. She sits on the Boards of Bustamante
Children’s Hospital and the National Museum of Jamaica.
She is currently working to set up Jamaica’s first large
scale skatepark.
Melanie is fourth Vice President of the Jamaica chamber
of Commerce, and is the current Chair of the Legislation,
Regulation and Process Improvement Committee.
Melanie is an honors graduate of the London School of
Economics and worked for a political newswire start up
and as a Consultant in the Financial Services Division of
Deloitte and Touch in London before returning to Jamaica.
Melanie is mother to three (3) girls.
34• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Sharon Donaldson
(appointed March 2008)
Managing Director
Sharon Donaldson is the Managing Director of the Company.
She has been responsible for driving its recent growth
and for overseeing its prudent underwriting and risk
management strategy.
Ms. Donaldson has been with the Company for over 20
years, first 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, and M.B.A from University of Wales. She is
a Chartered Accountant, a member of the Institute of
Chartered Accounts of Jamaica and an attorney at law.
Geoffrey Messado
(appointed May 2001)
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 Company Secretary of the Musson
Group, and he serves as a director of certain subsidiaries
and affiliated companies. He also serves as Chairman of
Mapco Printers Limited and Devon House Development and
as a director of Edgechem(Jamaica) Limited, Spirits Pool
Association, KRB Lea Jamaica Rums Limited , Ciboney Group
Limited and the Jamaica Agricultural Development Foundation.
Mr. Messado is a Chartered Accountant, FCA, FCAA, ATII
and a Justice of the Peace for St. Andrew.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•35
Nicholas A. Scott
(appointed July 2011)
Non Executive Director
Nicholas Scott is a non-executive Director of the company
and the Chief Investment Officer for the Musson Group.
He also serves as the Managing Director of Eppley Limited
and as a director of many of the Musson subsidiaries and
affiliates including Seprod.
He returned to Jamaica in 2009 after working as a private
equity investor and investment banker at the Blackstone
Group in New York and Brazil.
Mr. Scott Holds a BSc. 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.
Jennifer Scott
(appointed December 2009)
Non Executive Director
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, a Graduate
Diploma in Legal Studies from Keele University, UK, and
Certificate of Legal Practice from the College of Law,
London. She 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 in 2014. She is a consultant at Clinton Hart &
Co., Attorneys-at-Law specialising in the areas of financial
securities and corporate law.
36• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Nicholas Scott is a non-executive Director of the company
and the Chief Investment Officer for the Musson Group.
He also serves as the Managing Director of Eppley Limited
and as a director of many of the Musson subsidiaries and
affiliates including Seprod.
He returned to Jamaica in 2009 after working as a private
equity investor and investment banker at the Blackstone
Group in New York and Brazil.
Mr. Scott Holds a BSc. 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.
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, a Graduate
Diploma in Legal Studies from Keele University, UK, and
Certificate of Legal Practice from the College of Law,
London. She 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 in 2014. She is a consultant at Clinton Hart &
Co., Attorneys-at-Law specialising in the areas of financial
securities and corporate law.
Duncan Stewart
(appointed August 2011)
Independent Non Executive Director
Duncan Stewart is one of the family leaders of Stewart’s
Auto Sales Ltd. and its affiliated companies, Stewart’s
Auto Paints Ltd., Tropic Island Trading Co. Ltd. and Silver
Star Motors Ltd.
He joined his family’s business as a 3rd generation member
in 1985 after graduating with a B. Eng (Mech) degree from
McGill University. He learned the business by working his
way through the ranks, learning and following the family’s
culture of service.
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 Officer
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.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•37
Matthew Lyn
(appointed July 2015)
Independent Non Executive Director
Matthew Lyn is an independent non-executive Director of
the Board of the company.
Mr Lyn is the Chief Operating Officer of the CB Group and
its related companies, including CB Foods Ltd., Newport
Mills Ltd. and Imagination Farms Ltd.
He holds a B.B.A from the Goizuetta Business School at
Emory University.
Brian Jardim
(appointed August 2017)
Independent Non Executive Director
Brain Jardim is the founder and CEO of Rainforest Seafoods
Ltd. The leading seafood harvester, processor and distributor
in the Caribbean.
He joined the board of General Accident Insurance Company
in 2017 as an independent director.
Mr. Jardim currently serve as a director on the Board of
the Jamaica Observer, We Care for Cornwall Regional
Hospital, Industrial Chemical Company among others.
He is a Certified Public Accountant (CPA), a graduate
of the University of Florida where he obtained a MSc. in
Financial Accounting and a BSc. in Business Administration
as well as a Diploma in Business Administration from
Ryerson University.
38• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Gregory St. Hugh Foster
(appointed April 2018)
Executive Director
Gregory Foster is the Chief Operations Officer with responsibility
for the Motor division and oversight of the finance, 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 Department. He has accumulated over seven
years of experience in providing audit services to a wide
spectrum of clients, including government/public sector,
financial 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 qualification
in 2006 and is also a member of Institute of Chartered
Accountants of Jamaica (ICAJ).
Matthew Lyn is an independent non-executive Director of
the Board of the company.
Mr Lyn is the Chief Operating Officer of the CB Group and
its related companies, including CB Foods Ltd., Newport
Mills Ltd. and Imagination Farms Ltd.
He holds a B.B.A from the Goizuetta Business School at
Emory University.
Brain Jardim is the founder and CEO of Rainforest Seafoods
Ltd. The leading seafood harvester, processor and distributor
in the Caribbean.
He joined the board of General Accident Insurance Company
in 2017 as an independent director.
Mr. Jardim currently serve as a director on the Board of
the Jamaica Observer, We Care for Cornwall Regional
Hospital, Industrial Chemical Company among others.
He is a Certified Public Accountant (CPA), a graduate
of the University of Florida where he obtained a MSc. in
Financial Accounting and a BSc. in Business Administration
as well as a Diploma in Business Administration from
Ryerson University.
MANAGEMENT TEAM
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•40
Careen Nolan
Senior Underwriting Manager
Careen 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
Supervisor when she resigned in June 1996. She returned
in 2007, as the Underwriting Manager and worked briefly
with the company for two years, until 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 an MBA in General Management.
Andrea Muir Gibbs
Broker Services Manager
Andrea joined the company in 2013. She is responsible
for managing the relationship with our Broking partners
and corporate clients. Mrs. Muir-Gibbs has over 15 years
of experience in the insurance industry.
She is a Chartered Insurer and a member of the Chartered
Insurance Institute (UK).
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•41
Jamalda Stanford-Brown
Business Development Officer
Jamalda joined General Accident in January 2018 as the
Business Development Officer.
She brings to the position a wealth of knowledge in the areas
of auditing, risk and reinsurance having worked in finance
and insurance in the international reinsurance market.
Jamalda has a Bachelor of Science Degree in Economics
and Accounting from the University of the West Indies,
she is a Certified Public Accountant, a Chartered Property
and Casualty Underwriter and holds an Associate Degree
in Reinsurance.
Lesley Miller
Chief Information Officer
Lesley joined General Accident in 2006 and held various
positions in the Technology department. She held the
position Senior I.T. Analyst with responsibility for the
I.T. department until her resignation to join Digicel in
November 2011.
Lesley spent six years at Digicel in various senior roles
where she continued to develop her skills in management
and strategy development while innovating and developing
new market opportunities.
Lesley rejoined General Accident in January 2018 as
Chief Information Officer. She brings to the role a wealth
of knowledge in IT Service Management, product and
process innovation. As CIO, Lesley’s focus is on a complete
customer experience digital transformation by leveraging
cutting-edge analytics and technologies.
She holds a B.Sc. in Computing & Information Technology
from the University of Technology Jamaica and an
MBA in Banking & Finance from the University of the
West Indies. Lesley is a certified Project Management
Professional (PMP).
42• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Jamalda joined General Accident in January 2018 as the
Business Development Officer.
She brings to the position a wealth of knowledge in the areas
of auditing, risk and reinsurance having worked in finance
and insurance in the international reinsurance market.
Jamalda has a Bachelor of Science Degree in Economics
and Accounting from the University of the West Indies,
she is a Certified Public Accountant, a Chartered Property
and Casualty Underwriter and holds an Associate Degree
in Reinsurance.
Tracey-Ann Thompson
Underwriting Manager
Tracey-Ann joined the company in 2008. She is the
Operations Manager for the Underwriting 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 Managemen. She is a
Certified Insurance Technician from the College of Insurance
Professional Studies.
Janille Jarrett
Motor Manager
Janille joined General Accident in May 16, 2005, and 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 rejoined us in July 2016 and was appointed Underwriting
Manager - AutoSMART, which is a specialized insurance
business unit within General Accident.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•43
Janette Cole Smith
Finance & Compliance Manager
Janette is the Compliance and Operations Officer of the
Company. She rejoined the Company in January 2014. She
has over 20 years of experience as a senior manager in
the finance 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 member
of the Institute of Chartered Accountants of Jamaica.
Cheryll Henry
Operations & Facilities Manager
Cheryll 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.
44• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Janette is the Compliance and Operations Officer of the
Company. She rejoined the Company in January 2014. She
has over 20 years of experience as a senior manager in
the finance 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 member
of the Institute of Chartered Accountants of Jamaica.
Cheryll 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.
Douglas Hayden
Information Technology Manager
Douglas joined the company in December 2014. He came to
us with over twenty years of experience in the Information
Technology field, 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 certifications including Information Technology
Infrastructure Library (ITIL v3).
Tanya Thomas
Business Intelligence Manager
Tanya 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 field 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.
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•45
COMPANY PROFILE
DISCLOSURE OF SHAREHOLDINGS
Chairman
Deputy Chairman
Managing Director
REGISTERED OFFICE:
• 58 Half Way Tree Road, Kingston
Telephone No: (876) 929-2451
Fax No: (876) 929-1074
Email: info@genac.com
Website: www.genac.com
REGISTRAR:
• Jamaica Central Securities Depository
DIRECTORS:
• P.B. Scott
• Melanie Subratie
• Sharon Donaldson
• Geoffrey Messado
• Jennifer Scott
• Nicholas Scott
• Duncan Stewart
• Christopher Nakash
• Matthew Lyn
• Brian Jardim
• Gregory Foster
CORPORATE SECRETARY:
• Geoffrey Messado
APPOINTED ACTUARY:
• Josh Worsham, FRAS, MAAA
AUDITORS:
• PricewaterhouseCoopers
BANKERS:
• CIBC First Caribbean International Bank
• First Global Bank
• Bank of Nova Scotia Jamaica Limited
• National Commercial Bank
ATTORNEYS:
• Nunes Scholefield & DeLeon & Co:
6A Holborn Road
Kingston
• DunnCox
48 Duke Street,
Kingston
46• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Shareholdings of Top 10 Shareholders
Shareholders
Shares
Percentage
Musson Jamaica Ltd.
824,999,989
80.00
Mayberry Jamaican Equities Ltd.
Mayberry Managed Clients Account
Apex Pharmacy
JCSD Trustee Services Ltd. Sigma Venture
Lancedale Farquharson
P.A.M. Ltd. - Pooled Pension Equity Fund
Lloyd Badal
FirstCaribbean Int’l Sec. Ltd. A/C B.U.T.
Sagicor Pooled Equity Fund
36,302,484
13,705,913
10,000,000
9,121,759
7,305,000
6,299,832
4,672,062
4,406,666
4,251,700
Shareholdings of Directors
1. P.B. Scott
2. Melanie Subratie
3. Sharon Donaldson
4. Duncan Stewart
5. Nicholas Scott
6. Christopher Nakash
7. Geoffrey Messado
8. Jennifer Scott
9. Matthew Lyn
10. Brian Jardim
11. Gregory Foster
Nil
Nil
3,677,956
2,475,190
1,980,198
1,698,020
1,000,000
Nil
Nil
Nil
350,000
3.52
1.33
0.97
0.88
0.71
0.61
0.45
0.43
0.41
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
824,999,999
824,999,999
10,604
Shareholders
Direct
Connected
DISCLOSURE OF SHAREHOLDINGS
Shareholdings of Top 10 Shareholders
Shareholders
Shares
Percentage
Musson Jamaica Ltd.
824,999,989
80.00
Mayberry Jamaican Equities Ltd.
Mayberry Managed Clients Account
Apex Pharmacy
JCSD Trustee Services Ltd. Sigma Venture
Lancedale Farquharson
P.A.M. Ltd. - Pooled Pension Equity Fund
Lloyd Badal
FirstCaribbean Int’l Sec. Ltd. A/C B.U.T.
Sagicor Pooled Equity Fund
36,302,484
13,705,913
10,000,000
9,121,759
7,305,000
6,299,832
4,672,062
4,406,666
4,251,700
3.52
1.33
0.97
0.88
0.71
0.61
0.45
0.43
0.41
Shareholdings of Directors
Shareholders
Direct
Connected
1. P.B. Scott
2. Melanie Subratie
3. Sharon Donaldson
4. Duncan Stewart
5. Nicholas Scott
6. Christopher Nakash
7. Geoffrey Messado
8. Jennifer Scott
9. Matthew Lyn
10. Brian Jardim
11. Gregory Foster
Nil
Nil
3,677,956
2,475,190
1,980,198
1,698,020
1,000,000
Nil
Nil
Nil
350,000
824,999,999
824,999,999
10,604
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
•47
Shareholdings of Management Team
Manager
Direct
Connected
1. Janette Cole Smith
2. Douglas Hayden
3. Cheryll Henry
4. Janille Jarrett
5. Lesley Miller
6. Andrea Muir-Gibbs
7. Careen Nolan
8. Jamalda Stanford-Brown
9. Tanya Thomas
Nil
Nil
1,169,455
25,000
250,000
Nil
Nil
Nil
Nil
10. Tracey-Ann Thompson
50,000
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Stock Trading
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 2018 were as follows:
Quarters
Q1 2018
Q2 2018
Q3 2018
Q4 2018
High
3.19
2.98
3.80
3.60
Low
3.10
2.85
3.80
3.50
48• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
Shareholdings of Management Team
Manager
Direct
Connected
1,169,455
25,000
250,000
Nil
Nil
Nil
Nil
Nil
Nil
1. Janette Cole Smith
2. Douglas Hayden
3. Cheryll Henry
4. Janille Jarrett
5. Lesley Miller
6. Andrea Muir-Gibbs
7. Careen Nolan
8. Jamalda Stanford-Brown
9. Tanya Thomas
Stock Trading
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 2018 were as follows:
Quarters
Q1 2018
Q2 2018
Q3 2018
Q4 2018
High
3.19
2.98
3.80
3.60
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Low
3.10
2.85
3.80
3.50
10. Tracey-Ann Thompson
50,000
GENERAL ACCIDENT INSURANCE COMPANY JAMAICA LIMITED
31 December 2018
FINANCIAL STATEMENTS
Actuary’s Report
Independent Auditor’s Report to the Members
Financial Statements
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
1
2
3
4-5
6-64
50• General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2018
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FORM OF PROXY
“ I/We ________________________________________________(insert name)of _________________________________
________________________________(address) being a shareholder(s) of the above-named Company, hereby
appoint: ___________________________________________________(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 9:00am on September 11, 2019, 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 fit):
No.
Resolution details
(tick as appropriate)
ORDINARY RESOLUTIONS
Vote for or against
1. To receive the report of the Board of Directors and the audited accounts
For
Against
of the Company for the year ended December 31, 2018.
2. To authorize the Board of Directors to re-appoint PwC as the Auditors of
For
Against
the Company and to fix their remuneration.
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 P.B. Scott a Director of the Board of the Company.
3. (b) To re-appoint Melanie Subratie as a Director of the Board of the
For
Against
Company.
3. (c) To re-appoint Christopher Nakash as a Director of the Board of the
For
Against
company.
4.(a) To Authorise the Board of Directors to fix the remuneration of the
For
Against
Directors.
5. To approve the aggregated amount of interim dividends declared by the
For
Against
Board during the financial year ended 31st December 2018, being
$150,046,875 or 14.55 cent per ordinary share, as the final dividend for the
year.
Signed this
day of
2019:
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)
FORM OF PROXY
“ I/We ________________________________________________(insert name)of _________________________________
________________________________(address) being a shareholder(s) of the above-named Company, hereby
appoint: ___________________________________________________(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 9:00am on September 11, 2019, 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 fit):
No.
Resolution details
(tick as appropriate)
ORDINARY RESOLUTIONS
Vote for or against
1. To receive the report of the Board of Directors and the audited accounts
For
Against
of the Company for the year ended December 31, 2018.
2. To authorize the Board of Directors to re-appoint PwC as the Auditors of
For
Against
the Company and to fix their remuneration.
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 P.B. Scott a Director of the Board of the Company.
3. (b) To re-appoint Melanie Subratie as a Director of the Board of the
For
Against
3. (c) To re-appoint Christopher Nakash as a Director of the Board of the
For
Against
4.(a) To Authorise the Board of Directors to fix the remuneration of the
For
Against
5. To approve the aggregated amount of interim dividends declared by the
For
Against
Board during the financial year ended 31st December 2018, being
$150,046,875 or 14.55 cent per ordinary share, as the final dividend for the
Company.
company.
Directors.
year.
Signed this
day of
2019:
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)