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 REPORT 24 | 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)