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Local insurance group Guardian Holdings Ltd has turned itself around and back into profitability.

The group’s net profit after tax for its year ended December 31, 2010 stood at $425 million.

This was its best performance since 2004, GHL chairman Arthur Lok Jack said in the company’s published financial statements yesterday.

“This impressive turnaround compares to (2009’s) loss of $824 million, which was driven primarily from the loss on disposal of Zenith Insurance Company,” he said.

Zenith was GHL’s motor insurance subsidiary, based in the United Kingdom.

GHL’s earnings per share in 2010 amounted to $1.94 versus a loss of $4.10 in 2009.

Its balance sheet was strengthened in 2010 with shareholders’ capital increasing 34 per cent from $2.264 billion at the end of 2009 to stand at $3.039 billion last year.

GHL’s core businesses in the Caribbean continued to perform well, Lok Jack said.

The life, health and pension business segment increased its operating profit by 32 per cent, from $232 million in 2009 to $307 million in 2010.

The international property and casualty business segment was the group’s lone poor performer, Lok Jack said.

It produced a net loss of $77 million, stemming from GHL’s Lloyd’s of London’s business, Jubilee, and was attributable to catastrophe and motor losses.

GHL’s directors have agreed to pay shareholders a final dividend of 33 cents per share.

This brings the total dividend paid out for the year to 50 cents a share or $115 million.

—Curtis Rampersad

Source: Trinidad Express