NCB Insurance: An emerging player in the insurance industry



At the company's Annual Sales Awards held at Mona Visitor's Lodge on Wednesday, NCB Insurance's managing director, Ingrid Chambers, announced that for the 12-month period ended September 2006, total income for the firm grew by 39 per cent, moving from $1.5 billion to $2.1 billion. Premium income dramatically increased from $23 million in 2005 to $385 million in 2006, a performance Chambers attributes to the company's success in diversifying its revenue stream.

"We have entered the group insurance market and we have expanded our product base to seven products: Omni, Omni Educator, ProVision, ProCare, Employee Care (group life), Group Creditor Life and Group Annuities," said Chambers. "We have made sure that with this diversification our income is less vulnerable to falling interest rates."

The managing director also noted that in 2006 the company sold 10,581 individual life policies, an increase of 35 per cent compared to the corresponding period the year prior. The company's new individual premium sales also grew from $1.9 billion in 2005 to $2.6 billion in 2006, an increase of 37 per cent.

Total assets increased by 39 per cent to stand at $13.9 billion while investments have grown 34 per cent to $12.3 billion. The firm's Minimum Continuing Capital Surplus Ratio (MCCSR), the test of solvency in the insurance industry, moved from 378 per cent to 561 per cent, which Chambers said is "way ahead of the regulatory benchmark standard of 150 per cent". Net profit after tax was $423 million, an increase of 103 per cent (before the IFRS4 adjustment). Chambers said that the numbers are indicative of the firm's emergence in the industry.

"I am happy to report that the company is increasing market share and aggressively moving toward its relentless goal of being number one. Relative to the major players in the insurance industry our company had a 39 per cent rate of growth for the period January to September last year," said Chambers. "NCB Insurance is in good hands. We have the people, the policies, the strategies and most of all the vision to take us where we want to go - and this is right to the top."

Looking forward, Chambers highlighted that the company is now preparing to enter the corporate pensions market and has applied for Administrator and Investment Manager Licences with the Financial Services Commission (FSC). Also, commencing with the launch of its website at the end of March 2007, NCB Insurance is looking to be fully e-services oriented by the end of the year, which will give customers "timely access" to information on their individual life policies and pension membership information. Chambers noted that the company will also be investing in new tools to enhance the effectiveness of its 100-member sales team.

"As we continue to increase our product offerings we are investing heavily in implementing new technologies that empower our sales teams with tools that will allow more effective needs analysis and financial planning," said Chambers.

NCB Insurance's Annual Sales Awards recognises the company's top branches and individual advisors. NCB Insurance's May Pen branch won the 'Branch of the Year' award while Anntonette Cowan-Palmer from the Old Harbour branch won the coveted 'Advisor of the Year' award.

Among the presenters at the awards ceremony were Patrick Hylton, group managing director of NCB; Wayne Chen, chairman of NCB Insurance and Vivienne Bayley-Hay, NCB manager of advertising and promotions. Keynote speaker at the event was Alvin Day, executive director of the Sales Empowerment Institute.