Profits up at Hand-in-Hand
Stabroek News
May 21, 2004
The Hand-in-Hand Life Assurance Company last year increased its net income profit by 9.5% from $211.7M in 2002 to $231.7M.
This was reported at the company's 38th Annual General Meeting held at the Hand-in-Hand offices.
Total expenses went up by 15.1% to $202.1M from $175.6M, and this is mainly due to death and medical claims.
According to the Chairman's report, the cost of claims arising from death was $13.1M and payments totalling $56.6M were made under group medical and individual life policies for medical expenses.
Taxation for 2003 was $2.6M as against $2.5M for 2002. Investment income for 2003 was $50.3M compared with $39.4M.
The report said that the overall increase in funds grew by 6.2% from $75.7M to $80.4M.
The report said that both the company's Individual Life and Group business funds continue to grow, with 571 policies providing $193M in coverage with a total annualised premium income of $6.15M being effected.