Long-term Insurance ($'000)
Particulars 2011 2012 2013 2014 2015
Gross Direct Premiums Written         47,581       46,477     47,051       48,575      50,726
Reinsurance ceded           5,214         5,138       5,684         5,724        5,594
Net Premiums written         42,367       41,339     41,367       42,851      45,132
Investment Income         14,071       16,079     11,502       14,782      15,588
Reinsurance commissions              679            634         698           689           705
Other Revenue           2,587         2,722       1,906         1,726        1,622
Total Revenue          59,704       60,774     55,473       60,048      63,047
Claims            2,543         2,060       7,422         4,512        4,154
Annuity Payments           3,516         3,557       1,878         2,153        2,150
Policy surrenders           9,288         9,919     14,481       16,619      16,665
Change in insurance, annuity and DAF provisions           9,184       11,991       2,688 -      1,327 -      3,121
Interest on policy holder amounts           2,018         2,209       2,070         2,654        2,600
Other policy holder benefits           2,119         2,556       3,237         2,820        3,144
Total Policy Holder benefits         28,668       32,292     31,776       27,431      25,592
Commission Expense           5,231         4,631       5,493         4,955        5,116
Management expenses         14,712       12,933     14,314       14,897      16,578
Other Expenses           1,831            804       1,237         1,269        2,762
Total expenses         50,442       50,660     52,820       48,552      50,048
Net Income before tax            9,262       10,114       2,652       11,496      12,999

 

Statement showing income and expenses for Long-term Insurance Business transacted in Saint Lucia for the years 2011 to 2015. 

Compilation of Form B.3 taken from the audited statutory accounts of insurance companies. 

 

 

General Insurance ($'000)
Particulars 2011 2012 2013 2014 2015
Gross Direct Premiums Written 160,651 157,368 158,335 145,311 147,324
Reinsurance Assumed  198 76 0 5 543
Reinsurance Ceded 94,398 84,053 81,522 72,117 66,920
Net Premiums Written  66,452 73,392 76,813 73,199 80,948
Change in unexpired risk provision  3,037 2,491 -650 -3,477 2,627
Net Premiums Earned  63,415 70,900 77,463 76,675 78,320
Incurred Claims 34,910 30,241 43,725 38,058 45,683
Increase (Decrease) in Catastrophe Provision  64 -17 -196 20 -186
Claims Expense 34,974 30,224 43,529 38,078 45,497
Commissions expense 18,994 20,403 23,288 19,278 20,277
Reinsurance commissions Revenue 15,995 15,622 15,335 14,516 13,986
Net Commission Expense  3,000 4,780 7,953 4,762 6,290
Management Expenses  22,152 25,168 25,140 24,463 24,496
Total Underwriting Expenses  60,126 60,173 76,622 67,304 76,284
Underwriting Income (Loss) 3,289 10,728 841 9,371 2,037
Investment Income 4,729 5,175 6,999 5,733 4,674
Other Revenue   2,437 652 587 770 1,075
Other Expenses -1,155 -3,448 -1,557 -991 -333
Net operating income 9,065 13,030 6,870 14,884 6,539
Statement showing income and expenses for General Insurance Business transacted in Saint Lucia for the years 2011 to 2015. 
Compilation of Form B.2 taken from the audited statutory accounts of insurance companies.