Byles

In spite of high operations and claims costs, life insurance giant, Life of Jamaica (LOJ), has successfully turned around a 15 per cent profit on revenues of $8.14 billion for the first six months of 2007.

At the end of June 2007, the company made a profit of $1.2 billion.

Although this reflects a mere three per cent increase over that of the corres-ponding period, the company remains optimistic that it is on track to meet its financial targets. The $8.14 billion revenue is a 14.3 per cent increase over last year's.

President and chief executive officer Richard Byles said: "The company's 2007 performance was affected by higher operating and claims costs. Nonetheless, we are actually one per cent better than budget with all the critical performance ratios performing within expected parameters."

Increased its total assets

LOJ also increased its total assets under management for the first half of 2007 by 9.3 per cent to $86 billion, compared to the period ending June 2006. The size of its assets under management, including pension funds, rose to $131.5 billion, up from $115.1 billion under management over the similar period in 2006.

The company is also banking on its real estate investment for additional income going forward. It has yet to sell 25 per cent of the units up for sale at the newly opened Winchester Business Centre, but expects to realise income from sales within the third quarter of 2007.

The upmarket 60-unit apartment complex, Winchester Estate, with entrances on Strathairn Avenue and Winchester Road, is one of several real estate ventures developed by Life of Jamaica (LOJ). - Rudolph Brown/Chief Photographer

susan.gordon@gleanerjm.com