Profit More Than Doubles at GENAC

• General Accident Insurance Company Jamaica Ltd. reported unaudited net profit of $74.72Mn (EPS:7¢) for the three months ended March 31, 2020, representing a 142.0% growth in the bottom line relative to the $30.87Mn (EPS: 3¢) made in the same period of 2019.
• This performance was driven by a 38.1% ($184.94Mn) increase in net premiums earned, a 59.8% (or $18.56Mn) increase in investment income as well as a 56.0% (or $108.27Mn) decline in commission expense.
• The stock has fallen 9.2% since the start of the calendar year. GENAC closed Wednesday’s trading session at $6.45 and currently trades at a P/E of 11.1x earnings which is below the Junior Market Financial Sector Average of 23.9x. 

(Source: GENAC Financials)