Home' Trinidad and Tobago Guardian : March 27th 2014 Contents A19
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Ansa Merchant Bank earned profit
before tax of $339 million last year.
In announcing the company s financial
results yesterday, managing director Gregory
Hill said: "Our business improved substan-
tially and we are looking at an 80 per cent
increase. Our profit before tax was a sub-
"We attribute this improvement largely
due to improvement in all our business lines.
All aspects of the business performed incred-
ibly in 2013 in banking, life business and
general insurance business."
Hill, who presented the bank s consoli-
dated financial statement for the year ended
December 31, 2013, at the Ansa McAL
Boardroom, Tatil Building, Port-of-Spain,
said dividends increased because of the
"The market in each segment showed
significantly improved conditions in 2013
and the management teams of the various
institutions. We were able to capitalise on
the opportunities and this is reflected in
our very stellar performance in 2013.
"Our dividends are up. We felt that in
light of the good economic conditions in
2013 that we would increase dividends from
85 cents to $1. Our asset base also went up
year over year. This shows the strong per-
formance," he said.
Hill said Ansa Merchant Bank had done
well in tough economic times, particularly
when compared to the other players in the
market: "We had assets of $6 billion and
this is fairly substantial relative to the market.
"Our efficiency ratio is the best in the
market. For every dollar we earn we only
spend 21 cents on expenses relative to our
peers and it shows we are a very lean organ-
isation and we create significant shareholder
value on every dollar."
Newly appointed CEO of Gulf Insurance Lim-
ited Jason Clarke says the success of the com-
pany was not built on deceiving clients, but by
honouring their legitimate claims.
"We need to do our part in purging our sector
of those few who give it a bad name. Insurance
must not be a dirty word and we at Gulf will
no longer allow the few to tarnish the many.
"We as an industry should self-regulate and
drive regulations that are vital to our industry
rather than be driven by regulations," he said in
his address at the company s 40th anniversary
function at the Kapok Hotel on Tuesday night.
"The home that is Gulf was built on a solid
foundation that has stood the test of time. It
was built on honour, high ethics and values and,
keen understanding of the importance of the
insurance products and services which we offer
to the various regional communities in which
we operate," he said.
Clarke said the company is committed to
recognising and respecting the needs of its cus-
tomers while striving to become the industry
leader; not on being the lowest to cost provider,
but on the fulfilment of the commitment made
to the communities in which Gulf does busi-
Apart from T&T, Gulf Insurance operates in
St Maarten, the Organisation of American States,
the British Virgin Islands, Cayman Islands and
the United States Virgin Islands (USVI).
Neal & Massy Wood Group (NMWG)
has been awarded a master services
agreement (MSA) to deliver
construction services for an
undisclosed sum to Atlantic LNG
Company of T&T, the largest liquefied
natural gas (LNG) producer in the
Western Hemisphere, a release from
NMWG said yesterday.
A joint venture between the Energy
Division of Neal & Massy Holdings
Limited and Wood Group PSN, NMWG
will be responsible for project
construction activities for Atlantic's
four-train liquefaction facility in Point
"We are excited about this new
relationship with Atlantic LNG. This
multi-million dollar, two-year contract
significantly expands our business in
Trinidad," NMWG managing director
Vaughn Martin said in the release. "We
will be engaging Trinidad's
multifaceted construction supply chain,
underpinned by our unique processes
and project management expertise, to
deliver best-in-class construction
N&M Wood Group wins contract with Atlantic
not be a dirty word
$339m before tax profit
for Ansa Merchant Bank
Ansa Merchant Bank managing director Gregory N Hill, left, addresses stockbrokers at the
bank's presentation of its consolidated financial statements for 2013 at the Ansa McAL
Boardroom, Tatil Building, Port-of-Spain. Seated are deputy chairman, Ray A Sumairsingh,
second from left, and Ansa McAL Group of Companies chairman and chief executive A
Norman Sabga. PHOTO: MARYANN AUGUSTE
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