Profit up at General Accident but just

GeneralAccident_logo150x150Profit for General Accident rose only 8 percent, for the nine months ending September this year, to $241 million or 23 cents per share.
For the similar period last year, the company reported a net profit of $223 million, putting them on target to exceed 30 cents per share for the full year to December. Profit for the September quarter amounted to $54 million and is up 20 percent over the 2013 results. Premium income grew 91 percent in the quarter and 19 percent for the year to date period, but commission income was up 15 percent in the quarter, and 38 percent for the nine months to September. Underwriting profit climbed 57 percent in the quarter and 39 percent for the year to date. Investment income declined sharply due to slower exchange rate movement in 2014, versus 2013. Administrative expenses climbed 13 percent in the quarter and 20 percent for the nine months to September. The sharp increase in premium income in the September quarter should lead to higher income in the December quarter and raise earnings beyond the level enjoyed in the period to date.
Genac 9-14“The company ended the quarter with a book value of $1.62 billion and generated a return on average equity for shareholders for the nine months period of 21 percent,” management stated in a release with the results. Equity at end of September last year was $1.35 billion.
Insurance reserves at the end of the period, stood at $2.1 billion, and is covered by cash and investments, of just over $2 billion.
With the stock trading at $1.53, on the junior market of the Jamaica Stock Exchange it is severely undervalued and has lots room to run accordingly, remains IC Insider BUY RATED.

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  1. […] 20,000 shares and gained 9 cents to close at $1.80, Dolphin Cove traded 4,000 shares at $11.50, General Accident Insurance traded 24,000 units at $1.50 to gain 3 cents, Lasco Financial with 85,750 shares changing hands […]

  2. […] at $13 for a fall of $2.51 on small volume, Caribbean Cream traded back at $2 with 200,000 shares, General Accident Insurance traded at a 52 weeks with low volume at $1.25, Lasco Financial traded 270,000 at $2 with a 20 cents […]

  3. […] high, the stock traded earlier at $2.70. Dolphin Cove traded 1,000 shares and closed at $13, General Accident Insurance traded 15,000 units with the price closing at $1.45, Jamaican Teas had 244,745 shares trading to […]

  4. […] with 10,000 shares and close at $3.05 but closed with an offer to sell 201480 shares at $2.75. General Accident had 7,250 shares changing hands for a gain of 7 cents to end at $1.86, Knutsford Express had 1,000 […]

  5. […] first quarter results showing profit more than doubling from $4.6 million to $13.9 million. General Accident Insurance concluded trading with 104,533 shares changing hands to close 7 cents lower at $2.08. Honey Bun had […]

  6. […] with 1,495,613 shares trading at $1.05, Caribbean Producers with 147,200 shares trading at $2.88, General Accident Insurance concluded trading with 86,000 shares changing hands to close 10 cents higher at a new 52 weeks’ […]

  7. […] 11 securities that had no stocks being offered for sale. Stocks trading in the junior market are, General Accident Insurance gained 5 cents to $1.70 with 15,000 shares Lasco Financial traded 110,00 shares at $1.10 while […]

  8. […] trading. The junior market is up 7.06 points to 722.57 as Caribbean Producers moved to $2.30 and General Accident was up 10 cents to $1.80. The all Jamaica climbed 1,679.59 points to 93,862.37 as Carreras jumped […]

  9. […] Cove finishing with 10,000 shares traded, with a gain of 20 cents, to a 52 weeks’ high of $9.20. General Accident completing trading 13,416 units as the price gained 3 cents to $1.70, Jamaican Teas while exchanging […]

  10. […] 2,000 shares changing hands at 82 cents, Eppley 9.5% preference shares trading 11,694 units at $6. General Accident finishing trading with 22,470 shares at $1.67, AMG Packaging closing with 12,260 units trading lower […]

  11. […] 8 securities that had no stocks being offered for sale. Stocks trading in the junior market are, General Accident Insurance had 57076 shares changing hands, to close at 2 cents higher at $1.67, Medical Disposables & […]

  12. […] 2,000 shares at $2.10, Lasco Manufacturing saw trading in 50,000 shares to close at $1.15. General Accident finishing trading with 29,200 units to close lower by 15 cents at $1.65, Lasco Financial had dealing […]

  13. […] that had no stocks being offered for sale. Stocks trading in the junior market with gains are, General Accident finishing with 173,762 shares trading at $1.70 and Lasco Distributors closing with 43,000 shares to […]

  14. […] junior market are, Dolphin Cove closing with 16,610 shares while gaining 29 cents to end at $8.80. General Accident closed with 405,884 shares trading at $1.70, Lasco Distributors finished with 24,000 shares changing […]

  15. […] at $2.04, Eppley 9.5% preference shares closed with 10,000 shares changing hands to close $6 and General Accident ending with 67,522 shares trading at […]

  16. […] higher at $1.19, Eppley 9.5% preference share ended with 10,035 units trading, unchanged at $6, General Accident had just 100 shares changing hands at $1.65 and Honey Bun ending with 5,235 shares trading at $1.91 […]

  17. […] 5 securities that had no stocks being offered for sale. Stocks trading in the junior market are, General Accident closed with 22,000 shares trading 10 cents higher at $1.75, Lasco Distributors ending with 317,632 […]

  18. […] sale. Paramount Trading ended trading with 155,860 units with the price rising 10 cents to $3.30, General Accident closed trading with 204,610 units at $1.80, Lasco Distributors traded 38,994 shares trading at […]

  19. […] that had no stocks being offered for sale. Stocks trading in the junior market on Monday are, General Accident closing with 231,500 shares changing hands, with a gain of 3 cents to $1.80. Honey Bun finished with […]

  20. […] hands to gain 7 cents at $1.05, Consolidated Bakeries closing with 815 shares trading at 82 cents, General Accident finishing with 40,000 shares changing hands at $1.75, Honey Bun ending with 4,625 shares trading at […]

  21. […] of 9 cents at $1.50. AMG Packaging closed trading with 51,578 shares changing hands at $2.15, General Accident had 220,595 shares trading at $1.75 followed by Honey Bun with a mere 300 shares at $2, Lasco […]

  22. […] closing with no bids to buy. There were 6 securities that had no stocks being offered for sale. General Accident closed with 92,805 units trading, the price slipped 10 cents to $1.65, Honey Bun completed trading […]

  23. […] were 4 securities that had no stocks being offered for sale. The stocks that traded on Monday are, General Accident ended with 20,000 shares changing hands to gain of 3 cents to $1.60, Lasco Manufacturing closed with […]

  24. […] shares closed at 82 cents, Dolphin Cove exchanged 5,300 shares and lost 30 cents to end at $8.50, General Accident closed up, by 11 cents, at $1.57 while 61,516 units were traded. Lasco Distributors ended up with a […]

  25. […] that had no stocks being offered for sale. The active stocks in the junior market on Wednesday are, General Accident closed trading with 10,000 units, to gain 8 cents at $1.58, Blue Power ended with a mere 250 units […]

  26. […] cents. Caribbean Producers finished trading with 451,555 shares with a loss of 25 cents to $2 and General Accident traded 551,733 units to fall 3 cents to […]

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