Generac Holdings Inc Annual Report 2019

Plain-text annual report

GENERAL ACCIDENT ANNUAL REPORT | 2019 | 1 4 | GENERAL ACCIDENT ANNUAL REPORT | 2019 4 | GENERAL ACCIDENT ANNUAL REPORT | 2019 TABLE OF CONTENTS GENERAL ACCIDENT ANNUAL REPORT | 2019 | 5 General Accident at a Glance Disclosure of Shareholdings 7 12 14 14 15 16 Key Financial Highlights 10 - Year Statistical Review Our Purpose Our Vision Our Strategic Focus Our Brand Promise 50 51 52 Top 10 Shareholders Directors’ Shareholdings Senior Leadership and Management Shareholdings 53 Stock Trading Corporate Data Notice of Annual General Meeting 18 Notice of Annual General Meeting 55 56 Company Proﬁle Contact Information Governance 23 25 26 30 Chairman’s Report Directors’ Report Directors’ Proﬁles Corporate Governance Report Leadership and Operations 32 34 36 37 39 40 42 Senior Leadership Team Management Team Agent Network Management Discussion and Analysis Subsidiary - Motor One Risk Management Staff Engagement Corporate Social Responsibility 44 Corporate Social Responsibility • Jamaica - Kingston - Montego Bay • Trinidad • Barbados Financial Statements 66 67 68 69 71 76 Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Company Financial Statements Notes to the Financial Statements Proxy Form GENERAL ACCIDENT ANNUAL REPORT | 2019 | 5 GENERAL ACCIDENT AT A GLANCE GENERAL ACCIDENT ANNUAL REPORT | 2019 | 7 KEY FINANCIAL HIGHLIGHTS Premium Movement over 5 Years Net Proﬁt 26% 23% 23% 21% 386,879 304,418 221,236 285,370 651,558 2015 2016 2017 2018 2019 -8% 2015 2016 2017 2018 2019 Earnings Per Share Return on Equity $0.54 32% $0.38 $0.31 $0.30 $0.28 $0.21 22% 19% 15% 11% 2015 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 8 | GENERAL ACCIDENT ANNUAL REPORT | 2019 KEY FINANCIAL HIGHLIGHTS CON’T Loss Ratio Over 5 Years Net Worth Movement 82% 66% 62% 63% 27% 54% 12% 11% 6% -1% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Consistent Shareholder Dividend $0.25 62% 54% 57% 52% 68% 80% 70% $0.20 48% $0.20 $0.19 50% 60% $0.17 $0.17 $0.15 50% $0.14 $0.15 $0.10 $0.05 $0.00 $0.14 40% 30% 20% 10% 0% 2013 2014 2015 2016 2017 2018 2019 Divdend per Share Dividend as percentage of proﬁt 10 | GENERAL ACCIDENT ANNUAL REPORT | 2019 WHO WE ARE 22% Market Share 57,945 Policies in Force 48,682 Policyholders 171 Employed 7.3 Market Capitalization Billion 1,218 Shareholders GENERAL ACCIDENT ANNUAL REPORT | 2019 | 11 10.7 Billion in GROSS WRITTEN PREMIUM 652 Million in NET PROFIT 230 Million in INVESTMENT INCOME WE ARE STRONG 11 Billion in TOTAL ASSETS 770Million in PROFIT BEFORE TAX 442 Million in UNDERWRITTING PROFIT 12 | GENERAL ACCIDENT ANNUAL REPORT | 2019 10 - YEAR STATISTICAL REVIEW Employee 2019 $'000 171 2018 $'000 131 2017 $'000 111 2016 $'000 91 Gross Written Premiums 10,727,828 8,735,797 7,106,254 5,649,097 Claims Incurred Underwriting Profit/(Loss) Profit Before Tax Profit After Tax Cash Dividends Shareholder’s Equity Loss Ratio Investment Return Return On Equity Dividend Yield On Average Equity Net Worth Movement Total Return To Shareholders P/E Ratio Closing Stock Price Dividend Payout Ratio Market Capitalization 1,205,328 1,023,022 1,087,590 442,136 770,154 651,558 142,684 174,768 (35,532) 352,569 236,077 285,370 221,236 150,047 200,001 746,073 45,609 404,243 386,879 175,003 3,003,565 2,056,612 1,937,771 1,964,420 54% 6% 32% 6% 27% 104% 13.1 7.1 50% 63% 5% 15% 8% 6% 32% 12.6 3.54 68% 82% 11% 11% 10% -1% 0% 13.3 2.8 52% 66% 11% 22% 9% 11% 54% 7.9 2.99 57% 7,321,875 3,650,625 2,887,500 3,083,438 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 13 2015 $'000 90 2014 78 2013 $'000 83 2012 $'000 77 2011 $'000 44 2010 $'000 69 6,112,355 5,072,375 4,479,755 3,788,969 3,626,395 2,203,074 696,480 114,656 303,448 304,418 172,219 678,558 101,941 319,965 320,078 203,878 646,791 58,503 323,702 327,914 140,025 540,775 117,362 285,269 290,537 100,031 420,142 161,589 1,341,478 1,284,816 90,925 426,624 68,862 244,775 213,944 95,000 1,775,297 1,579,382 1,456,944 1,288,850 1,140,743 1,270,502 62% 8% 19% 10% 12% 27% 6.8 2.05 54% 63% 10% 22% 13% 8% 8% 5.6 1.75 62% 65% 14% 25% 10% 13% 10% 5.6 1.63 48% 58% 11% 25% 8% 13% -26% 6.3 1.76 35% 51% 61% 101% 8% -10% 1.7 2.5 0% 2,114,063 1,804,688 1,856,250 1,815,000 2,578,125 62% 13% 21% 8% 23% - - - - 14 | GENERAL ACCIDENT ANNUAL REPORT | 2019 General Accident offers a wide range of innovative, affordable general insurance products to deliver financial protection and peace of mind to Jamaican individuals, families and businesses, while building a trained and well-compensated staff complement and delivering a fair return on investment to our shareholders. OUR PURPOSE OUR VISION leader in the general General Accident Insurance Company (GenAc) is a regional insurance sector market contributing to Caribbean development through sound risk transfer mechanisms and excellent customer service. We build robust and long-term financial health through profitable, sustainable growth, supported by state-of-the-art digital technology and innovative corporate social responsibility programmes. GENERAL ACCIDENT ANNUAL REPORT | 2019 | 15 OUR STRATEGIC FOCUS VALUE CREATION AND LONG-TERM SUSTAINABILITY GenAc provides risk transfer mechanisms to our customers, guided by 39 years of expertise and experience. We facilitate and support commerce by protecting the assets of people and businesses. Using sound investment decisions and a strategy of managed growth, we have built a strong balance sheet to ensure financial stability and strength. We create value for our shareholders, policyholders and employees and we meet all regulatory requirements. DISTRIBUTION CHANNELS Our head office is located in Kingston, Jamaica, and we write business through a network of valued insurance professionals islandwide. We have also embarked on a regional expansion programme and now offer our insurance products in Trinidad & Tobago and Barbados. We continue to look at expansion into other Caribbean islands in the short to medium term. FAST, FAIR CLAIMS SETTLEMENT We are committed to fast, fair claims settlement as a key element of efficient insurance services. We believe that the importance of insurance cover is tested at the time of a claim, and we seek to demonstrate to our clients that we are worthy of their trust and confidence. ROBUST RISK MANAGEMENT We have developed a comprehensive risk management framework to ensure risk tolerance limits are assessed and adhered to, particularly with regard to the acquisition of critical reinsurance support. UTILIZING INFORMATION TECHNOLOGY We have invested in continuous improvement of information technology to deliver simple, accessible online processes to our customers. We understand that ease of doing business brings a competitive advantage and we seek to ensure our customers receive the same superior level of service whether they contact us in person, by telephone or online. We place high priority on secure systems to handle payments, claims, new business and renewals. We believe our growing facility with data analytics allows us to respond quickly to changing markets for the benefit of our customers. DEVELOPING THE GENAC TEAM Insurance is a technical discipline and GenAc has a long history of recruiting, training and retaining expertise, providing all our employees with a culture of excellence and opportunity. We invest in the development of our staff members at every level by providing frequent training and mentorship programmes. MAXIMIZING OPERATIONAL EARNINGS Our growth and profitability 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. • Constant improvements in operational efficiencies to deliver excellent service to our policyholders. EMBRACING CORPORATE SOCIAL RESPONSIBILITY GenAc ensures its business model complies with the principles of good corporate citizenship. We are conscious of our impact on all aspects of society and we self-regulate our operations to make certain they benefit the economy, society and the environment. With the consistent guidance and expertise of our Board of Directors, we seek to: • Provide a productive, well-compensated and incentive- driven work environment for our employees. • Involve 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. 16 | GENERAL ACCIDENT ANNUAL REPORT | 2019 BRAND PROMISE Our values are at the heart of how we do business. They guide us in everything we do - from performing our regular daily responsibilities to making important decisions. Integrity We are honest and fair in all our actions. Performance We strive for service that exceeds customer expectations. Responsibility We have a strong sense of responsibility towards our customers, society, the environment and each other. Solid Foundation We maintain financial strength to ensure consistent profitable growth. Innovation We are creative, willing to make bold decisions and challenge the status quo. NOTICE OF ANNUAL GENERAL MEETING 18 | GENERAL ACCIDENT ANNUAL REPORT | 2019 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 10, 2020 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 Financial Statements for the financial year ended December 31, 2019. 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 Article of Incorporation of the Company and, being eligible, have consented to act on reappointment: (a) To reappoint Jennifer Scott Director of the Board of the Company. (b) To reappoint Brian Jardim Director of the Board of the Company. (c) To reappoint Nicholas Scott 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 year ended December 31, 2019 being $142,683,750.02 or 13.836 cents per ordinary share, as the final dividend for that year. Dated this the 16th day of June, 2020 by Order of the Board Geoffery Messado DIRECTOR 21 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GOVERNANCE Paul B. Scott CHAIRMAN Fellow Shareholders, In 2019 General Accident achieved record premiums and profitability. Equally as important, we marked key strategic milestones by scaling our business, strengthening our motor insurance franchise and expanding our reach beyond Jamaica. Gross written premiums surpassed $10 billion for the first time in General Accident’s history last year. This represents a 23% increase over 2018. Net premiums earned were $2.2 billion in 2019 or a 37% increase over the previous year. Premium volumes were driven by balanced, broad-based growth in all key lines. Size is important in the insurance business since it creates economies of scale and allows us to invest in the technology and talent we need to better serve our customers and differentiate ourselves from our competitors. Underwriting discipline is ingrained in General Accident’s culture. Last year we produced an underwriting profit of $442 million versus an underwriting profit of $175 million in 2018. Management was able to grow premiums while underwriting more profitably, a difficult task in our industry. Our combined ratio was 80% in 2019 versus 89% in 2018. Underwriting profitability was mostly driven by improvements in claims. Our loss ratio was 54% in 2019 versus 63% in 2018. We launched our motor-focused brand Autosmart in 2017 to fill an underserved gap in the market. Since then our motor insurance premiums have roughly doubled. In just a few years, Autosmart has built valuable brand equity and a loyal customer base. It is now a key component of General Accident’s business. We ended the year with a $6.1 billion investment portfolio and recorded investment income of $288 million in 2019 (including foreign exchange gains) GENERAL ACCIDENT ANNUAL REPORT | 2019 | 23 CHAIRMAN’S REPORT24 | GENERAL ACCIDENT ANNUAL REPORT | 2019 versus $210 million in 2018. General Accident’s investment portfolio is made up mostly of cash and short-term fixed income instruments. This is function of both regulation and our significant short-term policy liabilities. Our portfolio returns are constrained materially by the MCT ratio of 250%. This is considerably higher than in other countries such as the United States, Canada and our Caribbean peers. We hope that good sense prevails and this regulatory impediment to the growth and development of the industry is addressed in the future. The composition of our portfolio means that during periods of low interest rates our investment returns will be constrained. Our average investment return in 2020 was just 5%. On the other hand, our portfolio is insulated from volatility of the stock and bond markets in times of uncertainty. If interest rates rise in response to the Covid-19 crisis our investment income will increase. General Accident’s ambition is to become the leading general insurer in the Caribbean. We are already a market leader in the Jamaican property market and have a growing motor insurance franchise. We are pleased that in 2019 we expanded our reach beyond Jamaica for the first time acquiring a 55% ownership stake in Motor One. Motor One has an extensive branch network and a resilient customer base of over 15,000 direct motor polices. In addition, Motor One provides a base upon which General Accident will build a full-service general insurance business in Trinidad. The Trinidadian general insurance market is 40% larger than Jamaica’s market and presents tremendous opportunity. We expect that it will take considerable time for our strategy in Trinidad to be fully realized. Nevertheless, Motor One had a positive financial impact on our consolidated profits in 2019 mostly related to the favourable terms of our acquisition. Our net profit in 2019 was $652 million of which $559 million was attributable to General Accident’s shareholders. This equates to a return on equity of 22%. Covid-19 has created sudden and unexpected changes in the operating environment. If the purchasing power of consumers and businesses declines, the demand for insurance may wane. On the other hand, a slowdown in economic activity could also reduce the frequency of claims. General Accident is well prepared to face uncertainty. We have strong brands, loyal policyholders and deep relationships with our reinsurers and broker partners that span decades. As we look to the year ahead our team is focused on building upon the momentum in our business and continuing our trajectory of profitable growth. Sincerely, Paul B. Scott CHAIRMAN GENERAL ACCIDENT ANNUAL REPORT | 2019 | 25 DIRECTORS’ REPORT The Directors are pleased to present their report for General Accident Insurance Company (Jamaica) Limited for the financial year ended December 31, 2019. Nicholas Scott, Duncan Stewart, Matthew Lyn, Brian Jardim and Gregory Foster. FINANCIAL RESULTS The Statement of Comprehensive Income for the Company shows pre-tax profits for the year of $770.2 Million, Taxation of $118.6 Million and a net profit after tax of $651.6 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, 2019 were P.B. Scott, Melanie Subratie, Sharon Donaldson, Geoffrey Messado, Christopher Nakash, Jennifer Scott, The Directors to retire by rotation in accordance with the Article of Incorporation are: Jennifer Scott, Brian Jardim and Nicholas Scott. 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 13.836 cents per share paid on December 13, 2019, is proposed to be the final dividend in respect of the financial year ended December 31, 2019. 26 | GENERAL ACCIDENT ANNUAL REPORT | 2019 DIRECTORS’ PROFILES PAUL B. SCOTT (appointed November 1998) CH AI RMA N PB Scott is the Chairman, CEO and principal shareholder of the Musson Group. He joined the group in 1994, became CEO in 2004, and in 2009 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. He is a past President of the Private Sector Organization of Jamaica. SHARON DONALDSON (appointed March 2008) MANAGING DIRECTOR Sharon Donaldson has been the Managing Director of the Company since 2008. She holds a Bachelor of Laws (LL.B.) from the University of London and an MBA from the University of Wales. She is a Chartered Accountant; a fellow member of the Institute of Chartered Accountants of Jamaica and an Attorney-at-Law. Ms. Donaldson represents the local general insurance industry in discussions with the Financial Services Commission, is treasurer for the Council of the Institute of Chartered Accountants of Jamaica and heads the committee of Professional Accountants in Business. Ms. Donaldson is also a Director of Musson (Jamaica) Limited, the parent company to General Accident and Eppley Limited. She serves as a Director and mentor of 138 Student Living Limited and Paramount Trading Jamaica Limited. She is also a member of the Jamaica Anti-Doping Commission. GENERAL ACCIDENT ANNUAL REPORT | 2019 | 27 DIRECTORS’ PROFILES DEPUTY CHAIRMAN MELANIE SUBRATIE (appointed March 2002) Melanie Subratie is a non-executive Director of the Company and holds a B.Sc. (Hons)from the London School of Economics. She is Chairperson of the Investment Committee of the Board. Mrs. Subratie is Chairperson and CEO of Stanley Motta Ltd. and Vice Chairman of Musson (Ja.) Ltd. She is also the Vice Chair of Eppley Ltd. and sits on the Executive Board of the Seprod Group of Companies and all its subsidiary boards. She chairs the Audit Committee for both Productive Business Solutions Ltd and Seprod Ltd. She is Chairperson of Seprod Foundation, Musson Foundation, Jamaica Girls Coding and RISE Life Management. Mrs. Subratie is an Angel investor and sits on the Boards of LoanCirrus, Bookfusion, and First Angels. She is fourth Vice President of the Jamaica Chamber of Commerce. NON EXECUTIVE DIRECTOR GEOFFREY MESSADO (appointed May 2001) 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. NON EXECUTIVE DIRECTOR JENNIFER SCOTT (appointed December 2009) Jennifer Scott is a non-executive Director 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 ﬁnancial securities and corporate law. 28 | GENERAL ACCIDENT ANNUAL REPORT | 2019 DIRECTORS’ PROFILES 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 Ltd. 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 MBA (Beta Gamma Sigma) from Columbia Business School and a MPA from the Harvard Kennedy School of Government. DUNCAN STEWART (appointed August 2011) INDEPENDENT NON EXECUTIVE DIRECTOR Duncan Stewart is an independent, non-executive Director of the Company. He 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 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 ANNUAL REPORT | 2019 | 29 DIRECTORS’ PROFILES EXECUTIVE DIRECTOR GREGORY ST. HUGH FOSTER (appointed April 2018) Gregory Foster is an executive Director of the Company and a member of the Audit Committee of the Board. He serves as the Group’s Chief Operating Ofﬁcer. He obtained his Association of Chartered Certiﬁed Accountant (Glasgow, UK) professional qualiﬁcation in 2006, and is also a member of Institute of Chartered Accountants of Jamaica. INDEPENDENT NON EXECUTIVE DIRECTOR BRIAN JARDIM (appointed August 2017) Brian Jardim is an independent non-executive Director of the Company. He is the founder and CEO of Rainforest Seafoods Ltd., the leading seafood harvester, processor and distributor in the Caribbean. Mr. Jardim currently serves as a director on the Board of the Jamaica Observer, We Care for Cornwall Regional Hospital, and 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. He also holds a Diploma in Business Administration from Ryerson University. INDEPENDENT NON EXECUTIVE DIRECTOR MATTHEW LYN (appointed July 2015) Matthew Lyn is an independent non-executive Director 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. 30 | GENERAL ACCIDENT ANNUAL REPORT | 2019 CORPORATE GOVERNANCE REPORT CORPORATE GOVERNANCE The Group remains committed to high standards of corporate governance and while it is not bound by the evolving local corporate governance practice codes, it seeks to comply voluntarily with key aspects of best practices. The Group’s corporate governance standards are maintained at the highest level with a focus on independence and diversity. Our qualified and experienced Board of Directors provide an excellent framework for sound governance. Our subsidiary Board is guided by our Group practices with a composition that promotes independence. The Board is comprised of twelve members, a non-executive Chairman, nine non-executive directors and two executive directors. The Board generally meets five times a year. THE COMPENSATION COMMITTEE The Compensation Committee is responsible for overseeing the decisions on the remuneration package and to ensure that it promotes a high-performance culture that is aligned with our risk management principles. THE CONDUCT REVIEW COMMITTEE The Conduct Review Committee is comprised of three directors. The 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 Regulators. The committee meets at least three times a year. THE AUDIT COMMITTEE The Audit Committee is comprised of three non-executive directors and one executive director. The committee has responsibility for the oversight and advice to the Board on 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 for the year. INVESTMENT AND LOAN COMMITTEE The Investment and Loan Committee is comprised of four non-executive directors and one executive director. The Committee has the responsibility to drive the Group’s investment strategy ensuring that all compliance requirements are met, inter alia, liquidity, quality and term of investments. The committee meets at least four times for the year. BOARD AND COMMITTEE MEETINGS We are pleased to report that our Board and Committee 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 warranted. GENERAL ACCIDENT ANNUAL REPORT | 2019 | 31 LEADERSHIP AND OPERATIONS 32 | GENERAL ACCIDENT ANNUAL REPORT | 2019 SENIOR LEADERSHIP TEAM SHARON DONALDSON ACCA, MBA (Finance), LLB (Hons) Attorney at Law CEO & MANAGING DIRECTOR Sharon Donaldson has been with the company for over 30 years, ﬁrst joining as the Financial Controller in 1989 before becoming the Managing Director and CEO in 2008. Sharon’s primary responsibilities include making major corporate decisions, managing the overall operations and resources of the Group and acting as the main point of communication between the Board of Directors and corporate operations. GREGORY FOSTER CHIEF OPERATING OFFICER Gregory Foster is GenAc’s Chief Operating Ofﬁcer with responsibility for the underwriting, claims and AutoSmart divisions. Mr. Foster joined GenAc in 2014 with a strong background as an audit manager and has held his current position since January 2019. 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. NATASHA PETTIER CEO MOTOR ONE INSURANCE Natasha Pettier is the Chief Executive Ofﬁcer of Motor One in Trinidad and Tobago. She joined the Company in October 2019 as head of underwriting and insurance operations. She holds a Bachelor of Laws (LL.B.), an MBA from the Heriot-Watt University, UK, is a Fellow of the Chartered Insurance Institute of London, a qualiﬁed Member of the Institute of Risk Management and a Health Insurance Associate. She has over 20 years’ experience in the insurance industry and is involved with various committees of both the Association of the Trinidad and Tobago Insurance Companies and the Trinidad and Tobago Insurance Institute. SENIOR LEADERSHIP TEAM GENERAL ACCIDENT ANNUAL REPORT | 2019 | 33 LINDSAY GONSALVES CHIEF FINANCIAL OFFICER MOTOR ONE INSURANCE Lindsay Gonsalves has long experience in the ﬁelds of auditing, insurance and management consulting. He joined the Company in September 2018 as Chief Financial Ofﬁcer and a Director of the Motor One Board. Mr. Gonsalves holds an ACCA degree and is a fellow member of the ACCA of England and Wales. He is a member in practice of the Institute of Chartered Accountants of Trinidad & Tobago, holds a Practicing Certiﬁcate and became a Fellow of the Association in 1992. LESLEY MILLER CHIEF INFORMATION OFFICER Lesley Miller joined GenAc as Chief Information Ofﬁcer in January 2018 with responsibility for technology, business intelligence and digital marketing, bringing over 15 years’ experience in the insurance and telecommunications industries to the Company. Mrs. Miller holds a Bachelor of Science degree in Computing & Information Technology from the University of Technology (Jamaica) and an MBA in Banking and Finance from the University of the West Indies. She is a certiﬁed Project Management Professional and is a member of the Doctor Bird Chapter of the Project Management Institute. JAMALDA STANFORD-BROWN BUSINESS DEVELOPMENT OFFICER Jamalda Stanford-Brown joined GenAc as Business Development Ofﬁcer in January 2018. She has a wealth of experience in auditing, risk assessment and reinsurance. Mrs. Stanford-Brown holds 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. 34 | GENERAL ACCIDENT ANNUAL REPORT | 2019 MANAGEMENT TEAM CAREEN NOLAN Head of Property & Casualty Division TRACEY-ANN THOMPSON Underwriting Manager (Property & Casualty Division) ANGELLA REYNOLDS Underwriting Consultant PETAGAE MCCOOK Legal Services Manager JANILLE JARRETT Underwriting Manager (Motor Division) MANAGEMENT TEAM GENERAL ACCIDENT ANNUAL REPORT | 2019 | 35 JOAN MCLEGGON Chief Human Resources Officer CHERYLL HENRY Operations & Facilities Manager DOUGLAS HAYDEN Information Technology Manager TANYA THOMAS Business Intelligence Manager JANETTE COLE-SMITH Finance & Compliance Manager 36 | GENERAL ACCIDENT ANNUAL REPORT | 2019 AGENT NETWORK BARBARA SAMUELS Kingston CADDINE WILLIAMSON Mandeville, Manchester MARLENE DUFFUS Location Kingston DEBRA REID - GIBBS Portmore, St. Catherine ORAL MYLES Sav-la-mar, Westmoreland CHERRICE BROWN Ocho Rios, St. Ann ROCHELLE CLARKE Sav-la-mar, Westmoreland GENERAL ACCIDENT ANNUAL REPORT | 2019 | 37 MANAGEMENT DISCUSSION AND ANALYSIS General Accident delivered an excellent result in 2019, combining growth, profitability and solvency. The GenAc Group expanded its footprint in the Caribbean market through the acquisition of majority shares in Motor One, a single line insurer, in Trinidad and Tobago. The Group wrote more than $10.7 billion in gross premium in the year under review, producing net income of $2.4 billion, which exceeded profitability targets for 2019 and generated an improved return on equity. We are pleased to report that this growth was not detrimental to our technical profitability, as we maintained underwriting discipline. Underwriting profit of $442 million exceeded prior year by 153%, largely due to the subsidiary’s excellent performance. Our profitability was anchored by the acquisition of Motor One, strong premium growth across major business lines and an improved loss experience. 38 | GENERAL ACCIDENT ANNUAL REPORT | 2019 MANAGEMENT DISCUSSION AND ANALYSIS CON’T Consolidated Profit attributable to shareholders was $651.5 million; a significant improvement over 2018. Earnings per share was $0.54 compared to $0.28 in 2018, an increase of 92%. The annualized return on shareholders’ equity was 32% which represents an increase of 86% over prior year. We declared dividends amounting to $143 million to shareholders in 2019. Market capitalization at reporting date was $7.3 billion, up by 100% on December 2018. General Accident’s listed share price recorded a 101% increase year on year, closing at $7.10. FINANCIAL PERFORMANCE HIGHLIGHTS • Eighteen years of consistent premium growth • Profit for the year of $652 million • Earnings per share of ($0.54) • Book value of $3.0 billion • Annualized return on equity of 32% CAPITAL POSITION Our business operations are in part dependent on our financial strength; shareholders’ equity stood at $3.0 billion for the current year compared to $2.1 billion for 2018. GenAc remains in compliance with the capital adequacy and liquidity metrics prescribed by the Financial Services Commission. The Company’s liquidity is ensured by detailed liquidity planning and at 31 December 2019, our liquidity ratio of 95% meets the regulatory minimum. The GenAc group actively manages our capital allocations through our management investment committee. Motor One is regulated by the Central Bank of Trinidad and Tobago (CBTT). The CBTT requires that Motor One meet a capital adequacy threshold and a minimum statutory fund as defined under the Insurance Act 1980 of Trinidad and Tobago. As at December 31, 2019, Motor One was in compliance with both requirements. INVESTMENT PERFORMANCE Despite the low interest rate environment, GenAc maintained a prudent investment strategy. In 2019, the Group’s Investment Portfolio stood at $6.1 billion earning a return on investment of 6%. OUTLOOK 2020 Looking forward, we are confident and optimistic about the next five years. Further expansion of our regional footprint is highly probable. We are confident that we have the right team and reliable digital competence to achieve our strategic objectives. We are committed to maintaining our focus on innovation and the use of technology, because we recognize that digital transformation is vital to achieve a competitive advantage. We intend to become ever more customer centric, manage our talent, and leverage our business relationships. We will prioritize growth, profitability and increased earnings for shareholders. I would like to thank all our employees for their contribution and hard work, our Board of Directors for their guidance, and I extend a hearty welcome to the regional teams to the GenAc Group. To our Brokers and all our business partners, thank you for your continued support. Sharon Donaldson MANAGING DIRECTOR GENERAL ACCIDENT ANNUAL REPORT | 2019 | 39 SUBSIDIARY – MOTOR ONE GenAc acquired a majority holding of Motor One Insurance Company Limited (Motor One) in September 2019 replacing the Board of Directors with its own nominees to include independent and executive directors familiar with the insurance industry in Trinidad and Tobago. Our immediate priority was to address all the regulatory directives given to Motor One, including the orderly discharge of claims liabilities and the maintenance of adequate capital as defined under the newly enacted Insurance Act, which awaits presidential proclamation. We are pleased to report that within three months of acquisition and by the end of its first financial year as part of the General Accident Group, the new board and its management team have complied with all regulatory requirements. Motor One was allowed to write new business in November 2019 and has settled over 38% of its pre-acquisition judgement claims identified by regulators. At year end, the Company now reports a statutory funds surplus together with a capital adequacy ratio of 328 (compared to the minimum requirement of 150). Motor One reported total comprehensive income of $182.2 million post-acquisition and a combined ratio of 64%. Motor One has long been a highly regarded motor insurer in the Trinidad and Tobago market, but its performance has not matched potential during in the past. GenAc seeks to restore the Company’s position in the top echelons of the industry with the leadership of a competent team, enhanced technology and streamlined business processes. 40 | GENERAL ACCIDENT ANNUAL REPORT | 2019 RISK MANAGEMENT We are subject to extensive and increasing regulation under the Insurance Act that imposes limits on the types of investment that we can hold, prescribes solvency and accounting and internal controls standards, and requires us to hold adequate reserves. 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 GenAc’s strategic objectives. Risk governance is supported by an internal Risk Committee. General Accident has, a governance system designed to satisfy all insurance regulation. The significant elements include risk management, compliance, audit and actuarial functions. At the group level risk management is a part of our integrated Risk Management Policy. Risks are monitored monthly and reported under a number of headings along with our mitigation approach. These are set out below: TYPE OF RISK RISK DETAIL APPROACH • UNDERWRITING RISK Adverse claims development. Inadequate premiums. • The Company adopts prudent reserve practices as we maintain reserves equal to our estimated ultimate liability losses and loss adjustment expenses. • We ensure risks are priced appropriately by regular review of underwriting results. • We practice effective diversification of risks. • LIQUIDITY RISK The risk of insufficient cash flows to meet settlement obligations as they fall due. • We use cash flow forecasting. • We maintain sufficient liquid assets at required levels to meet our obligations at all times. • OPERATIONAL RISK The risk of failure of internal processes and systems and loss of or inadequate human resources. • We carry out frequent review of internal processes to identify vulnerabilities. • We have in place a structured programme for building our staff members capacity. • REGULATORY CAPITAL The risk of not meeting regulatory benchmarks. • We carry out frequent modelling of the company’s capital components to ensure transaction decisions are made in such a way to avoid a drag on capital ratio. • MARKET RISK The risk of economic losses on our investment portfolio resulting from price changes in capital markets. • A diversified portfolio lies at the heart of our strategy. Investment duration and currency are managed to avoid any mismatch of assets and liabilities, whilst earning the maximum return at an acceptable level of risk. • We use appropriate limits and early warning ratios in our asset liability management to manage market risk. • CREDIT RISK The risk arising from the likely default as a result of changes in the financial position of a counterparty. • We manage credit risk by reviewing the balance sheet of counter parties in addition to using available market data to determine default probabilities. GENERAL ACCIDENT ANNUAL REPORT | 2019 | 41 THE RISK COMMITTEE The Risk Committee is responsible for examining major risks faced by the Company for both assets and liabilities, reviewing tools for monitoring and controlling such risks by using outside risk experts when necessary. The Committee examines the main technical and financial underwriting commitments, claims reserving, risk concentration, counterparty limits, liquidity and operational risks, as well as relevant changes in the regulatory environment. The Risk Committee is comprised of seven members and is chaired by a member of the Senior Management team. It means at least four times a year. 42 | GENERAL ACCIDENT ANNUAL REPORT | 2019 STAFF ENGAGEMENT We are proud of our committed team at GenAc and we know they are the foundations of our success. We place strong emphasis on staff development through insurance training on and off the job, as well as the provision of general professional development programmes. We are guided by principles of fairness and consistency, non discrimination of the grounds of sex, race, age, religion, or disability and we conform to statutory regulations and agreed best practices. During the year under review, we instituted an electronic human resources management application, part of GenAc’s broad initiatives to reduce costs and improve internal efficiencies by the use of technology. Our Human Resources Department understands that engaged and motivated employees are vital to the Company’s success. Our approach is transformational – moving from compliance and control to trust and empowerment. We build engagement through a staff appreciation week each year and incentive schemes for high performers. As part of our talent management initiative, we completed a revised performance appraisal tool and created a personal development plan for each employee during 2019. Insurance is a highly competitive service industry and GenAc seeks to continually broaden and deepen its efforts to meet customer expectations through a cadre of expert, helpful and accessible personnel. COLESHA MAHONEY Facilities Associate RETRO PARTY DENNA-KAY DAWKINS, KERRY-ANN TURNBULL AND RHOXANNE SMITH SUZANNE HALL Broker Services Officer GENERAL ACCIDENT ANNUAL REPORT | 2019 | 43 CORPORATE SOCIAL RESPONSIBILITY 44 | GENERAL ACCIDENT ANNUAL REPORT | 2019 CORPORATE SOCIAL RESPONSIBILITY General Accident has a long-standing commitment to corporate social responsibility (CSR), understanding that our operations affect not only our clients, shareholders and employees, but the wider society. Our CSR projects and programmes are focussed on reducing our impact on the environment and sports & community development. Here are the highlights: ENVIRONMENTAL IMPACT EARTH DAY CHALLENGE For the Earth Day Challenge 2019, GenAc’s staff were asked to apply environmentally sustainable practices in the office as part of its Go-Green Initiative. office. Over 1,500 bags were distributed to support the national movement to reduce single-use plastics entering Jamaica’s waste stream. Our head office also has separate bins for recyclable plastics and coordinates with JET and its “Nuh Dutty Up Jamaica” campaign to ensure these items are recycled. They minimised waste, limited the use of the printer, utilised reusable water bottles instead of single-use plastics, and avoided the use of Styrofoam containers. GenAc saved over $3 million on paper and printer ink expenditure as a result and reduced the amount of waste being sent to Kingston’s waste disposal site. INTERNATIONAL COASTAL CLEAN-UP DAY The GenAc team joined over 10,000 concerned Jamaicans to clean beaches and coastlines on Saturday, September 21, 2019. Recognised as International Coastal Clean-Up Day worldwide, our volunteers joined the cleanup coordinated by the JET at the Palisadoes Go-Kart Track, one of over 180 participating sites islandwide. Staff members also planted trees at our headquarters at 58 Half Way Tree Road. We are hopeful that by participating in GenAc’s Go-Green initiative, our employees will replicate some of the activities in their daily lives. GenAc’s 28-year-old partnership with the Jamaica Environment Trust (JET) also helps to educate staff and their families on the negative impact of pollution and the importance of each person playing their part in bringing about change. In observance of Earth Day , GenAc handed over a cheque, valued at $500,000 to JET, toward helping the non-profit organisation with their projects. COMMUNITY AND SPORT DEVELOPMENT LABOUR DAY Labour Day activities were carried out in two schools by the staff of GenAc and AutoSmart under the theme, “Our Children’s Safety is Everybody’s Business”. The schools involved were the Maisie Green Early Childhood Development Centre located in Grants Pen, and Drews Avenue Primary and Infant School located in the Bay Farm area. Both schools were greeted with freshly painted classrooms, pruned trees and a newly planted garden when they returned from the term break. WASTE REDUCTION AND RECYCLING GenAc issued reusable shopping bags to staff and clients on Friday, August 23, 2019, at the Half-Way-Tree Road READ ACROSS JAMAICA DAY The joys of reading were celebrated on Read Across Jamaica Day on Tuesday, May 7, 2019. Members of GenAc’s staff GENERAL ACCIDENT ANNUAL REPORT | 2019 | 45 read to children of the Maisie Green Early Childhood Development Centre and Drews Avenue Primary and Infant School throughout the day. through Jamaica’s Forestry Department from Litchfield Farms in Trelawny and decorated by GenAc staffers, topped by a one-of-a-kind Christmas ornaments. GenAc also continues to provide support to the following organisations and activities: • Musson Foundation • Sigma Corporate Run • Diana & Richard Stewart Foundation (Colour Me Happy Run) • National Child Month Committee • Friends of Mona Rehabilitation Centre • Missionaries of the Poor • Jamaica Cancer Society • Rotary Clubs • Sunset Optimist Clubs • Gibson Relays Sponsorship • Americas Federation of Netball Association • Jamaica Netball Association • Tennis Jamaica • Jamaica Chess Federation BEST CARE FOUNDATION General Accident made a donation to the Best Care Foundation to support lunch programmes at its schools in Kingston. The Best Care Foundation Special Schools programme, which was started in 1984, provides education to persons with special needs. GRENNELL ROAD SAFETY EXPO As a leading motor vehicle insurance company in Jamaica, GenAc participated in the 11th annual Grennell’s Jamaica Driver and Traffic Safety Expo in June 2019. The Expo was held at the Ranny Williams Entertainment Centre and showcased driver and traffic safety behaviour, including a Jamaica Fire Brigade crash-victim extraction demonstration, and defensive driving techniques. CHRISTMAS TREE LIGHTING GenAc rang in the yuletide season with its inaugural Outdoor Christmas Tree Lighting Ceremony, providing season’s cheer to children from the Maxfield Park Children’s Home, who were treated with gifts, treats, cake and ice cream. A White-Cedar Christmas tree was specially ordered COASTAL CLEANUP 2019 46 | GENERAL ACCIDENT ANNUAL REPORT | 2019 COLOUR ME HAPPY RUN 2019 LABOUR DAY 2019 EARTH DAY GENERAL ACCIDENT ANNUAL REPORT | 2019 | 47 READ ACROSS JAMAICA 2019 48 | GENERAL ACCIDENT ANNUAL REPORT | 2019 ROAD SAFETY EXPO 2019 SIGMA RUN 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 49 DISCLOSURE OF SHAREHOLDINGS 50 | GENERAL ACCIDENT ANNUAL REPORT | 2019 TOP 10 SHAREHOLDERS AS AT DECEMBER 31, 2019 NAME NO. OF UNITS PERCENTAGE Musson Jamaica Ltd. 824,999,989 80.00 Mayberry Jamaican Equities Ltd. 32,982,136 Mayberry Managed Clients Account 13,148,222 Apex Pharmacy QWI Investments Ltd. Lancedale Farquharson PAM – Pooled Equity Fund 10,000,000 9,520,542 7,305,000 7,299,832 JCSD Trustee Services – Barita Unit Trust 5,434,786 Sagicor Select Funds Ltd K. Chandiram Ltd. 5,066,798 4,331,450 3.20 1.27 0.97 0.92 0.71 0.71 0.53 0.49 0.42 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 51 DIRECTORS SHAREHOLDINGS AS AT DECEMBER 31, 2019 NAME TOTAL DIRECT CONNECTED PARTIES % OWNERSHIP Paul B. Scott 824,999,989 - 824,999,989 80.000 Melanie Subratie 824,999,989 - 824,999,989 80.000 Sharon Donaldson 3,689,560 3,677,956 10,604 0.3458 Gregory Foster 350,000 350,000 - 0.0340 Geoffrey Messado 1,000,000 1,000,000 - 0.0970 Duncan Stewart 2,475,190 2,475,190 - 0.2400 Christopher Nakash 1,698,020 1,698,020 - Nicholas Scott 1,980,198 1,980,198 - 0.1647 0.1920 Matthew Lyn 96,500 - 96,500 0.0094 Jennifer Scott Brian Jardim - - - - - - 0.00 0.00 52 | GENERAL ACCIDENT ANNUAL REPORT | 2019 SENIOR LEADERSHIP AND MANAGEMENT TEAM SHAREHOLDINGS AS AT DECEMBER 31, 2019 NAME TOTAL DIRECT CONNECTED PARTIES % OWNERSHIP Sharon Donaldson 3,689,560 3,677,956 10,604 0.3458 Gregory Foster 350,000 350,000 - 0.0340 Cheryll Henry 159,445 159,445 - Lesley Miller 270,379 270,379 - Jamalda Stanford 92,857 92,857 - Janille Jarrett 25,000 25,000 - Tracey-Ann Thompson 50,000 50,000 - Natasha Pettier - - - Lindsay Gonsalves - - - Careen Nolan Angella Reynolds Joan McLeggon Petagae McCook Douglas Hayden - - - - - - - - - - - - - - - Janette Cole-Smith - - - Tanya Thomas - - - 0.0155 0.0261 0.0090 0.0024 0.0048 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 53 STOCK TRADING Stock Prices $7.10 $2.50 $1.76 $1.63 $1.75 $2.05 $3.54 $2.99 $2.80 DEC 2011 DEC 2012 DEC 2013 DEC 2014 DEC 2015 DEC 2016 DEC 2017 DEC 2018 DEC 2019 8 7 6 5 4 3 2 1 0 $6.90 $7.10 $4.50 $4.01 $4.10 MAR 2019 JUN 2019 SEP 2019 DEC 2019 HIGH LOW 54 | GENERAL ACCIDENT ANNUAL REPORT | 2019 CORPORATE DATA GENERAL ACCIDENT ANNUAL REPORT | 2019 | 55 COMPANY PROFILE DIRECTORS: • P.B. Scott, Chairman • Melanie Subratie, Deputy Chairman • Sharon Donaldson, Managing Director • 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 Ltd . • National Commercial Bank ATTORNEYS: • Nunes Scholefield & DeLeon & Co: 6A Holborn Road Kingston • DunnCox 48 Duke Street, Kingston 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 56 | GENERAL ACCIDENT ANNUAL REPORT | 2019 CONTACT INFORMATION JAMAICA • Kingston & St. Andrew 58 Half Way Tree Road, Kingston Telephone : (876) 929-2451 • Montego Bay Unit 8, Summit Business Center Fairview, Montego Bay St. James TRINIDAD Motor One Insurance Company Cor. French Street & Ariapita Avenue, Woodbrook, Port of Spain Trinidad, W.I. Telephone: (868) 622-7292 (868) 622 -5614 (868) 622-8500 BARBADOS Suite 8, Dome Mall, Warrens, St. Michael BB22026 Telephone: (246) 257-3392 GENERAL ACCIDENT INSURANCE COMPANY JAMAICA LIMITED 31 December 2019 FINANCIAL STATEMENTS Actuary’s Report Independent Auditor’s Report to the Members Financial Statements 66 67 68 Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity 69 - 70 Consolidated statement of cash flows 71 72 73 Company statement of comprehensive income Company statement of financial position Company statement of changes in equity 74 - 75 Company statement of cash flows 76 - 152 Notes to the financial statements 58 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 59 60 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 61 62 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 63 64 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 65 66 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 67 68 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 69 70 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 71 72 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 73 74 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 75 76 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 77 78 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 79 80 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 81 82 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 83 84 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 85 86 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 87 88 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 89 90 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 91 92 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 93 94 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 95 96 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 97 98 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 99 100 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 101 102 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 103 104 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 105 106 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 107 108 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 109 110 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 111 112 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 113 114 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 115 116 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 117 118 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 119 120 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 121 122 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 123 124 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 125 126 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 127 128 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 129 130 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 131 132 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 133 134 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 135 136 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 137 138 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 139 140 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 141 142 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 143 144 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 145 146 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 147 148 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 149 150 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 151 152 | GENERAL ACCIDENT ANNUAL REPORT | 2019 GENERAL ACCIDENT ANNUAL REPORT | 2019 | 153 154 | GENERAL ACCIDENT ANNUAL REPORT | 2019 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 am on September 10, 2020, at 58 Half Way Tree Road, Kingston 10 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 Vote for or against (tick as appropriate) ORDINARY RESOLUTIONS 1. To receive the report of the Board of Directors and the Audited Financial Statements for the financial year ended December 31, 2019. 2. To authorize the Board of Directors to re-appoint PwC as the Auditors of 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 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. 3. (c) To re-appoint Brian Jardim as a Director of the Board of the company. 4.(a) To Authorise the Board of Directors to fix the remuneration of the Directors. 5. To approve the aggregated amount of interim dividends declared by the Board during the financial year ended 31st December 2019, being $142,683,750.02 or 13.836 cent per ordinary share, as the final dividend for the year. For Against For Against For Against For Against For Against For Against For Against Signed this day of 2020: 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)

Continue reading text version or see original annual report in PDF format above