Regional insurance giants CLICO records huge after tax profits

Four years after it almost collapsed, regional insurance giants Colonial Life Insurance Company (CLICO) has revealed that it recorded after tax profits of $3.8 billion in 2012.



Despite this, however, CLICO’s auditors say the company has a negative net worth of $6.5 billion.



The figures were contained in CLICO’s audited financial results for 2012 which were published on its website yesterday.



CLICO declared profits of $6.2 billion from its investing activities for the financial year, eclipsing the $2.2 billion loss from insurance activities.



The biggest contributor to CLICO’s investment profits, according to the audited statements, was the $3.8 billion gained from the disposal of more than 40 million Republic Bank shares in November 2012.



FOR MORE STORIES WATCH:

Like our new Facebook page:

Gleaner Jamaica



Follow us on Twitter:

@JamaicaGleaner



Email: onlinefeedback@gleanerjm.com