GENAC Positioned to Expand

Date: September 11, 2019

General Accident had another year of success as Chairman, Paul B.  Scott, stated, this year was, “one that delivered strong results and successfully combined profitability and solvency.” GENAC produced a commendable performance for the year ended December 31, 2018, improving net profit by 33% from $221.24 million to $295.33 million in 2018. He also mentioned that, “we expanded our sphere of influence outside the corporate area into other parts of the island and our motor portfolio in particular showed encouraging growth.” Furthermore, Managing Director, Sharon Donaldson commented on the year to date performance, pointing out that the, “six months results is an improved performance over the past year. Our income $6.5 billion is over the $4.6 billion than it was last year this time.” Notably, net profit for the period rose 42% to $135 million from $95 million booked the prior year.

Mrs. Sharon Donaldson, highlighted that, “we have increased our sales force with six agents in the field and a new branch in Montego Bay.” She also added that, “we have a very global standardising  campaign on the television. If everything happens continuous on the same trajectory then I think we should have a better result than we had last year.”

In addition,  Mr. Scott noted, “we have the financial strength to expand through organic growth and by acquisition, should suitable opportunities present themselves.”

Mrs. Donaldson also noted that GENAC, “ anticipates premium income growth upwards of 15% over prior year.” To achieve this she highlighted the key drivers:

  • Excellent relationship we continue to enjoy with our producers,
  • Expansion of existing client relationships
  • Any profitable opportunities

Outlook

  • Build digital competence
  • Reduce the complexity of internal processes.
  • Seek innovation in the products we offer to build client satisfaction and steady growth.

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2019-09-11T16:40:51+00:00