LIFE OF Jamaica (LoJ) has recorded profits of $221 million for the quarter ended March 31, some $144 million or about three times higher than its intake for the same period last year.
Maxine MacLure, president and chief executive officer, said "the performance for the quarter reflects significant earnings growth over the same period last year."
The growth, she said, "results primarily from strong investment performance, increased operational efficiency coupled with favourable claims experience and conservation of business."
The unaudited consolidated results for the quarter indicated that total assets of the group at the end of the quarter totalled $10.5 billion, up 55 per cent over the figure at the end of 2002, and was due mainly to the merger with Island Life Insurance Company.
Total funds under management increased from $23 billion to $28 billion, an increase of 22 per cent.
Shareholders funds grew by 137 per cent during the quarter to $3 billion, due in part to the purchase of Island Life by way of an issue of Life of Jamaica shares. The performance for the quarter reflects a return on equity of 29 per cent.
Total new sales for the quarter amounted to $200 million - $72 million or 57 per cent higher than the level of new sales for the same period last year.
