Small profit for JN Life

JNBSA relatively new kid on the block in the life insurance industry – JN Life Insurance recorded increased policy holder liabilities of $35.6 million last year that helped push assets of this fledgling entity to $253 million according to the 2013 audited financial statements of the company, up from $198 million in 2012. Shareholders’ equity of $203 million is backed up mostly by cash and investments.

Income for 2013, came mostly from premium of $51 million which was inadequate to make an underwriting profit leaving an underwriting loss of nearly $5 million. Investment income and foreign exchange gains of $15 million helped to land a profit after tax of $3.8 million compared with a profit of $4 million in 2012.

JN Life is fully owned by Jamaica National Building Society, it started underwriting insurance in July last year, the audited financial statements stated, having obtained license from the Financial Securities commission in December 2012 to conduct ordinary life business and group mortgage blanket protection policy.

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