The Directors of the company present the unaudited Financial Statements for the nine months ended September 30, 1999.
The Financial Statements reflect a profit of $19.6 million compared with a profit of $53.9 million for the same period last year. According to the company, “the reduction in profitability continues to reflect the present difficult economic climate in which we operate which has has a significant impact on the Individual Line of business.”
“In the Jamaican operation, we continue to achieve favourable volumes of new sales in the individual life business with this quarter being our best sales performance in the last five years. We now control close to 60% of the new sales in the industry. The economic environment continues however to have a negative impact on the conservation of our existing business and therefore this remains an area of major focus for the company going forward”.
