JN Life Posts Positive Profit Growth

JN Life Insurance profits increased by 15 percent to $135.5 million, for the financial year ending December 31, 2015, and during its first full year of operations in 2014, the company recorded profits of $115.2 million.

The new life insurer began writing business three years ago in July 2013, providing a Mortgage Life Protection Policy to new applicants for mortgages at its parent organisation, , and has since expanded its lines of business.

“Last year, we pursued a path to develop life insurance solutions to meet the needs of our client base,” noted Mr. Oliver Tomlinson, General Manager, JN Life Insurance. “We pursued this by providing affordable solutions to persons in underserved areas of the life insurance market and the results are reflected in our margins,” he added.

As part of its efforts to focus on under-served areas, in July last year, the company signed a Memorandum of Understanding with the Jamaica Micro Finance Association (JaMFA). The MOU was part of the company’s overall strategy to provide support to micro, small and medium size enterprises.

“The terms of the MOU were mutually beneficial,” explained Mr. Tomlinson. “They promoted us as one of their developmental partners and encouraged their members to enter into a full service contract with us, so they would also benefit from our Single Premium Creditor Life Insurance product.”

The company also launched its website to provide information about is products and services to existing and potential clients.

Following on the launch of its Mortgage Life Protection Policy, the company was buoyed when it received approval from the Financial Services Commission (FSC) to market a second policy, the Single Premium Creditor Life Insurance, in February 2014.

“We will continue to build on our pillars of success, which are: people, products, and service; as well as, the IT platform, which is being developed and will be rolled out during this 2016 Financial Year.

“This platform will ensure that we will be able to deliver first class service to our clients and continue our drive to become the insurance providers of choice for all Jamaicans,” Mr. Tomlinson said.