JN Life Insurance Company Limited performed creditably in 2022, recording high performances in key areas.
Financially, all three focus areas of the company- individual life, group life and its pension business, the JN Individual Retirement Scheme- recorded year over year increases, which led to a 14 per cent increase in the company’s gross premium income to almost J$1 billion.
Delivering remarks at the company’s 2022 Staff Awards at the Terra Nova Hotel recently, general manager, Hugh Reid, revealed that JN Life broke its monthly Individual Life sales record four times in 2022. In addition, five of 11 agents who started with the company last year qualified for the Million Dollar Roundtable (MDRT), the premier worldwide association of financial and insurance professionals. Entry into the MDRT is reserved for the top 10 per cent of professionals in the global industry.
These five financial advisors representing “an unheard-of 45 per cent of the JN Life sales force at the start of 2022”, surpassed the MDRT premium quota of J$7,013,600, to attain between 102 per cent and 126 per cent of the target. The team, Shanalee Givans, Sanya Malcolm, Jacqueline James, Winsome Atkinson and Schamona Diah will be attending the 2023 Annual MDRT International Conference in June at the Music City Centre in Nashville, Tennessee in the United States of America.
Mr Reid said the increased premium sales in 2022 was especially 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’s branches, which accounted for some 46 per cent of JN Life’s Individual Life sales last year. He revealed that the company’s market share, although still small in absolute numbers, increased by 140 per cent year over year from 0.5 per cent to 1.2 per cent, using Individual Life sales as the metric.
Mr Reid declared that 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 via the 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 as low as $800 per month.
“We were keen about capitalising on our ONE JN-synergy as a member of the JN Group, relying on the strength of the JN network, brand and offerings to deliver exceptional value and experiences to members all across Jamaica,” Mr Reid said of the company’s performance.
JN Life experienced a marginal improvement in its net profit after tax amid a challenging economic environment, which increased by J$2 million dollars to J$132 million.
The JN Life general manager emphasised that despite the lingering impact of COVID-19, the 10-year-old company was able to keep ahead of inflation in 2022 and provide a more than 20 per cent return on equity, an exceptional feat for insurance companies in Jamaica.
“None of these accomplishments would be possible without our exceptional team of employees,” he said.
Mr 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 meet those high standards that we have set out in our charter,” he said. Also addressing the awards ceremony, Chief Executive Officer of The Jamaica National Group, Earl Jarrett, noted the upward trajectory of JN Life Insurance, while reflecting on the genesis of the company, which emerged from the JN’s desire to expand into health insurance. He called for JN Life’s leadership and staff
to look at additional opportunities to expand, including into health insurance, and to take further appropriately measured risks.
“Health insurance is not just money going into a pot but is a vital financial planning mitigation strategy,” he said while commending the JN Life staff members for their contributions over the past year.
JN Life, which started as a creditor life insurance company, named Blue Sapphire Limited, was converted in 2013 to JN Life Insurance, a member of the JN Group.
