Mar 2014 Financial News

Tatil records $68M profit

Mar 20, 2014

TRINIDAD and Tobago Insurance Limited (TATIL) will welcome the new Insurance Bill which should be presented before a Joint Select Committee of Parliament later this year. ANSA McAL group chairman and CEO Norman Sabga made the statement yesterday at Tatil’s General and Life Agents Awards 2012/2013 at the Hyatt Regency, adding that the company would remain “prudent” in the management of their affairs as the Bill addressed fundamental prudential deficiencies.

Sabga stated that Tatil carved a highly successful and respected position in the country’s competitive insurance industry as a constant source of security and reliability, maintaining an AM Best Rating of (A-) “Excellent” since 2007.

In addition, he said, since the company was registered in 1963, its premium income grew from $634,000 to $314 million and profit before tax increased from $245,000 to over $90 million. Also, at December 2013, the net assets of Tatil’s Life Company stood at $655 million and profit before tax stood at $68 million.

“TATIL’s balance sheet size is amongst the largest and the strongest, and its net premium income ranks second highest in the industry,” he said. Sabga added that the world was changing swiftly, therefore, it was necessary for Tatil to evolve on order to maintain its competitive edge and realise the full potential of the marketplace. He urged staff to use technology to their advantage as it has the potential to “change our industry and fuel innovation in a manner never seen before.”

“We have to be able to do things faster and satisfy our clients faster by giving them the data insights and product information they want in a short space of time,” he said.

Sabga stated that the company’s staff and agents were the backbone of its success. Therefore he urged them to invest in themselves and their business, even as the company would continue to strengthen its human resources capability through training sessions and seminars.

He noted that life insurance agents need to possess a competitive spirit and could not be fearful or introverted. However, he added that they should be honest, have integrity and knowledge of the products they offer.

“There is a profound shift taking place in the world today involving the management of risk and the leadership of people, the consequences of which are difficult to predict. There are challenges to be managed and opportunities to be captured. We are ready to help you meet those challenges so that you can continue to serve your customers, develop your own employees and grow your agencies,” he said as he expressed confidence that the staff would continue to chart new territory worthy of more accolades.


Source:
By JANELLE DE SOUZA
Newsday
Thursday March 20, 2014

http://www.newsday.co.tt/business/0,192163.html