14 February 2019 11:30
Photo : Freepik
Equitable Life has made a net profit of $ 86.8 million ($M) in 2018. This is a decrease compared to the profit of$ 106 Million recorded in 2017.
The insurer pointed out that its profits for 2018 were the second highest in its history. Results of 2017 to establish the record.
Strong sales growth
The company said that 2018 was a good year, with growth in all its sectors of activity. “The sector of the savings and retirement has established a new record of$ 380 Million, an increase of 22% compared to last year,” said Equitable Life in the press release accompanying its financial results.
“The life insurance and individual health has been another exceptional year with a turnover of$ 119 Million, up 19 % compared to 2017. The group insurance has generated 52.8 M$ representing an increase of 18 % compared to the previous year. “
Premiums and deposits increased by 16 % in 2018 to reach $ 1.4 billion (G$). Assets under administration increased by 4% to reach$4.3 billion.
Strength of the capital
The capital strength of the insurer, measured by the capital adequacy Test of life insurance companies (TSAV), finished the year at 147 %, which, according to Equitable Life, is one of the highest in the industry.
The equity of participating policyholders of Equitable Life have increased to $ 773 M$ at the end of 2018, compared to 686 M$ in 2017.
To build on the momentum
“Once again, our achievements have been significant in 2018 and our financial position is extremely strong as a company, pointed out Ron Beettam, president and chief executive officer of Equitable Life. We continued to take advantage of the momentum gained over the past five years and have as well registered a solid growth in all sectors of activity. In a year where growth has been relatively stable in the sector as a whole, we were extremely well performed. We are very satisfied with our results. “
Mr. Beettam has added that during the coming year, Equitable Life would continue ” to expand its distribution channels, improve its products and services and to invest in technology that improves service and reduces costs unit “.