Regional insurance company Guardian Holding Limited, GHL, grew its profit by three-quarters for the July-September period, assisted by the inclusion of the newly acquired NCB Insurance life and annuities portfolio.
The results redounded to the benefit of GHL’s Jamaican parent company NCB Financial Group, which reported profit of $27 billion last week.
GHL made profit of TT$322.6 million, or $7.1 billion in local currency, for the September quarter, up from TT$187 million, or $3.9 billion, a year earlier.
“These results are a noteworthy achievement, as we continue to manage through the impact of the pandemic on our business,” said GHL Chairman Patrick Hylton in a statement prefacing the insurance conglomerate’s financial results.
“During the quarter, Guardian Life Limited, our Jamaica life, health and pension insurer, acquired the life and annuity portfolio of NCB Insurance Company,” said Hylton, who is also president and CEO of NCB Financial Group.
The acquisition of the insurance portfolio should serve to reduce expenses through “synergies” by eliminating redundant systems, and lower the combined reserves and capital requirements due to the larger scale of assets and liabilities, and provide opportunities for better asset-liability matching, the chairman stated.