The directors of Co-operators General Insurance Company Limited said the company, which is owned by credit unions across the island, reported a “relatively successful” financial year.
In its audited financial statements for the year ended May 31, Co-operators General had total assets of $67.42 million and liabilities of $38.04 million.
For the 2021 financial year, the insurance company also wrote gross premiums of $24.35 million, compared to $23.36 million the previous year. Net premium earnings stood at $15.08 million, which was also up slightly on the $14.55 million in net premiums earned during 2020.
In the 2021 financial year, Co-op General registered a $2.41 million net comprehensive profit, which was an important improvement on the $1.43 million recorded last year.
Commenting on the company’s performance, chairman Kelvin Whittaker said the financial year was a relatively successful one for the insurance company, which is celebrating its 30th year of operation.
“Notwithstanding the twin challenges of the COVID- 19 pandemic and the continued economic stress resulting from the government’s 2018 debt restructuring programme, the company experienced continued growth in its gross written premiums, which ended at a new record, and reasonable containment of its loss experience.
“These two positive outcomes contributed to a better-than-expected net income before tax,” the chairman stated.
In addition, he said Co-operators General took steps to “aggressively bolster its reserves through the creation of a Resiliency Reserve”. He explained to shareholder credit unions that the reserve is meant to “cope with the eventualities associated with natural disasters and to provide for the investments in necessary assets and key strategic initiatives which would strengthen the company’s response to internal and external shocks”.
Whittaker highlighted the general insurance company’s increase in gross premiums written, the fall in net claims incurred, and the reduction in underwriting expenditure.
The chairman also commended the continued growth in the company’s asset and capital base. It was reported to shareholders that Co-operators General boasted statutory reserves that were more than the amount required by law, and that it had introduced measures aimed at ensuring the reserves for all claims received were “timely and consistently reviewed to assure their adequacy”.
Moreover, the chairman said emphasis will be placed on leadership and management, “robust internal controls and excellent customer service”.
The company was given a clean audit report by Chartered Accountants Peter J. Carter & Co. (IMC1)
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