JN Life Insurance Company, a member company of The Jamaica National Group, achieved an increase in profits during the Financial Year, January to December 2017, when compared to the previous year.
Last year, the company earned Gross Premium Income of $524 million in comparison to $476 million for the previous Year. The under-writing profit for 2017 was $307 million, in comparison to $304 million during the 2016 Financial Year.
“For the 2017 financial year, we continued to develop new products for the underserved areas of the life insurance market; and, provided excellent customer service, which redound well for our clients and the company,” said Oliver Tomlinson, general manager of JN Life Insurance.
He added that, “As part of offerings, we provided Group Life insurance for 29 companies and Creditor Life contracts to 13 entities. These products covered a total of more than 39,000 lives across all product lines, for a total sum assured of $82.1 billion.”
Mr. Tomlinson outlined that the company incurred claims, with an aggregate value of $136.5 million during the course of the year; and settled each claim within a week of the receipt of all documents.
“Since inception, we have made People, Products, Procedures and IT Platforms the pillars of our success; and we continued this approach, as our clients are at the heart of what we do. We also have a commitment to the core values of: stewardship, passion, professionalism, integrity, and leadership excellence; as well as, faith in God, which has been pivotal for us,” he said.
JN Life increased its visibility in the market through the mounting of a Sickle Cell Symposium at The University of the West Indies, last November; and promoted healthy lifestyles, through the sponsorship of events, such as the Melbourne 5K run/walk.
“Overall, JN Life achieved credible operational, sales and financial performances for 2017. And, the company will be unveiling several new products during the current financial year,” Mr Tomlinson stated.