Junior company makes super profit
With extraordinary gains from investments and other income, General Accident Insurance Com-pany Limited has reported a record J$1.2 billion in profit during the financial year ended December 2011.
This was achieved as a result of gains of J$847.3 million from the disposal of its shares in the manufacturing and distribution firm Seprod Limited, J$154.7 million from disposal of real estate, and $61.9 million associated with the divestment of Orrett and Musson, General Acci-dent's insurance premium financing outfit.
Excluding those gains, the company still reported an increase in net profit, up 80.99 per cent to J$220.9 million from J$122.05 million, the company said in a filing to the Jamaica Stock Exchange at the end of March.
General Accident is the only general insurance company now trading on either the junior market or main market.