Generac Holdings Inc
Annual Report 2023

Plain-text annual report

1920 Operating in Jamaica General Accident started operations in Jamaica in the 1920’s as agents for the worldwide insurance company of General Accident Fire & Life Assurance Corporation, GAFLAC, located in Perth Scotland, an 1885 entity with significant presence in 45 countries. 2011 Listed on Stock Exchange In 2011, General Accident listed 20% of its ordinary shares on the Junior Market of the Jamaica Stock Exchange and became the only publicly-traded general insurance company in Jamaica. 2 1981 Founder Desmond Blades, the Barbados-born businessman made Jamaica his home in 1981 and began to etch his name in the annals of local private sector history. 1981 Joint Partnership General Accident Fire & Life Assurance Corporation "GAFLAC" - A Scotland-based global insurance company and Musson Group of Companies formed a Joint Partnership. 1998 Wholly-Owned Musson (Jamaica) Limited became the sole parent of General Accident. 1998 Brand Retained General Accident retained its brand, underwriting and management philosophies it was known for in the insurance and reinsurance industries, which have served the Company and its policyholders well for 30 years. 2023 Stock Exchange Main Market General Accident graduated to the main Market of the Jamaica Stock Exchange.. 2020 Barbados Acquisition In May 2020, General Accident acquired a licence in Barbados and operations began. 2016 AutoSMART Launched AutoSmart Insurance, a cutting-edge product developed by General Accident, addresses the unmet requirements of a neglected segment within the general insurance sector. With its innovative interface, AutoSmart revolutionises the Jamaican insurance landscape by providing a wide array of protection options. 2019 Trinidad Acquisition General Accident acquired a majority stake in Motor One Insurance Company Limited (“Motor One”), a Trinidadian motor insurance company headquartered in Port of Spain with a large branch network throughout Trinidad. ANNUAL REPORT 20231920 Operating in Jamaica General Accident started operations in Jamaica in the 1920’s as agents for the worldwide insurance company of General Accident Fire & Life Assurance Corporation, GAFLAC, located in Perth Scotland, an 1885 entity with significant presence in 45 countries. 2011 Listed on Stock Exchange In 2011, General Accident listed 20% of its ordinary shares on the Junior Market of the Jamaica Stock Exchange and became the only publicly-traded general insurance company in Jamaica. 3 2016 AutoSMART Launched AutoSmart Insurance, a cutting-edge product developed by General Accident, addresses the unmet requirements of a neglected segment within the general insurance sector. With its innovative interface, AutoSmart revolutionises the Jamaican insurance landscape by providing a wide array of protection options. 2019 Trinidad Acquisition General Accident acquired a majority stake in Motor One Insurance Company Limited (“Motor One”), a Trinidadian motor insurance company headquartered in Port of Spain with a large branch network throughout Trinidad. 1998 Brand Retained General Accident retained its brand, underwriting and management philosophies it was known for in the insurance and reinsurance industries, which have served the Company and its policyholders well for 30 years. 2023 Stock Exchange Main Market General Accident graduated to the main Market of the Jamaica Stock Exchange.. 2020 Barbados Acquisition In May 2020, General Accident acquired a licence in Barbados and operations began. Desmond Blades, the Barbados-born businessman made Jamaica his home in 1981 and began to etch his name in the annals of local private sector history. 1981 Founder 1981 Joint Partnership General Accident Fire & Life Assurance Corporation "GAFLAC" - A Scotland-based global insurance company and Musson Group of Companies formed a Joint Partnership. 1998 Wholly-Owned Musson (Jamaica) Limited became the sole parent of General Accident. ANNUAL REPORT 2023TABLE OF CONTENTS 4 07 GENERAL ACCIDENT AT A GLANCE Purpose & Vision Corporate Structure Key Performance Highlights Consistent Shareholders Dividend Consolidated Loss Ratio Over Five Years Consolidated Combined Ratios Consolidated Portfolio Composition 10 - Year Statistical Review Our Strategic Priorities Our Brand Promise Notice of Annual General Meeting Chairman’s Report Directors’ Report Directors’ Profiles Corporate Governance Report Senior Leadership Team Management Team Management Discussion and Analysis Risk Management Risk Committee 20 24 NOTICE OF ANNUAL GENERAL MEETING CORPORATE GOVERNANCE 36 LEADERSHIP AND OPERATIONS ANNUAL REPORT 2023CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility Employee Engagement 5 DISCLOSURE OF SHAREHOLDERS Top 10 Shareholders Shareholdings of Directors and their Connected Parties Shareholdings of Management Team CORPORATE DATA FINANCIAL STATEMENTS PROXY FORM Company Profile Contact Information Jamaica • Kingston • Montego Bay Trinidad Barbados Actuary’s Report Independent Auditor’s Report to the Members Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Company Statement of Comprehensive Income Company Statement of Financial Position Company Statement of Changes in Equity Company Statement of Cash Flows Notes to the Financial Statements ANNUAL REPORT 202356647078GENERAL ACCIDENT AT A GLANCE I I N O S V & E S O P R U P 8 ANNUAL REPORT 2023 ANNUAL REPORT 2023 9 OUR PURPOSE General Accident Insurance Company (GenAc) offers a wide range of innovative, affordable general insurance products to deliver financial protection and peace of mind to individuals, families and businesses, while building a trained and well-compensated staff complement and delivering a fair return on investment to our shareholders. OUR VISION General Accident Insurance Company (GenAc) is a regional market leader in the general insurance sector 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. CORPORATE STRUCTURE 10 JAMAICA $ ’000 BARBADOS $ ’000 TRINIDAD $ ’000 Revenue J$ 6,752,418 Revenue J$518,178 Revenue J$1,305,112 201 Employees 8 Employees 65 Employees Net Assets J$3,569,414 Net Assets J$77,379 Net Assets J$881,118 ANNUAL REPORT 2023ANNUAL REPORT 2023 KEY PERFORMANCE HIGHLIGHTS CONSISTENT SHAREHOLDERS DIVIDEND 11 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 62% 54% 57% 52% 68% 50% 50% 50% 50% 50% $0.22 $0.24 $0.19 $0.19 $0.20 $0.20 $0.17 $0.17 $0.15 $0.14 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Dividend as percentage of profit Dividend per Share ANNUAL REPORT 2023 KEY PERFORMANCE HIGHLIGHTS 12 CONSOLIDATED LOSS RATIOS OVER FIVE YEARS 70% 60% 50% 40% 30% 20% 10% 0% 105% 100% 95% 90% 85% 80% 75% 2019 2020 2021 2022 2023 CONSOLIDATED COMBINED RATIO 2014 2015 2016 2017 2018 ANNUAL REPORT 2023 KEY PERFORMANCE HIGHLIGHTS CONSOLIDATED PORTFOLIO COMPOSITION 13 10 - YEAR STATISTICAL REVIEW 14 2023 RESTATED 2022 2022 2021 2020 (J$’000) (J$’000) (J$’000) (J$’000) (J$’000) EMPLOYEES 274 259 259 229 205 GROSS WRITTEN PREMIUMS (IFRS 4) 18,967,162 15,114,209 15,114,209 13,959,807 12,044,990 INSURANCE REVENUE (IFRS 17) 8,575,708 6,666,555 - - - CLAIMS INCURRED (IFRS 4) 2,123,319 1,508,337 1,508,337 1,751,360 1,816,926 INSURANCE SERVICE EXPENSES (IFRS 17) 5,637,217 4,151,051 - - - UNDERWRITING PROFIT/(LOSS) 300,204 386,614 386,614 80,317 1,445 INSURANCE SERVICE RESULTS (IFRS 17) 696,106 619,226 - - - PROFIT BEFORE TAX 740,495 891,331 708,167 259,695 259,536 PROFIT AFTER TAX CASH DIVIDENDS LOSS RATIO RETURN ON EQUITY DIVIDEND PAYOUT RATIO 548,268 780,394 597,230 149,236 193,812 202,526 250,573 250,573 196,701 222,668 47% 14% 50% 45% 23% 50% 45% 20% 50% 58% 66% 5% 50% 6% 50% ANNUAL REPORT 202310 - YEAR STATISTICAL REVIEW 15 2019 2018 2017 2016 2015 2014 (J$’000) (J$’000) (J$’000) (J$’000) (J$’000) (J$’000) EMPLOYEES 132 131 111 91 90 78 GROSS WRITTEN PREMIUMS (IFRS 4) 10,727,828 8,735,797 7,106,254 5,649,097 6,112,355 5,072,375 INSURANCE REVENUE (IFRS 17) - - - - - - CLAIMS INCURRED (IFRS 4) 1,205,328 1,023,022 1,087,590 746,073 696,480 678,558 INSURANCE SERVICE EXPENSES (IFRS 17) - - - - - - UNDERWRITING PROFIT/(LOSS) 442,136 174,768 (35,532) 45,609 114,656 101,941 INSURANCE SERVICE RESULTS (IFRS 17) - - - - - - PROFIT BEFORE TAX PROFIT AFTER TAX CASH DIVIDENDS LOSS RATIO RETURN ON EQUITY DIVIDEND PAYOUT RATIO 770,154 352,569 236,077 404,243 303,448 319,965 651,558 285,370 221,236 386,879 304,418 320,078 142,684 150,047 200,001 175,003 172,219 203,878 54% 32% 50% 63% 15% 68% 82% 11% 52% 66% 22% 57% 62% 19% 54% 63% 22% 62% ANNUAL REPORT 202316 OUR STRATEGIC PRIORITIES VALUE CREATION AND LONG-TERM SUSTAINABILITY General Accident uses over 40 years of experience to create value for our shareholders, policyholders and employees while meeting all regulatory and due diligence requirements. We provide a suite of modern risk transfer mechanisms to facilitate commerce and protect the assets of companies and people by reducing risk and uncertainty. We safeguard national economic health with our knowledge of risk assessment and management, and solid insurance underwriting techniques. Using sound investment decisions and a strategy of managed growth, we have built a solid balance sheet to ensure long term financial stability. SOUND INVESTMENT DECISIONS Our investment policy is geared towards building a strong, growing balance sheet, by stringent asset/liability management and ensuring capital adequacy. Our investment decisions are influenced by cash flow imperatives, potential currency volatility and the inflation sensitivity of our underwriting liabilities. We target the optimal mix of investments to provide adequate returns for shareholders, while meeting all regulatory requirements. islandwide network of DISTRIBUTION CHANNELS Our head office is located in Kingston, Jamaica and we write business through insurance an professionals. We have embarked on a regional expansion programme, and now offer insurance products in Trinidad and Tobago and Barbados. Our distribution partners are essential to our business model and we regard our producers as strategic drivers of our success. We continue to look for other expansion opportunities within the Caribbean. FAST, FAIR CLAIMS SETTLEMENT We believe the true test of an insurance policy is when a claim is made. We endeavour to meet our customers’ expectations for fair, flexible, and accessible claims service through simple processes and fast turnaround times. We see claims handling as an opportunity to reinforce the trust of our clients and build customer loyalty. ROBUST RISK MANAGEMENT Insurance coverage reduces risk and uncertainty. We rely on a comprehensive risk management framework to ensure risk tolerance limits are adhered to, particularly regarding critical reinsurance support. Regulatory capital adequacy is central to our continuity, and our risk strategies are designed to ensure that legal requirements are met or exceeded. DEVELOPING THE GENAC TEAM Our staff complement is one of our most important resources. We are committed to recruiting, training, and keeping the right people, ANNUAL REPORT 2023that exceeds our clients’ and our business partners’ expectations MAINTAIN CORPORATE SOCIAL RESPONSIBILITY 17 We regard our good reputation as a critical long-term asset, and we are committed to the principles of corporate social responsibility. We ensure our operations benefit the economy, the 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 members 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 providing them with a culture of excellence and opportunity. We create value for our employees by investing in their capabilities and potential through training and development programmes. UTLISING INFORMATION TECHNOLOGY A digital transformation is well underway at GenAc. We now deliver a range of online services to our customers, with improvements being added all the time. We seek to ensure our customers receive superior service, whether they contact us by telephone, e-mail, or via our website. Our growing expertise in data analytics allows us to respond quickly and appropriately to changing market conditions. MAXIMISING EARNINGS Our growth initiatives remain: • Growth in value-priced and profitable product lines • Payment of dividends to shareholders • Steady strengthening of our balance sheet, liquidity base and capital to provide the essential foundation for growth • Consistent improvements in operational efficiencies, as we aim to deliver service ANNUAL REPORT 2023 OUR BRAND PROMISE 18 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. BRAND PROMISE PERFORMANCE We strive for service that exceeds customer expectations. 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. RESPONSIBILITY We have a strong sense of responsibility towards our customers, society, the environment and each other. ANNUAL REPORT 202319 ANNUAL REPORT 2023I G N T E E M L A R E N E G L A U N N A F O E C T O N I NOTICE OF ANNUAL GENERAL MEETING GENERAL ACCIDENT INSURANCE COMPANY (JAMAICA) LIMITED 22 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 13, 2024, at 58 Half Way Tree Road for shareholders to consider and, if thought fit, to pass the following resolutions: Ordinary Resolutions 1. To receive the report of the Board of Directors and the Audited Accounts of the Company for the financial year ended December 31, 2023. 2. 3. To authorise the Board of Directors to reappoint PricewaterhouseCoopers 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 Article of Incorporation of the Company and, being eligible, have consented to act on reappointment: (a) To re-appoint Gregory Foster as a Director of the Board of the Company. (b) To re-appoint Matthew Lyn as a Director of the Board of the Company. (c) To re-appoint Duncan Stewart as a 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 31st December 2023, being $202,527,188 or 19.639 cents per ordinary share, as the final dividend for that year. Signed this 2nd day of May, 2024 by Order of the Board Lesley Miller CORPORATE SECRETARY ANNUAL REPORT 2023 24 E C N A N R E V O G E T A R O P R O C ANNUAL REPORT 2023 25 ANNUAL REPORT 2023PAUL B. SCOTT Chairman CHAIRMAN’S REPORT In 2023, General Accident continued to execute have had a short-term impact on our financial results, our strategy of building a leading regional general they will create considerable value for General Accident insurance company. Our brand, people, relationships over the long run. In 2022, we were pleased to achieve 27 and technology allowed General Accident to deliver profitability in Trinidad within our first 3 years of a record financial performance while steadfastly operations. In 2023, our Barbados operation was close adhering to our long-term strategy. This consistent to break even, and we expect to achieve profitability this focus on our strategic goals inspires confidence and year. The fact that we will achieve profitability within optimism in our stakeholders. the first few years of operation despite a challenging operating environment in these new markets is a For the financial year ended December 2023, General testament to our team and our strategy. Accident recorded the highest insurance revenue in our history. We achieved insurance revenue of $8.6 billion, Our growing presence in all three of the Caribbean’s an increase of $1.9 billion or 29% over 2022, and profit largest insurance markets diversifies our underwriting before tax of $740.5 million. Further, General Accident risk and creates economies of scale. This scale allows produced a 14% return on equity and distributed $202.5 General Accident to invest, develop and deploy digital million of dividends to our shareholders. insurance solutions efficiently. General Accident continues to make noteworthy The year ahead will likely continue to be categorized progress towards our goal of building a leading regional by tightening conditions in insurance markets globally. general insurance company. In Jamaica, we cemented The Caribbean markets in which we operate will be our position as the largest underwriter of general no exception. General Accident has developed deep insurance risks, with gross written premiums of $17.0 relationships with our reinsurers over decades and billion, an increase of $3.1 billion or 22% over 2022. has consistently delivered on our promises to these key partners. This commitment differentiates General In Trinidad, we grew gross written premiums by 57% Accident in tough market conditions. We are pleased over 2022, while in Barbados, we grew gross written to report that General Accident not only continued to premiums by 52% over 2022. This significant growth is receive support from its reinsurers but has been one a direct result of our team’s unwavering dedication and of the few regional insurers to increase its capacity. commitment, our investments in technology, our strong This is a validation of our strategy and is very positive relationships with supportive business partners, and our for our shareholders, clients, and the countries in which robust corporate governance framework. Additionally, we operate. In many instances, General Accident will be our property and motor business segments in Jamaica critical to ensuring that adequate insurance coverage is enjoyed another year of strong premium growth and available in Jamaica, Trinidad and Barbados, providing a profitability. Despite expansion in all three markets, our sense of security to all stakeholders. continued top-line growth has not come at a sacrifice to our commitment to strict underwriting discipline. I would like to take this opportunity to thank all of the directors, employees and, of course, customers for General Accident’s consolidated profits in 2023 reflect supporting General Accident in 2023. our continued investment in our growing subsidiaries in Trinidad and Barbados. While these investments Sincerely, ANNUAL REPORT 2023DIRECTORS’ REPORT AS AT DECEMBER 31, 2023 28 The Directors are pleased to present their report for General Accident Insurance Company Jamaica Limited for the financial year ended December 31, 2023. FINANCIAL RESULTS The Statement of Comprehensive Income for the Group shows pre-tax profits for the year of $740.5 million, taxation of $192.2 million and a net profit after tax of $548.3 million. Details of these results, along with a comparison with the previous year’s performance and the state of affairs of the Group, 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, 2023, are: P.B. Scott, Melanie Subratie, Sharon Donaldson, Gregory Foster, Lesley Miller, Christopher Nakash, Jennifer Scott, Nicholas Scott, Duncan Stewart, Matthew Lyn and Brian Jardim. The Directors to retire by rotation in accordance with the Articles of Incorporation are: Gregory Foster, Matthew Lyn and Duncan Stewart but being eligible, will offer themselves for re-election. 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 re-appointment. DIVIDEND A dividend of 19.639 cents per share paid on December 18, 2023, is proposed to be the final dividend in respect of the financial year ended December 31, 2023. ANNUAL REPORT 2023 DIRECTORS’ PROFILE AS AT DECEMBER 31, 2023 30 PAUL B. SCOTT CHAIRMAN 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 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. GREGORY ST. HUGH FOSTER EXECUTIVE DIRECTOR 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. ANNUAL REPORT 2023DIRECTORS’ PROFILE AS AT DECEMBER 31, 2023 31 MELANIE SUBRATIE DEPUTY CHAIRMAN 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. BRIAN JARDIM INDEPENDENT NON EXECUTIVE DIRECTOR 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. NICHOLAS A. SCOTT 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. ANNUAL REPORT 2023DIRECTORS’ PROFILE AS AT DECEMBER 31, 2023 32 LESLEY MILLER EXECUTIVE DIRECTOR & COMPANY SECRETARY Lesley Miller is the Company Secretary and an Executive Director of the Company. Mrs. Miller is the Group Chief Information Officer of General Accident Insurance. Prior to that Mrs. Miller was the Head of Business Operations at Digicel Jamaica where she spent several years in various senior roles. Mrs. Miller holds a B.Sc. in Computing & Information Technology (Hons.) from the University of Technology Jamaica and an M.B.A in Banking & Finance (with distinction) from the University of the West Indies. Lesley is certified by the Project Management Institute as a Project Management Professional (PMP®). CHRISTOPHER NAKASH 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. DUNCAN STEWART 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. ANNUAL REPORT 2023 DIRECTORS’ PROFILE AS AT DECEMBER 31, 2023 33 JENNIFER SCOTT NON EXECUTIVE DIRECTOR 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. MATTHEW LYN NON EXECUTIVE DIRECTOR 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. ANNUAL REPORT 2023CORPORATE GOVERNANCE REPORT 34 CORPORATE GOVERNANCE Our Corporate Governance framework is designed to support the transparency and accountability of the people and processes in the Group as it expands its reach in the Caribbean region. The framework is documented in our Corporate Governance Policy, wherein prescribed practices conform with global best practices, the Private Sector Organisation of Jamaica’s Code on Corporate Governance and the Jamaica Stock Exchange’s Corporate Governance Guidelines. The Group’s corporate governance standards reflect the key tenets of responsibility, integrity, prudence, transparency and fair and equitable decision-making. It is the collective responsibility of the Board to supervise and direct the company’s affairs in the interest of the growth and profitability of the business while providing an equitable return to the shareholders. CORPORATE GOVERNANCE FRAMEWORK General Meeting of Shareholders Board of Directors Compensation Committee Conduct Review Committee Audit Committee Managing Director External Audit Senior Management ANNUAL REPORT 2023ANNUAL REPORT 2023 INVESTMENT AND LOAN COMMITTEE The Committee is responsible for driving the Group’s investment strategy and ensuring that the strategy meets all compliance requirements, inter alia, liquidity, quality, and term of investments. The committee also ensures that any material financial arrangement meets regulatory standards and fits the credit risk appetite of the Company. The Investment and Loan Committee comprises of five (5) non-executive directors and one (1) executive director. The committee meets at least four (4) times for the year. The Corporate Governance Guidelines (CGG) for Insurance Company Jamaica General Accident Limited are available on our website at https://www.genac.com 35 Our Directors and Committees are aligned with our strategic and corporate objectives and are tasked with monitoring and ensuring that the efforts of all stakeholders support those objectives. BOARD OF DIRECTORS The members of the Board and those entrusted with administering our Corporate Governance embody diversity, experience, and proven excellence in their fields. The Board is composed to promote balanced decision making and independence. The Board is comprised of eleven (11) members, a non- executive Chairman, seven (7) non-executive directors and three (3) executive directors. THE COMPENSATION COMMITTEE The Compensation Committee is responsible for oversight of executive remuneration packages. These packages are designed reward performance and incentivize growth and are driven by the core organisation objectives and in alignment with necessary risk considerations. to CONDUCT REVIEW COMMITTEE The committee has responsibility for oversight of the 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 is tasked with the prevention, identification and management of conflicts of interest and the disclosures around any such conflicts. The Conduct Review Committee comprises of six (6) directors. The committee meets at least three (3) times a year. AUDIT COMMITTEE The committee is responsible for providing 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 Comprises of four (4) non- executive directors and one (1) executive director. The Audit Committee meets at least five (5) times for the year 36 I S N O T A R E P O & P H S R E D A E L I ANNUAL REPORT 2023 37 ANNUAL REPORT 2023SENIOR LEADERSHIP TEAM 38 SHARON DONALDSON CEO & MANAGING DIRECTOR GREGORY FOSTER CHIEF OPERATING OFFICER Sharon Donaldson has been with the company Gregory Foster is GenAc’s Chief Operating for over 30 years, first joining as the Financial Officer with responsibility for the underwriting, Controller in 1989 before becoming the Managing claims and AutoSmart divisions. Mr. Foster Director and CEO in 2008. joined GenAc in 2014 with a strong background as an Audit Manager and has held his current Sharon’s primary responsibilities include position since January 2019. making major corporate decisions, managing the overall operations and resources of the He has accumulated over seven years of Group and acting as the main point. experience in providing audit services to a wide spectrum of clients, including government/public sector, financial services, and manufacturing and distribution. ANNUAL REPORT 2023SENIOR LEADERSHIP TEAM 39 NATASHA PETTIER CEO (GATT) WANDA MAYERS GENERAL MANAGER (GAB) Natasha Pettier is the Chief Executive Officer of Wanda Mayers is the General Manager of General General Accident Insurance Company Trinidad Accident Insurance Company (Barbados) Limited. and Tobago Limited. She joined the Company Her experience in general insurance includes in October 2019 as head of underwriting and customer service, marketing, reinsurance insurance operations. underwriting and claims. After becoming an Associate of the Chartered Insurance She holds a Bachelor of Laws (LL.B.), an Institute (ACII) in the United Kingdom, she rose MBA from the Heriot-Watt University, UK, is in the ranks at the Insurance Corporation of a Fellow of the Chartered Insurance Institute Barbados Limited, from Supervisor of the of London, a qualified Member of the Institute Reinsurance Department in 1993 to Assistant of Risk Management and a Health Insurance Vice President of Direct Underwriting and Associate. She has over 20 years’ experience Customer Experience in 2015. in the insurance industry and is involved with various committees of both the Association of Her managerial experience was strengthened at the Trinidad and Tobago Insurance Companies Sagicor General Insurance Inc., as Vice-President and the Trinidad and Tobago Insurance Institute. for Underwriting in Barbados, ending in 2018. Mayers has tutored various subjects at the Insurance Institute of Barbados and has served as Director of several companies in the public and private sector. ANNUAL REPORT 2023SENIOR LEADERSHIP TEAM 40 LESLEY MILLER CHIEF INFORMATION OFFICER STUART ANDRADE CHIEF FINANCIAL OFFICER Lesley Miller joined GenAc as Chief Information Stuart is a Chartered Accountant and a member Officer in January 2018 with responsibility for of the Institute of Chartered Accountants technology, business intelligence and digital of Jamaica. He has over two decades of marketing, bringing over 15 years’ experience experience in Finance and Accounting. On in the insurance and telecommunications October 2, 2023, Stuart was appointed as industries to the Company. the Chief Financial Officer (CFO). Mrs. Miller holds a Bachelor of Science degree Stuart has worked in various capacities in Computing & Information Technology from within the GraceKennedy Financial Group, the University of Technology (Jamaica) and an PricewaterhouseCoopers, and Chamber Henry MBA in Banking and Finance from the University and Partners. His experience has exposed him of the West Indies. She is a certified Project to several industries, including manufacturing, Management Professional and is a member banking, finance, and insurance. Apart from his of the Doctor Bird Chapter of the Project work experience, Stuart is also a Commissioner/ Management Institute. Director of the Fair Trading Commission and Consumer Affairs Commission. ANNUAL REPORT 2023SENIOR LEADERSHIP TEAM 41 ARNOLD GERALD CHIEF FINANCIAL OFFICER (GATT) MICHELLE ROBINSON CHIEF INSURANCE OFFICER Arnold Gerald is a seasoned financial leader Michelle Robinson joined General Accident in and a vital part of the General Accident team October 1990. From 1990 to 2011, Michelle as the Chief Financial Officer (CFO). With an served in various roles, including Management extensive background in financial accounting, Trainee, Claims Manager and Marketing Manager. modeling, and project management, Arnold Michelle’s varied experience developed her is instrumental in driving the company’s expertise in underwriting and claims for all lines financial strategies and success. Arnold of business. Michelle left General Accident in joined the General Accident family in June 2011, returning in 2021, after gaining invaluable 2023, bringing over 25 years of distinguished experience in branch network management experience to his role. and regional oversight. His decade-long immersion in the insurance In her current role, Michelle oversees the industry uniquely positions him to navigate operations of the Underwriting and Claims the financial intricacies of the sector. He Departments and provides technical advice holds a MSc in Professional Accountancy and to our regional operations. is a Fellow of the Association of Chartered Certified Accountants. Arnold’s proficiency in a Michelle holds the ACII designation as a Chartered wide range of financial disciplines contributes Insurer with the Chartered Insurance Institute, significantly to General Accident’s financial London. stability and growth. His strategic vision, coupled with his meticulous approach to financial planning and management, ensures the company’s financial health and sustainability. ANNUAL REPORT 2023SENIOR LEADERSHIP TEAM 42 JANILLE JARRETT GENERAL MANAGER - AUTOSMART JAMALDA STANFORD-BROWN BUSINESS DEVELOPMENT OFFICER Janille Jarrett joined General Accident in May Jamalda Stanford-Brown joined GenAc as 2005, and has worked in the Customer Service, Business Development Officer in January Underwriting and Broker Services departments. 2018. She has a wealth of experience in She advanced through the ranks and held the auditing, risk assessment and reinsurance. position of Management Trainee up to August 2015, when she migrated. Mrs. Stanford-Brown holds a Bachelor of Science degree in Economics and Accounting She re-joined us in July 2016 and was appointed from the University of the West Indies. She Underwriting Manager - AutoSMART, which is a Certified Public Accountant, a Chartered is a specialized insurance business unit within Property and Casualty Underwriter and holds General Accident. Janille went on to spend an Associate Degree in Reinsurance. four (4) years as the Motor Underwriting Manager for General Accident, and, under her management we saw a significant growth in our motor portfolio. In January 2021, Janille was promoted to General Manager with responsibility for the Autosmart Business Unit. Janille holds Chartered Insurance Professional (CIP) Designation with the Insurance Institute of Canada. ANNUAL REPORT 202343 ANNUAL REPORT 2023MANAGEMENT TEAM 44 CAREEN NOLAN SENIOR BROKER SERVICES MANAGER, JAMAICA PETAGAYE MCCOOK LEGAL SERVICES MANAGER, JAMAICA DOUGLAS HAYDEN INFORMATION TECHNOLOGY MANAGER, JAMAICA ANGELLA REYNOLDS SENIOR RISK & REINSURANCE MANAGER, JAMAICA TANYA OAKLEY BUSINESS INTELLIGENCE MANAGER, JAMAICA JANETTE COLE-SMITH FINANCE & COMPLIANCE MANAGER, JAMAICA CAROL BARNETT CLAIMS MANAGER, JAMAICA ANNUAL REPORT 2023MANAGEMENT TEAM 45 NATASHA PETTIER CEO, TRINIDAD & TOBAGO ARNOLD GERALD CHIEF FINANCIAL OFFICER, TRINIDAD & TOBAGO AARON STEWART CLAIMS MANAGER, TRINIDAD & TOBAGO DIYYA ISHMAEL MANAGER, UNDERWRITING AND BUSINESS DEVELOPMENT TRINIDAD & TOBAGO SHIVANNE RAMADHAR ACCOUNTANT, TRINIDAD & TOBAGO WANDA MAYERS GENERAL MANAGER, BARBADOS GAIL GRIFFITH UNDERWRITER, BARBADOS ANNUAL REPORT 2023I I S S Y L A N A & S N O S S U C S D T N E M E G A N A M I MANAGEMENT DISCUSSION & ANALYSIS 48 STRATEGY STATEMENT The dedicated team at General Accident Group continued to execute our strategy of building a leading Caribbean general insurance company in 2023, delivering growth, innovation, and profitability. Our brand is strong, our commitment to digital transformation is bearing fruit, and our relationships with reinsurers, customers, and producers provide the Group with a solid, loyal base. PROFITABILITY General Accident Group produced a healthy financial performance in 2023. We achieved insurance revenue of $8.6 billion, an increase of $1.9 billion or 29% over 2022, and profit before tax of $740.5 million. The Group produced a 14% return on equity and distributed $202.5 million in dividends to our shareholders. its General Accident Jamaica maintained position as the largest underwriter of general insurance risks in the island, with gross written premiums of $17.0 billion, an increase of $3.1 billion or 22% over 2022. General Accident Trinidad achieved remarkable growth and profitability in 2023. With a robust premium increase of 57% over the prior year, GenAc T&T has demonstrated its ability to attract and retain customers in a highly competitive market. This progress is a direct result of our exceptional team, improved technology, supportive business partners, and diligent corporate governance. GenAc T&T is poised for further expansion, having produced a profit before tax of $56.6 million and an after-tax profit of $42.1 million. General Accident Barbados continued to gain traction in the Barbados insurance market in 2023, expanding by 52% over 2022, with gross written premiums of $608.2 million, compared with $210.4 million in the prior year. Growth was driven by the expansion of our property portfolio, with premiums increasing 82% over 2022. New business was the mainstay of this increase due to increased broker penetration and the expansion of our agent network. The motor portfolio grew by 33%, along with greater brand recognition. GenAc Barbados performed better than projected, largely as a result of careful cost management, and the 2023 net loss was $12.2 million, an improvement over the 2022 net loss of $18.7 million. As with the rest of the Group, GenAc Barbados prioritises improving efficiency by digitising its processes to ensure future profitability. ANNUAL REPORT 2023 ANNUAL REPORT 2023 CHANGE IN FINANCIAL REPORTING STANDARD FOR THE INSURANCE INDUSTRY The year was not without its challenges. However, there was a change in financial reporting standards for the insurance industry in 2023, as IFRS 17 replaced the provisions of IFRS 4 related to insurance contracts. The adoption of IFRS 17 resulted in significant changes to the statement of Profit and Loss in 2023, the most significant being the removal of Gross Written Premiums from the face of the Profit and Loss statement. Net Insurance Revenue (Premiums) is now what is shown in the Profit and Loss statement. All financials referenced in this report are in accordance with the new standards, and we expect reporting in future years to go much more smoothly. 49 INSURANCE REVENUE COMPOSITION 2022 ANNUAL REPORT 2023 INSURANCE REVENUE COMPOSITION 2023 50 FINANCIAL HIGHLIGHTS GENERAL ACCIDENT GROUP GENERAL ACCIDENT JAMAICA Consistent premium growth 22 years of premium growth Insurance revenue of $8.6 billion Insurance revenue of $6.8 billion Profit for the year of $548.3 million Profit for the year of $524.4 million Book value of $4.0 billion Book value of $3.6 billion Total assets of $9.8 billion Total assets of $7.9 billion Earnings per share of $0.52 Profit attributable to shareholders was $548.3 million in 2023. We paid dividends amounting to $202.5 million in the year under review. ANNUAL REPORT 2023 INSURANCE REVENUE $’000 51 8,575,708 6,666,555 2022 2023 NET PROFIT $’000 780,394 548,268 2022 2023 52 INVESTMENT INCOME Investment income decreased by 22% to $340.8 million, down from $436.4 million in 2022. This decrease was due to negative unrealized fair value gains on our equities, as the general investment appetite in the market moved away from equities and real estate to repurchase agreements and certificates of deposit with higher yields. FINANCIAL STRENGTH General Accident Group is well capitalized with an equity book value of $4.0 billion. Total assets increased by 9% to $9.8 billion, up from $9.0 billion in 2022. This provides the required stability to weather any potential economic challenges in 2024 and beyond. CAPITAL MANAGEMENT The Group allocates its capital to maximize long-term shareholder value while maintaining financial strength. Our policy is to allocate capital to investment opportunities earning the highest risk-adjusted returns, as we seek to maintain a balance between higher returns and the security of a prudent capital position. We consistently meet required regulatory and solvency ratios and are pleased to report that we met all entities’ regulatory capital and liquidity requirements in 2023. DESCRIPTION BENCHMARK ACTUAL Jamaica MCT 150.00% Trinidad Regulatory Capital Required 150.00% 161.29% 219.17% Barbados Solvency Margin 500,000 BBD 1,079,731 BBD LOOKING AHEAD General Accident’s presence in all three of the Caribbean’s largest insurance markets creates economies of scale that enable us to invest in, develop and deploy digital insurance solutions. Notably, as a growing player in Trinidad and Tobago and Barbados, we derive a competitive advantage from the streamlined business processes we have been working on for the past several years. We look forward to increased operating efficiency in 2024 across all territories. The Group remains focused on consolidating our market leadership in Jamaica, growing our business in Trinidad and Tobago and Barbados, and advancing our digital transformation process. We remain committed to achieving our strategic objectives with confidence and excitement. We will continue to leverage our market reach, digital capabilities, and financial strength to capitalize on opportunities to provide a full suite of insurance products to the Caribbean’s largest insurance markets. We believe we have the right approach, culture, ANNUAL REPORT 202353 and products to compete in a modern digitised, customer-focused marketplace. I want to sincerely thank the Board of Directors for providing insight, guidance and support to General Accident’s management and staff. To the hardworking staff members in Jamaica, Trinidad and Tobago, and Barbados, I offer my heartfelt gratitude and appreciation to you for your continued commitment to the success of the Group. To our brokers, agents and clients, thank you for your confidence in us. We take our brand promise of excellence seriously and will continue to deliver value to our customers, employees, business partners and shareholders. SHARON DONALDSON CEO & Managing Director ANNUAL REPORT 2023ANNUAL REPORT 2023 RISK MANAGEMENT 54 The Group’s business practices inherently expose General Accident to the risks associated with insurance contracts. Beyond that exposure, the Group faces regulatory, market and operational risks. The Group is guided by its Risk Management Policy. Within this framework the Board has established committees to monitor the mitigation and management of these risks. The Board has overall responsibility for the oversight of the Group’s risk management framework. For each class of risk, the Risk Management Framework identifies the Group’s risk appetite and the potential outcomes that pose a threat to the achievement of the Group’s strategic objectives. Risk governance is supported by an internal Risk Committee. The risk categories subject to Board oversight are set out below: TYPE OF RISK RISK DETAIL APPROACH � UNDERWRITING RISK Adverse claims development. • The Company adopts prudent reserve practices as we maintain reserves equal to our estimated ultimate liability losses and loss adjustment expenses. Inadequate premiums. • 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. RISK COMMITTEE tools The Risk Committee is responsible for examining major risks faced by the Company for both assets and liabilities, reviewing 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. 55 The Risk Committee is comprised of seven members and is chaired by a member of the senior management team. It meets at least four times a year. ANNUAL REPORT 202356 I Y T I L I B S N O P S E R L A C O S E T A R O P R O C I ANNUAL REPORT 2023 57 ANNUAL REPORT 202358 CORPORATE SOCIAL RESPONSIBILITY General Accident understands that fostering strong drive is hosted annually in honour of World Blood relationships with the community advances nation- Donor Day on June 14, 2023. building. We are committed to investing in the development of our youth and upliftment of vulnerable For the first time in the history of GenAc’s annual communities to support an environment in which blood drive, children awaiting heart surgery at the Jamaicans can thrive and flourish. Bustamante Hospital for Children will see their chances improve as GenAc welcomed a third partner Here are the highlights of our 2023 activities: and Drive beneficiary, Chain of Hope. READ ACROSS JAMAICA DAY Celebrating the fun of reading, GenAc staff dedicated The National Blood Transfusion Service, GenAc’s blood drive partner, collected 55 units of blood the morning of May 9 to visiting with not one from 76 registered donors exceeding the year’s but three corporate area schools in honour of target of 50. Read Across Jamaica Day; Maisie Green Learning Centre, Dunrobin Primary School and St Joseph’s Infant School. MAISIE GREEN LEARNING CENTRE The Maisie Green Learning Centre received continued Now familiar with some members of Genac staff by support from the GenAc team in 2023. In addition name, students at Dunrobin Primary School were to the time spent with the students for Read Across excited to share in the joy of reading with members Jamaica Day, the early childhood development centre of the team. The younger students and teachers benefitted from a donation from the GenAc Sports at St Joseph’s Infant School and the Maisie Green Club and the Operations and Facilities Department Learning Centre were equally happy to experience towards their annual holiday event. the captivating storytelling. Read Across Jamaica Day is a national day started by the Jamaica Teachers’ Association in 2005 to CUSTOMER APPRECIATION DAY Every year the policyholders of GenAc and AutoSmart promote reading and literacy locally. Under the are feted to an exciting day of discounts, activities 2023 theme “Reigniting a passion for reading: and giveaways to mark their annual customer Read more, read better” 17 GenAc staff members appreciation day. These were hosted in Montego Bay read stories from local and international authors and Kingston on December 6, 2023 and December to students in over 20 classes. 8, 2023, respectively. Host Jenny Jenny engaged BLOOD DRIVE On June 16, 2023, GenAc staff members and customers converged at the Company’s headquarters in Kingston to donate life-saving blood. The blood customers with fun activities and prizes at the 58 Half Way Tree head office location, making the event a lively occasion. ANNUAL REPORT 2023ANNUAL REPORT 2023 HOUR OF CODE For the second year in a row, GenAc staff members year’s donation was valued at $136,000 and was accepted by Jamaica Cancer Society Acting Executive met with Drews Avenue Primary students fourth Director Michael Leslie. and fifth graders to share in an Hour of Code on Wednesday, December 6. CONCLUSION 2023 represented a year of meaningful initiatives, 59 It supports the new curriculum and the Primary Exit embodying our values of community, education, and Profile (PEP) that was recently introduced in Jamaican sustainability. As GenAc looks forward, these efforts primary schools. lay the foundation for our ongoing mission to provide positive contributions to society as we play our role This global initiative, supported by the Musson Group in building our nation. and its subsidiaries reinforces problem-solving and critical thinking skills while emphasising teamwork. The 2023 theme was Creativity with AI and the Drews Avenue Primary School students showed great interest in and aptitude for basic computer science. JAMAICA ENVIRONMENT TRUST (JET) GenAc and Jamaica Environment Trust (JET) marked its 32nd year of partnership in 2023. GenAc honoured its annual commitment to the non-profit organisation with a donation of $330,000 towards the operations of this local environmental leader. In an act of solidarity with JET’s mandate to protect Jamaica’s natural resources using education, advocacy and the law to influence individual and organisational behaviour and public policy and practice. JAMAICA CANCER SOCIETY In recognition of Breast Cancer Awareness Month (October), the GenAc team took to Hope Gardens to run or walk for the annual Pink Run. Later, on Thursday, November 30, 2022, GenAc made its annual donation to the Jamaica Cancer Society to aid in the treatment of cancer-fighting patients. This 60 “The cancer fight isn’t just in October,” was the lasting remark of Jamaica Cancer Society Acting Executive Director Michael Leslie as he accepted the donation First-time donor and Business Intelligence Manager of longstanding partner, at GenAc, Tanya Oakley was all too excited to General Accident Insurance finally be able to donate at the third annual Company in support of national cancer-fighting efforts on Thursday, General Accident Blood Drive held on June 16 at November 30, 2022 at the Jamaica Cancer Society Offices in Kingston. 58 Half Way Tree Road. Making the presentation to Jamaica Cancer Society’s Acting Executive Director Michael Leslie (right) is General Accident Business Development Officer, Jamalda Stanford-Brown (left) with a cheque valued at $136,000. General Accident Chief Information Officer, Lesley Miller (centre) checked in on Jamaica Chamber of Commerce President, Michael McMorris (left) as he was prepared for the donation process by Technical Assistant, Huntley Walker during the third annual General Accident Blood Drive held on June 16 at 58 Half Way Tree Road. Blood drive partners. National Blood Transfusion Service Blood Donor Organizer, Keishawna Pinnock (left) and General Accident Chief Information Officer, Lesley Miller have a check-in during the General Accident Blood Drive held on June 16 at 58 Half Way Tree Road. Embassy of Cuba in Jamaica Diplomat and proud blood donor Anabel Landron Ochoa (center) is flanked by Musson Foundation Chairperson, Melanie Subratie (left) and After the reading, there was time for a dance. This little officer showed off his moves to GenAc’s Senior Broker Services Associate, Suzanne Hall during GenAc’s National Read Across Jamaica GenAc Executive Director, Gregory S. Foster (right) at the General Accident Day session at St Joseph’s Infant School on May 9. Blood Drive held on June 16 at 58 Half Way Tree Road. ANNUAL REPORT 2023These second graders of Dunrobin Primary School had first-time Read Across Jamaica volunteer, GenAc Registry Clerk, Kyle Lawrence’s full attention as he read “The Duck Pond” to the class during National Read Across Jamaica Day 2023 on May 9. Students volunteer to decode an introductory encryption exercise during the Hour of Code session held by General Accident at Drew’s Avenue Primary on December 6, 2023. 61 Students of grades four and five at Drew’s Avenue Primary are excited about a session well spent as they learned about encryption during the Hour of Code session held on the school’s campus on December 6, 2023. Congratulations to the winners! GenAc Chief Operating Officer Gregory Foster captures the moment with selfie challenge winners Julienne Mullings (left) and Tanya Cox (right) during the General Accident Customer Appreciation Day event held at the 58 Half Way Tree Road on December 8, 2023. Office attendant, Kevin Morris and GenAc customer, Terri Salmon dance the afternoon away during the General Accident Customer Appreciation Day event held at the 58 Half Way Tree Road on December 8, 2023. ANNUAL REPORT 202362 EMPLOYEE ENGAGEMENT Nurturing a culture of employee engagement second activity was a “Stepz Competition” which is a cornerstone of GenAc’s success. We focus encouraged healthy habits in the workspace, such on fostering a cohesive and motivated team by as standing and moving around frequently. The ensuring that every staff member feels valued. individual with the most steps at the end of the workday was declared the winner. GENAC CHOIR CLUB To provide a creative outlet for musical enthusiasts at GenAc outside of the standard work hours, the INTERNATIONAL WOMEN’S DAY The women at GenAc were in for a special treat on Evelyn & The Evelettes AKA the GenAc Choir was International Women’s Day celebrated on March formed in 2022. The fifteen-member group made 8. Deaf Can! Coffee staff was invited into the their first appearance at the Christmas concert GenAc kitchen to prepare smoothies and whipped at the Maisie Green Basic School shortly after its beverages for female team members. formation. The choir performed at the 2023 Caribbean Insurance GENAC FOOTBALL TEAM This year we also saw the resurrection of the GenAc Conference, held in Montego Bay in June 2023, football team. They entered the Insurance League which was attended by reinsurers from Europe, with high hopes. Despite being a newly formed the United States and other Asian countries, as well team, their performance exceeded expectations, as representatives from the Caribbean insurance showcasing commendable skill and teamwork on the industry. field. This fostered a sense of pride and enthusiasm among supporters. Although their journey in the The choir continued to practice, providing entertainment competition was cut short with a nail-biting finish at staff activities. In August, the choir performed that saw them exiting at the group stage, the feat for the staff at the inaugural “Summer Crocs-up” achieved by the team laid a promising foundation Emancipendence celebration, also supported by for future success. the company dance group. The GenAc choir closed the year with a performance ARRIVAL DAY IN TRINIDAD Our staff across all branches participated in Arrival at the staff Christmas dinner, led by the choirmaster Day Celebrations in Trinidad. We introduced some on the keyboard along with his support team. friendly competition and offered a prize for the best HEALTH FAIR In honour of World Health Day under the theme Indian attire. The branches also showcased the rich heritage and culture of the Indian community “Health for All” celebrated on April 7, GenAc held by depicting their portrayal of Indian Arrival Day. dressed male and best dressed female in traditional two activities for the day. The first was a “Know Your Numbers” session with free checks performed by health care professionals, including Body Mass Index (BMI), blood pressure and cholesterol. The ANNUAL REPORT 2023GENAC CHOIR CLUB INTERNATIONAL WOMEN’S DAY ANNUAL REPORT 2023 63 HEALTH FAIR GENAC FOOTBALL TEAM ARRIVAL DAY IN TRINIDAD 64 I S G N D L O H E R A H S F O E R U S O L C S D I ANNUAL REPORT 2023 65 ANNUAL REPORT 2023DISCLOSURE OF SHAREHOLDINGS General Accident Insurance Company Jamaica Limited 66 TOP 10 SHAREHOLDERS AS AT DECEMBER 31, 2023 SHAREHOLDER NUMBER OF UNITS PERCENTAGE MUSSON JAMAICA LTD. 824,999,989 80.00 MAYBERRY JAMAICAN EQUITIES LTD. 23,212,265 QWI INVESTMENTS LTD. 15,032,119 JCSD TRUSTEE SERVICES - BARITA UNIT TRUST 14,355,087 PAM - POOLED EQUITY FUND 9,361,515 LANCEDALE FARQUHARSON 7,800,000 MAYBERRY MANAGED CLIENTS ACCOUNT 6,262,894 CHRISTOPHER BERRY 6,000,000 SAGICOR SELECT FUNDS LTD 5,066,798 SHARON DONALDSON ET AL 4,424,011 2.25 1.46 1.39 0.91 0.76 0.61 0.58 0.49 0.43 ANNUAL REPORT 2023 DISCLOSURE OF SHAREHOLDINGS General Accident Insurance Company Jamaica Limited 67 SHAREHOLDINGS OF DIRECTORS & THEIR CONNECTED PARTIES AS AT DECEMBER 31, 2023 DIRECTORS COMBINED HOLDING PERCENTAGE MUSSON JAMAICA LTD. 824,999,989 80.000 Paul B. Scott Melanie Subratie SHARON DONALDSON Junior Levine 4,424,011 0.429 GREGORY FOSTER 350,000 0.0340 DUNCAN STEWART 2,475,190 0.2400 Deborah Stewart Diana Stewart CHRISTOPHER NAKASH 1,698,020 0.1647 NICHOLAS SCOTT 2,030,198 0.1969 MATTHEW LYN Jodi Lyn 96,500 0.0094 LESLEY MILLER 355,795 0.0347 Martin Miller et al ANNUAL REPORT 2023 DISCLOSURE OF SHAREHOLDINGS General Accident Insurance Company Jamaica Limited 68 SHAREHOLDINGS OF MANAGEMENT TEAM AS AT DECEMBER 31, 2023 MANAGER COMBINED HOLDING PERCENTAGE MICHELLE ROBINSON 780,000 0.0756 JAMALDA STANFORD 92,857 0.0090 JANILLE JARRETT 25,000 0.0024 ANNUAL REPORT 2023 69 ANNUAL REPORT 2023A T A D E T A R O P R O C 70 ANNUAL REPORT 2023 71 ANNUAL REPORT 202372 COMPANY PROFILE DIRECTORS: BANKERS: • PB. Scott, Chairman • CIBC First Caribbean International Bank • Melanie Subratie, Deputy Chairman • First Global Bank • Sharon Donaldson, Managing Director • Bank of Nova Scotia Jamaica Ltd. • Lesley Miller • Jennifer Scott • Nicholas Scott • Duncan Stewart • Christopher Nakash • Matthew Lyn • Brian Jardim • Gregory Foster CORPORATE SECRETARY: • Lesley Miller APPOINTED ACTUARY: • Josh Worsham, FRAS, MAAA AUDITORS: • PricewaterhouseCoopers • National Commercial Bank • Sagicor Bank ATTORNEYS: • Nunes Scholefield & DeLeon & Co: 6A Holborn Road Kingston • DunnCox 48 Duke Street, Kingston REGISTERED OFFICE: • 58 Half Way Tree Road, Kingston 10 Telephone No: (876) 929-8451 Fax No: (876) 929-1074 Email: info@genac.com Website: www.genac.com ANNUAL REPORT 2023CONTACT INFORMATION 73 JAMAICA General Accident Insurance Company Jamaica Limited Kingston & St. Andrew 58 Half Way Tree Road, Kingston 10 Telephone: (876) 929-8451 Email: info@genac.com Montego Bay Unit 8, Summit Business Center Fairview, Montego Bay, St. James TRINIDAD General Accident Insurance Company Trinidad and Tobago Limited 36A Ariapita Avenue Port of Spain, 170210 Trinidad, W.I. Telephone: (868) 224-3622 Email: infott@genac.com BARBADOS General Accident Insurance Company Barbados Limited Suite 8, Dome Mall, Warrens, St. Michael BB22026 Telephone: (246) 257-3392 Email: infobb@genac.com ANNUAL REPORT 2023LOCATIONS JAMAICA ANNUAL REPORT 2023 74 11c Manchester Road, Mandeville Caddine Williamson Unit 4, 9 Fernleigh Avenue, May Pen Monica Blake-Elliott Shop 12, Soares Shopping Centre, Junction, St. Elizabeth Rickardo Mahon Shop 89, Portmore Pines Plaza Debra Reid-Gibbs Shop 4, Ken R Issacs Building 74 Main Street Ocho Rios, St. Ann Cherrice Johnson-Brown Unit 8, Summit Business Center, Fairview, Montego Bay General Accident Branch Marlene Whittingham Unit 11, The Victory Building, 3-5 Fort Street Montego Bay Oral Myles Main Street, Hopewell, Hanover Earle Heslop Unit 4, George’s Mall, 97 Great George Street, Savannah-La-Mar Rochelle Clarke 58 Half Way Tree Rd, Kgn 10 Head Office Marlene Duffus Dennis Brown 70 1/2 Molynes Road, Kingston 10 Barbara Samuels Up of the Town, Unit 1 5 Murray Ave, Morant Bay, St. Thomas Jonelle Jenkins 17 Harbour Street, Port Antonio Cornell Skervin ANNUAL REPORT 2023 LOCATIONS BARBADOS 75 Saint Lucy Saint Peter Saint Andrew Saint James Saint Joseph Saint Thomas Saint John Suite 8, Dome Mall, Warrens St. Michael BB22026 General Accident Insurance Company (Barbados) Limited Saint George Saint Philip Saint Michael Christ Church ANNUAL REPORT 2023 76 LOCATIONS TRINIDAD & TOBAGO Tobago 1 Ibis Avenue, San Juan Brydens Insurance Agency Unit 2-1 Aranguez Plaza, Main Road, San Juan Xtra Foods Plaza, O'Meara Road, Arima 207 Southern Main Road, Curepe 36A Ariapita Avenue, Woodbrook Diego Martin - n a u J n a S e l l i t n e v a L POS Tunapuna-Piarco a m i r A 526 Caroni Savannah Road, Charlieville Chaguanas Sangre Grande 16 Eastern Main Road, Sangre Grande 307 Southern Main Road, Cunupia Multigen Insurance Services Ltd 57 Ramsarran Street, Chaguanas Phoenix Estate Management Services Ltd Suite 201 & 203, Ground Floor, Cross Crossing Centre II, Cross Crossing Couva-Tabaquite-Talparo San Fernando Rio Claro-Mayaro 9A Guava Road, Point Fortin Point Fortin Princes Town Siparia Penal- Debe Naparima Mayaro Road, Mayaro Wallum Insurance Services Ltd - Rio Claro #12 Craignish Village , Princes Town Wallum Insurance Services Ltd - Princes Town 1075 S.S. Erin Road, Debe 77 ANNUAL REPORT 202378 ANNUAL REPORT 2023FINANCIAL STATEMENTS 79 GENERAL ACCIDENT INSURANCE COMPANY JAMAICA LIMITED AS AT DECEMBER 31, 2023 80 81 88 89 90 92 94 95 96 97 ACTUARY’S REPORT INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS COMPANY STATEMENT OF COMPREHENSIVE INCOME COMPANY STATEMENT OF FINANCIAL POSITION COMPANY STATEMENT OF CHANGES IN EQUITY COMPANY STATEMENT OF CASH FLOWS 99 - 191 NOTES TO THE FINANCIAL STATEMENTS ANNUAL REPORT 202388 General Accident Insurance Company Jamaica LimitedConsolidated Statement of Comprehensive IncomeYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)89 General Accident Insurance Company Jamaica LimitedConsolidated Statement of Financial Position31 December 2023(expressed in Jamaican dollars unless otherwise indicated)90 General Accident Insurance Company Jamaica LimitedConsolidated Statement of Changes in EquityYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)91 General Accident Insurance Company Jamaica LimitedConsolidated Statement of Changes in EquityYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)92 General Accident Insurance Company Jamaica LimitedConsolidated Statement of Cash FlowsYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)93 General Accident Insurance Company Jamaica LimitedConsolidated Statement of Cash FlowsYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)General Accident Insurance Company Jamaica Limited Company Statement of Comprehensive Income Year ended 31 December 2023 (expressed in Jamaican dollars unless otherwise stated) Page6 94 Insurance revenue Insurance service expense Net expenses from reinsurance contracts held Insurance service results Net investment income Finance expense from insurance contracts issued Finance income from reinsurance contracts held Net insurance and investment results Other operating expenses Other operating income Profit before taxation Taxation Profit after taxation Note 10 11 12 15 2023 $'000 6,752,418 (4,295,720) (1,871,114) 585,584 304,129 (92,205) 18,504 816,012 (363,796) 252,965 705,181 (180,744) 524,437 Restated 2022 $'000 5,518,241 (3,453,080) (1,631,470) 433,691 413,786 (35,048) 4,253 816,682 (297,190) 165,215 684,707 (80,458) 604,249 Other comprehensive income, net of tax: Items that may not be subsequently reclassified to profit or loss Unrealised losses on FVOCI investments Total other comprehensive income TOTAL COMPREHENSIVE INCOME (25,107) (25,107) (33,049) (33,049) 499,330 571,200 General Accident Insurance Company Jamaica LimitedCompany Statement of Comprehensive IncomeYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)95 General Accident Insurance Company Jamaica LimitedCompany Statement of Financial PositionYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)96 General Accident Insurance Company Jamaica LimitedCompany Statement of Changes in EquityYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)97 General Accident Insurance Company Jamaica LimitedCompany Statement of Cash FlowsYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)98 General Accident Insurance Company Jamaica LimitedCompany Statement of Cash Flows (Continued)Year ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated)99 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2023 (expressed in Jamaican dollars unless otherwise indicated) Page 12 100 2. Summary of Material Accounting Policies (Continued) (a) Basis of preparation (continued) Accounting pronouncements effective in 2023 which are relevant to the Group's operations (continued) • IFRS 17, 'Insurance contracts', (effective for annual periods beginning on or after 1 January 2023). This standard was issued as replacement for IFRS 4 'Insurance contracts' and requires a current measurement model where estimates are re-measured each reporting period. The Company chose the premium allocation approach which is permitted for the liability for remaining coverage for short duration contracts. The standard permits a wide variety of practices in accounting for insurance contracts and fundamentally changes the accounting by all entities that issue insurance contracts and investment contracts with discretionary participation features. Contracts are measured using the building blocks of discount probability- weighted cash flows and an explicit risk adjustment which is recognised as revenue over the coverage period. This standard provides a common global insurance accounting standard leading to consistency in recognition, measurement, presentation and disclosure. Further details of the Group's accounting policies are noted in 2(x) & (y) below. Standards, interpretations and amendments to published standards that are not yet effective At the date of authorisation of these financial statements, certain new standards, interpretations and amendments to existing standards have been issued which are mandatory for the group's accounting periods beginning on or after 1 January 2024 or later periods but were not effective at the statement of financial position date. The Group has assessed the relevance of all such new standards, interpretations and amendments and has determined that the following, as shown below, may be immediately relevant to its operations. • Amendment to IFRS 16, 'Leases' - Leases on sale and leaseback (effective for annual periods beginning on or after 1 January 2024). These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The Group does not expect any impact from the adoption of this amendment. • • Amendments to IAS 1, 'Presentation of financial statements' (effective for annual periods beginning on or after 1 January 2024 ). These amendments clarify that liabilities are classified as either current or non­ current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the 'settlement' of a liability. The Group does not expect any impact from the adoption of this amendment. IFRS Sustainability Disclosure Standards - In June 2023, the International Sustainability Standards Board (ISSB) released its first two sustainability disclosure standards: (a) IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (General Requirements standard), and (b) IFRS S2 Climate-related Disclosures (Climate standard). 14. IFRS S1 and IFRS S2 are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption permitted. This is subject to the adoption of the standards by local jurisdictions. The Group does not assess the impact that will arise from the adoption of these standards. It also awaits guidance from regulators within the jurisdictions it operates. • Amendment to IAS 7 and IFRS 7 which will require entities to disclose additional information in the notes about supplier finance arrangement. The amendment is not expected to impact the Group. There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)101 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)102 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)103 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)104 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)105 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)106 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)107 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)108 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)109 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)110 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)111 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)112 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)113 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)114 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)115 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)116 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)117 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)118 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)119 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)120 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)121 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)122 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)123 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)124 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)125 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2023 (expressed in Jamaican dollars unless otherwise indicated) 126 4. Insurance and Financial Risk Management (Continued) (a) Insurance risk (continued) Page 38 Development Claim Liabilities In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Group’s ability to estimate the ultimate value of claims. The table below illustrates how the Group’s estimate of the ultimate claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as amounts paid to date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in the development calculations. Development Claim Liabilities In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Group’s claims liability for accident years 2015 - 2022 has changed at successive year-ends, up to 2022. Updated date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in 2016 $’000 379,721 550,051 200,066 2016 And Prior $’000 1,257,450 2,508,687 1,233,790 2017 $’000 2017 and prior $’000 2018 $’000 2018 and prior $’000 2019 $’000 2019 and prior $’000 2020 2021 $’000 $’000 2020 and prior $’000 2021 and prior $’000 2022 $’000 2022 and prior $’000 2023 $’000 2023 and prior $’000 411,945 424,106 384,889 921,098 2,102,721 1,095,774 407,102 658,944 426,773 1,328,200 2,761,665 1,522,547 (62.77%) 84,396 364,568 200,408 (41.49%) 149,021 211,293 138,151 (10.08%) 417,899 1,713,282 491,259 5.32% 897,118 780,949 274,149 419,091 403,829 251,701 1.02% 158,262 258,251 172,455 836,990 2,117,111 742,960 13.70% 1,055,380 1,039,200 446,604 704,090 702,263 361,653 1,541,080 2,819,374 1,104,613 495,868 367,971 217,437 1,551,248 1,407,171 664,041 642,092 724,954 352,877 2,193,340 2,132,125 1,016,918 Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) (32.62%) 12.06% 7.15% 21.15% (1.63%) 7.68% 2016 2017 2018 2019 2020 Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) 120,131 179,586 70,651 447,397 520,920 73,022 146,510 244,074 91,988 593,907 764,994 165,010 146,478 498,845 148,783 740,385 1,263,839 313,793 621,611 498,791 159,783 1,361,996 1,762,630 473,576 677,161 2,039,157 734,770 2,497,400 337,154 810,730 35.41% 69,548 (12.43%) 179,422 (2.38%) 100,762 (20.26%) 280,184 7.15% 74,660 (5.22%) 354,844 18.77% 84,965 9.50% 439,809 577,580 1,017,389 682,569 1,699,958 2021 Paid during year UCAE, end of year 167,737 330,123 142,130 472,253 265,274 737,527 266,214 1,003,741 461,939 1,465,680 671,032 2,136,712 2022 2023 IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Effects of discount, risk adj, other end of year Ratio: excess (deficiency) 51,722 184,700 72,827 257,527 120,474 378,001 57,080 435,081 81,527 516,608 392,469 909,077 (23.58%) (25.43%) (9.03%) (10.21%) (0.31%) (0.86%) (7.64%) (0.36%) 4.58% 1.17% 15,563 105,213 1,439 (26.00%) 16,120 66,758 4,289 50,982 254,657 5,857 13,051 100,151 12,958 64,033 354,808 18,815 50,012 151,723 14,542 114,045 506,531 33,357 60,930 188,318 22,691 174,975 694,849 56,048 141,872 289,280 67,944 316,847 984,129 123,992 698,217 82,383 138,806 1,015,064 1,066,512 262,798 753,449 1,158,026 387,741 1,768,513 2,224,538 650,539 17.18% 55,696 171,556 7,211 52.12% 16,142 63,680 1,021 46.17% 71,838 235,236 8,232 13.83% 37,324 94,475 3,330 18.23% 109,162 329,711 11,562 1.66% 55,988 107,919 7,759 14.01% (0.44%) 19.50% 165,150 437,630 19,321 67,894 146,738 13,540 233,044 584,368 32,861 19.78% 209,818 205,011 (23,474) 26.04% 442,862 789,379 9,387 778,947 522,376 (23,828) 1,221,809 1,311,755 (14,441) 1,157,821 585,176 480,946 2,379,630 1,896,931 466,505 (5,131) (13,299) (5,709) (19,008) (7,748) (26,756) (9,041) (35,797) (12,963) (48,760) (12,705) (61,465) (37,218) (98,683) (118,485) (217,168) 24.19% 17.59% (5.94%) (6.38%) (3.17%) (1.08%) 7.66% 14.10% 4.36% 4.24% 27.34% 17.28% 43.78% 30.24% General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2023 (expressed in Jamaican dollars unless otherwise indicated) 4. Insurance and Financial Risk Management (Continued) (a) Insurance risk (continued) Development Claim Liabilities Page 38 127 2016 And Prior $’000 1,257,450 2,508,687 1,233,790 $’000 379,721 550,051 200,066 Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) (62.77%) 84,396 364,568 200,408 (41.49%) 149,021 211,293 138,151 2016 2017 2018 2019 2020 2023 ability to estimate the ultimate value of claims. The table below illustrates how the Group’s estimate of the ultimate In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Group’s ability to estimate the ultimate value of claims. The table below illustrates how the Group’s estimate of the ultimate unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as amounts paid to claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as amounts paid to the development calculations. date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in the development calculations. 2016 2017 2018 2019 $’000 $’000 $’000 2017 and prior $’000 2018 and prior $’000 2019 and prior $’000 2020 $’000 2020 and prior $’000 2021 $’000 2021 and prior $’000 2022 $’000 2022 and prior $’000 2023 $’000 2023 and prior $’000 411,945 424,106 384,889 921,098 2,102,721 1,095,774 407,102 658,944 426,773 1,328,200 2,761,665 1,522,547 (10.08%) 417,899 1,713,282 419,091 403,829 836,990 2,117,111 742,960 704,090 702,263 1,541,080 2,819,374 361,653 1,104,613 491,259 251,701 5.32% 1.02% 13.70% 897,118 780,949 274,149 158,262 258,251 172,455 1,055,380 1,039,200 446,604 495,868 367,971 217,437 1,551,248 1,407,171 664,041 642,092 724,954 352,877 2,193,340 2,132,125 1,016,918 (32.62%) 12.06% 7.15% 21.15% (1.63%) 7.68% 120,131 179,586 70,651 447,397 520,920 146,510 244,074 73,022 91,988 35.41% (12.43%) (2.38%) 593,907 764,994 165,010 (20.26%) 280,184 2021 Paid during year 69,548 179,422 100,762 146,478 498,845 148,783 740,385 1,263,839 313,793 621,611 498,791 159,783 1,361,996 1,762,630 473,576 677,161 2,039,157 734,770 2,497,400 810,730 337,154 7.15% (5.22%) 74,660 354,844 18.77% 84,965 9.50% 439,809 577,580 1,017,389 682,569 1,699,958 UCAE, end of year 167,737 330,123 142,130 472,253 265,274 737,527 266,214 1,003,741 461,939 1,465,680 671,032 2,136,712 IBNR, end of year 51,722 184,700 72,827 257,527 120,474 378,001 57,080 435,081 81,527 516,608 392,469 909,077 Ratio: excess (deficiency) 2022 Paid during year 15,563 105,213 1,439 (26.00%) 16,120 66,758 4,289 UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Effects of discount, risk adj, other end of year Ratio: excess (deficiency) (23.58%) (25.43%) (9.03%) (10.21%) (0.31%) (0.86%) (7.64%) (0.36%) 4.58% 1.17% 50,982 13,051 254,657 100,151 5,857 12,958 64,033 354,808 18,815 50,012 151,723 14,542 114,045 506,531 33,357 60,930 188,318 22,691 174,975 694,849 56,048 141,872 289,280 67,944 316,847 984,129 123,992 698,217 82,383 138,806 1,015,064 1,066,512 262,798 753,449 1,158,026 387,741 1,768,513 2,224,538 650,539 17.18% 55,696 171,556 7,211 52.12% 16,142 63,680 1,021 46.17% 71,838 235,236 8,232 13.83% 37,324 94,475 3,330 18.23% 109,162 329,711 11,562 1.66% 55,988 107,919 7,759 14.01% (0.44%) 19.50% 165,150 437,630 19,321 67,894 146,738 13,540 233,044 584,368 32,861 19.78% 209,818 205,011 (23,474) 26.04% 442,862 789,379 9,387 778,947 522,376 (23,828) 1,221,809 1,311,755 (14,441) 1,157,821 585,176 480,946 2,379,630 1,896,931 466,505 (5,131) (13,299) (5,709) (19,008) (7,748) (26,756) (9,041) (35,797) (12,963) (48,760) (12,705) (61,465) (37,218) (98,683) (118,485) (217,168) 24.19% 17.59% (5.94%) (6.38%) (3.17%) (1.08%) 7.66% 14.10% 4.36% 4.24% 27.34% 17.28% 43.78% 30.24% General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2023 (expressed in Jamaican dollars unless otherwise indicated) 4. Insurance and Financial Risk Management (Continued) 128 (a) Insurance risk (continued) Development Claim Liabilities Development Claim Liabilities In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Company’s ability to estimate the ultimate value of claims. The table below illustrates how the Company’s estimate of the In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Company’s ability ultimate claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as ultimate claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2022. Updated amounts paid to date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in the development calculations. amounts paid to date are used to derive the revised amounts for the ultimate claims liability for each accident year, Page 39 2016 2017 2018 2019 2020 Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) 2021 Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) 2022 Paid during year 2023 UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Effects of discount, risk adj, other end of year Ratio: excess (deficiency) 2016 $’000 316,867 395,079 90,131 - 354,039 231,093 34,818 (27.77%) 64,897 151,792 16,902 (21.11%) 30,938 89,194 (863) 10.92% 23,741 77,776 2,481 14.15% 24,531 2016 and prior $’000 686,604 977,817 147,810 - 594,475 709,192 72,549 (22.26%) 203,060 441,021 47,716 2017 $’000 2017 and prior $’000 2018 $’000 2018 and prior $’000 2019 $’000 2019 and prior $’000 2020 2021 $’000 $’000 2020 and prior $’000 2021 and prior $’000 2022 $’000 2022 And Prior $’000 2023 $’000 2023 And Prior $’000 376,268 491,870 128,131 970,743 1,201,062 200,680 357,070 217,186 39,187 560,130 658,207 86,903 657,745 610,706 112,632 1,217,875 1,268,913 199,535 (14.27%) 128,028 253,501 4,747 1.06% 70,661 122,988 7,542 6.88% 198,689 376,489 12,289 391,239 294,613 24,022 589,928 671,102 36,311 593,953 693,840 168,069 1,183,881 1,364,942 204,380 5.17% 76,043 210,713 10,832 (9.96%) 29,570 97,345 2,581 (18.13%) 105,613 (1.86%) 89,000 (11.65%) 194,613 577,520 772,133 619,746 1,391,879 308,058 13,413 217,201 11,894 525,259 25,307 391,730 35,763 916,989 61,070 631,504 191,432 1,548,493 252,502 8.66% 48,893 (10.12%) 25,329 (15.40%) 74,222 (1.94%) 55,988 (9.08%) 130,210 16.60% 132,087 11.53% 262,297 508,866 771,163 618,721 1,389,884 63,689 2,371 162,464 7,660 65,004 6,780 227,468 14,440 144,380 5,903 371,848 20,343 222,793 18,887 594,641 39,230 341,734 34,819 936,375 74,049 599,123 184,364 1,535,498 258,413 16.28% 17,265 41,976 7,263 (16.37%) 13,970 24,432 4,289 8.44% 38,639 (10.58%) 19,698 (15.78%) 58,337 125,893 15,661 43,986 8,393 169,879 24,054 (9.33%) 41,141 86,042 7,211 68.12% 14,558 34,277 1,021 14.44% 55,699 120,319 8,232 (5.09%) 29,065 79,213 15,127 27.19% 26,324 61,700 3,330 (11.00%) 87,402 10.37% 46,664 249,092 39,181 137,917 10,414 12.12% 82,023 182,019 11,562 (4.95%) 49,401 95,561 7,759 6.31% 134,066 387,009 49,595 (2.28%) 131,424 277,580 19,321 7.59% (1.08%) 121,797 255,863 606,318 862,181 586,448 1,448,629 201,030 21,421 588,039 71,016 348,120 38,522 936,159 109,538 596,050 292,437 1,532,209 401,975 (3.67%) 49,447 117,245 13,541 6.38% 180,871 394,825 32,862 (26.74%) 191,478 184,454 (23,475) (6.30%) 372,349 579,279 9,387 602,300 367,009 (23,811) 974,649 946,288 (14,424) 707.382 237,358 329,326 1,682,031 1,183,646 314,902 (2,576) (8,766) (3,912) (12,678) (5,810) (18,488) (8,578) (27,066) (11,490) (38,556) (13,381) (51,937) (27,051) (78,988) (79,735) (158,723) 15.02% 8.70% (10.94%) (15.73%) (9.22%) (12.99%) 5.46% 1.75% (1.46%) (9.18%) 22.37% 1.63% 6.42% (1.43%) General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2023 (expressed in Jamaican dollars unless otherwise indicated) 4. Insurance and Financial Risk Management (Continued) (a) Insurance risk (continued) Development Claim Liabilities Page 39 129 In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Company’s ability to estimate the ultimate value of claims. The table below illustrates how the Company’s estimate of the ultimate claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as amounts paid to date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in the development calculations. to estimate the ultimate value of claims. The table below illustrates how the Company’s estimate of the unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as used in the development calculations. 2016 2017 2018 2019 $’000 $’000 $’000 2017 and prior $’000 2018 and prior $’000 2019 and prior $’000 2020 $’000 2020 and prior $’000 2021 $’000 2021 and prior $’000 2022 $’000 2022 And Prior $’000 2023 $’000 2023 And Prior $’000 (27.77%) (22.26%) 64,897 151,792 16,902 203,060 441,021 47,716 357,070 217,186 39,187 560,130 658,207 86,903 657,745 610,706 112,632 1,217,875 1,268,913 199,535 (21.11%) (14.27%) 1.06% 6.88% 30,938 89,194 (863) 128,028 253,501 4,747 70,661 122,988 7,542 198,689 376,489 12,289 391,239 294,613 24,022 589,928 671,102 36,311 593,953 693,840 168,069 1,183,881 1,364,942 204,380 5.17% (9.96%) (18.13%) (1.86%) (11.65%) 76,043 29,570 105,613 89,000 194,613 577,520 772,133 619,746 1,391,879 210,713 10,832 97,345 2,581 308,058 13,413 217,201 11,894 525,259 25,307 391,730 35,763 916,989 61,070 631,504 191,432 1,548,493 252,502 2021 Paid during year 48,893 25,329 74,222 55,988 130,210 8.66% (10.12%) (15.40%) (1.94%) (9.08%) 16.60% 132,087 11.53% 262,297 508,866 771,163 618,721 1,389,884 UCAE, end of year IBNR, end of year 63,689 2,371 162,464 7,660 65,004 227,468 144,380 6,780 14,440 5,903 371,848 20,343 222,793 18,887 594,641 39,230 341,734 34,819 936,375 74,049 599,123 184,364 1,535,498 258,413 8.44% (10.58%) (15.78%) (5.09%) 38,639 19,698 58,337 29,065 (11.00%) 87,402 10.37% 46,664 125,893 15,661 43,986 8,393 169,879 24,054 79,213 15,127 249,092 39,181 137,917 10,414 (16.37%) (9.33%) 68.12% 14.44% 27.19% 13,970 24,432 4,289 41,141 86,042 7,211 14,558 34,277 1,021 55,699 120,319 8,232 26,324 61,700 3,330 12.12% 82,023 182,019 11,562 (4.95%) 49,401 95,561 7,759 6.31% 134,066 387,009 49,595 (2.28%) 131,424 277,580 19,321 7.59% 121,797 201,030 21,421 (3.67%) 49,447 117,245 13,541 (1.08%) 255,863 588,039 71,016 6.38% 180,871 394,825 32,862 606,318 862,181 586,448 1,448,629 348,120 38,522 936,159 109,538 596,050 292,437 1,532,209 401,975 (26.74%) 191,478 184,454 (23,475) (6.30%) 372,349 579,279 9,387 602,300 367,009 (23,811) 974,649 946,288 (14,424) 707.382 237,358 329,326 1,682,031 1,183,646 314,902 (2,576) (8,766) (3,912) (12,678) (5,810) (18,488) (8,578) (27,066) (11,490) (38,556) (13,381) (51,937) (27,051) (78,988) (79,735) (158,723) 15.02% 8.70% (10.94%) (15.73%) (9.22%) (12.99%) 5.46% 1.75% (1.46%) (9.18%) 22.37% 1.63% 6.42% (1.43%) 2016 and prior $’000 686,604 977,817 147,810 - 594,475 709,192 72,549 $’000 316,867 395,079 90,131 - 354,039 231,093 34,818 376,268 491,870 128,131 970,743 1,201,062 200,680 2016 2017 2018 2019 2020 Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) Ratio: excess (deficiency) 2022 Paid during year 2023 Paid during year UCAE, end of year IBNR, end of year Ratio: excess (deficiency) UCAE, end of year IBNR, end of year Effects of discount, risk adj, other end of year Ratio: excess (deficiency) 10.92% 23,741 77,776 2,481 14.15% 24,531 16.28% 17,265 41,976 7,263 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2023 (expressed in Jamaican dollars unless otherwise indicated) Page 40 130 4. Insurance and Financial Risk Management (Continued) (b) Reinsurance risk To limit its exposure of potential loss on an insurance policy, the insurer may cede certain levels of risk to a reinsurer. The Group selects reinsurers which have established capability to meet their contractual obligations and which generally have high credit ratings. The credit ratings of reinsurers are monitored. Retention limits represent the level of risk retained by the cedant insurer. Coverage in excess of these limits is ceded to reinsurers up to the treaty limit or as agreed. The retention programs used by the Group are summarised below: (a) Facultative reinsurance treaties are accepted on a per risk basis. (b) The group has treaty arrangements as follows: (i) Property: Property & Allied Perils Homeowners Other Property Jamaica Barbados Trinidad Ceded 90% 80% Retention 10% 20% Ceded Retention 85% 85% 15% 15% Ceded Retention 90% 90% 10% 10% (ii) Motor 60%:40% Quota Share of premiums i.e. 60% ceded premiums and 40% retained. (iii) Excess of loss treaty for motor and third-party liability, which covers losses in excess of J$7,500,000 for any one loss or event. (iv) Excess of loss treaty for motor and third-party liability, which covers losses in excess of TT$800,000 for any one loss or event. (v) First surplus and a quota share treaty for engineering business with retention of US$125,000. (vi) First surplus treaty for miscellaneous accident, losses covered in excess of J$2,000,000. (vii)Catastrophe excess of loss treaty which covers losses in excess of J$150,000,000 for any one catastrophic event as defined. The Group reinsures with several reinsurers. Of significance are Munich Reinsurance, R & V Reinsurance, Scar Reinsurance and Swiss Reinsurance Company. All other reinsurers carry lines under 10%. The Group's business model supports the placement of specialty risk directly in the overseas market on a per risk basis. In keeping with the Group's risk policy, placement of these risks are with several reinsurers. A.M Best (Best) and Standard & Poor's (S & P) ratings for the major reinsurers are as follows: Munich Reinsurance Company R & V Reinsurance Scor Reinsurance Company Swiss Reinsurance Company A.M Best S&P 2023 A+ A+ A+ 2022 A+ A+ A+ 2023 AA- A+ A+ AA- 2022 AA- AA- AA- AA- (d) The amount of reinsurance recoveries recognised during the period is as follows: Engineering Fire General Accident Liability Marine Motor Group Company 2023 $'000 81,633 226,285 41,704 (7,626) 8,415 681,429 1,031,840 2022 $'000 35,290 (93,601) 138,066 11,975 (22,821) 465,215 534,124 2023 $'000 44,986 194,810 23,005 (10,845) 3,725 633,710 889,391 2022 $'000 34,422 (99,255) 139,361 10,256 (22,759) 439,377 501,402 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)131 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)132 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)133 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)134 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)135 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)136 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)137 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)138 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)139 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)140 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)141 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)142 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)143 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)144 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)145 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)146 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)147 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)148 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)149 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)150 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)151 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)152 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)153 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)154 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)155 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)156 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)157 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)158 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)159 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)160 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)161 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)162 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)163 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)164 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)165 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)166 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)167 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)168 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)169 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)170 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)171 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)172 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)173 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)174 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)175 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)176 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)177 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)178 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)179 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)180 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)181 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)182 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)183 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)184 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)185 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)186 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)187 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)188 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)189 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)190 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)191 General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)PROXY FORM I/We of being a shareholder(s) of the above-named Company, hereby appoint: of or failing him of 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 13, 2024, at 58 Half Way Tree Road and at any adjournment thereof. I desire this form to be used for/against the resolutions as follows (unless directed the proxy will vote as he sees fit): No. Resolution details Vote for or against (tick as appropriate) ORDINARY RESOLUTIONS 1. To receive the report of the Board of Directors and the audited accounts of the Company for the year ended December 31, 2023. For Against 2. To authorise the Board of Directors to re-appoint PwC as the Auditors of the Company For Against 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 Gregory Foster as a Director of the Board of the Company. For Against 3. (b) To re-appoint Matthew Lyn as a Director of the Board of the Company. For Against 3. (c) To re-appoint Duncan Stewart as a Director of the Board of the company. For Against 4. (a) To Authorise the Board of Directors to fix the remuneration of the Directors. For Against 5. To approve the amount of interim dividends declared by the Board during the financial year ended 31st December 2023, being $202,527,187.97 or 19.639 cents per ordinary share, as the final dividend for the year. For Against Signed this Signed: Signed: Name: Name: day of 2024: (signature of primary shareholder) (signature of joint shareholder, if any) (print name of primary shareholder) (print name of joint shareholder, if any) 196 ANNUAL REPORT 2023

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