JN Life Insurance Company Limited performed creditably in 2022, registering strong performance in key areas.
Financially, aAcross the company’s three priority areas – individual life, group life and its pension business, the JN Individual Pension Plan – recorded year-over-year increases, resulting in a 14% increase of the company’s gross premium income to nearly $1 billion. .
Addressing the 2022 Staff Awards Ceremony, The Jamaica National Group CEO Earl Jarrett noted the upward trajectory of JN Life Insurance, while reflecting on the genesis of the business, which emerged of JN’s desire to expand into health insurance.
He called on JN Life management and staff to seek other opportunities for expansion, including in health insurance, and to take more appropriately measured risks.
“Health insurance is not just money poured into a pot, but a life-saving financial planning mitigation strategy,” he said while praising JN Life staff members for their contributions over the past year.
Also dissue remarks toTerra Nova hotel services recently, generaldirector, Hugh Reid, revealed that JN Life had severed itsrecord monthly individual life insurance sales four times in 2022.
Reid said the increase in premium sales in 2022 was particularly commendable in the face of the lingering impact of COVID-19. A significant percentage of sales were generated through referrals from its JN sister company, JN Bank Branches, which accounted for approximately 46% of JN Life’s individual life insurance sales last year.
He revealed that the company’s market share, while still small in absolute numbers, grew 140% year over year, from 0.5% to 1.2%, using insurance sales -individual life as a measure.
Meanwhile, Reid said the highlight of the year for the company was the launch of its flagship policy, JN Life Vest, which for the first time offers Jamaicans the cheapest possible term rates, coupled with the ability to invest through JN Mutual Funds.
The product was launched last August and allows policyholders aged 18 to 65 to choose a policy ranging from 10, 15, 20, 25 and 30 years, with premiums starting at $800 per month.
“We wanted to capitalize on our ONE JN synergy as part of the JN Group, building on the strength of the JN network, brand and offerings to deliver exceptional value and experiences to members across Jamaica,” said Reid said of the company. performance.
JN Life recorded a marginal improvement in its net profit after tax in a difficult economic environment, which increased by $2 million to $132 million.
JN Life’s managing director pointed out that despite the lingering impact of COVID-19, the 10-year-old company was able to stay ahead of inflation in 2022 and deliver a return on equity of more than 20% , an exceptional feat for insurance companies. in Jamaica.
“None of these accomplishments would be possible without our outstanding team of employees,” he said.
Reid said the company remains committed to providing exceptional service to its customers, as evidenced by its Customer Service Charter, which was also launched last year. “We will have to live up to the high standards that we have set out in our charter,” he said.
JN Life, which started as a creditors life insurance company, named Blue Sapphire Limited, was converted in 2013 into JN Life Insurance, a member of JN Group.
Additionally, five of the 11 agents who started with the company last year qualified for the Million Dollar Roundtable (MDRT), the world’s leading association of finance and insurance professionals. Entry to the MDRT is restricted to the top 10% of professionals in the global industry.
These five financial advisors representing “an unprecedented 45% of JN Life’s sales force at the start of 2022”, exceeded the MDRT premium quota of J$7,013,600, reaching between 102% and 126% of the ‘objective. The team, Shanalee Givans, Sanya Malcolm, Jacqueline James, Winsome Atkinson and Schamona Diah will be attending the 2023 MDRT Annual International Conference in June at the Music City Center in Nashville, Tennessee in the United States of America.