Guardian Life Limited posted an 87 per cent jump in earnings in 2015.

The $4.8 billion net profit last year largely reflected a one-off $3.5 billion gain from a change in the tax regime, which was offset by a $2.5 billion increase in the reserves for future policy benefits due to the normal passage of time.

Last September, the amendments to legislation required that life insurance companies pay income tax at a rate of 25 per cent rather than a three per cent levy on gross premium income and a 15 per cent tax on investment income.

The change also lowered the asset tax from one per cent to 0.25 per cent.

Consequently, Guardian Life’s net results from insurance activities increased from $1.1 billion in 2014 to $3.7 billion last year.

The insurer, which operates from New Kingston, also benefited from a bumper year on the Jamaica Stock Exchange in 2015, posting $4.4 billion in net income from investing activities, up from

$3.9 billion the year before.