PIOJ’S PRESS BRIEFING July – September 2017
The Planning Institute of Jamaica (PIOJ) Review of Economic Performance July - September 2017 According to the PIOJ, real GDP grew by 0.9% relative to the comparative quarter in 2016. This was attributed to an estimated increase of 1.1% in the Services Industry and 0.1% increase the Goods Producing Industry. Within the Goods Producing Industry, there was an increase in real value added for Manufacturing (1.5%) and Construction (1.3%). The Agriculture, Forestry & Fishing industry was flat, while there was a contraction of 8.6% in Mining and Quarrying industry. All subcategories of the Services Industry recorded growth for the third
GENAC reported a 75% decline in net profit for the nine months ended September 2017
General Accident Insurance Company Limited (GENAC) For the year ended September 2017:- GENAC reported Gross premium written of $6.18 billion, 18% higher than the $5.23 billion reported for 2016. As a result, net premium written increased by 18% from $886.26 billion last year to $1.04 billion. Excess of loss reinsurance trended down by 1% to $70.38 million (2016: $70.94 million). Net premium written for the third quarter amounted to $369.96 million relative to $300.97 million booked for the corresponding period in 2016. Reinsurance ceded amounted to $5.07 billion relative to $4.27 billion in 2016, a 19% increase year over year.
PULS reported a 11% increase in net profit for first quarter ended September 2017
Pulse Investments Limited (PULS) For the three months ended September 30, 2017 Operating Revenue has increased by $11.28 million to $119.38 million year to date relative to $108.10 million the prior year, this represents a 10% increase. Administrative and Other Expenses amounted to $46.27 million (2016: $44.55 million), an increase of 4%. As a result, Operating Profit increased by only 15% to close the period at $73.11 million (2016: $63.56 million). Fair value appreciation on investment property rose 4% to $28.40 million compared to the $27.40 million recorded for the prior year’s corresponding period. Consequently, Profit before net finance costs