Sunday, June 26, 2016
Eric Hosin, new president of the Insurance Association of Jamaica (IAJ) and head of Guardian Life Limited, is positing that continued, enhanced profitability for the life sector could flow from reduced tax charges on insurance providers.
The seven companies registered locally reported an average 60 per cent increase in net income during 2015, according to the Financial Services Commission (FSC).
Net income at year end 2015 was $17.3 billion, compared to $13.7 billon at year end 2014.
“The better-than-normal growth experienced by the life insurance industry in 2015 is due primarily to a one-off release in actuarial reserves as a result of the change in the tax basis for the industry, as well as gains made due to the performance of the Jamaica stock market in 2015,” Hosin commented.
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