Scotia sees growth in insurance segment, taps female entrepreneurs for business boost

 


Scotia Group in its new annual report notes that its newest subsidiary, Scotia Protect, has been on a continued growth trajectory since launch. Clients were attracted to interest-free payment options for insurance premiums. Total revenue for ScotiaProtect increased by 230 per cent year over year and Gross Written Premiums were up 143 per cent year over year.

Scotia Protect provides coverage for home and contents against loss or damage from hurricanes, perils including fire, flood and theft. It is offered by Scotia Insurance. The group indicates meanwhile that it is using a new client feedback tool to develop new products and services.

Scota Insurance reported a significant increase in net insurance business revenue of 40 per cent year over year driven by higher contractual service margin (CSM) releases from the group’s book of business and increases in our premium revenue from creditor life. A 20 per cent increase was also recorded in the number of policies of our clients.

Group CEO Audrey Tugwell henry stated, “We utilized our client feedback system, The Pulse, to gather data and feedback from our clients and implemented changes in line with their expectations. These changes resulted in significant improvements in client satisfaction. Making it easier to do business with us is also a key tenet of our strategy to win in the market. To that end, we completed a number of initiatives to enhance the client experience.”

For the year ended October 2024, the group itself reported net income of $20.2 billion for the year ended October 31, 2024, representing an increase of $2.9 billion or 17 per cent over the previous year. The asset base grew by $40.3 billion or 6 per cent to $705 billion during the year and was underpinned by performance of the loan portfolio.

Total loans increased by 16.3 per cent year over year. This includes an increase of 13 per cent in Scotia Plan personal banking loans and a 27 per cent increase in mortgages when compared with the prior year.

The commercial banking unit reported its commercial loan portfolio increasing 12 per cent over the previous year.

Women

The Scotiabank Women Initiative (SWI) tapped women-led and women-owned businesses for access to capital, advisory support and tailored education. A special loan fund of $3 billion, earmarked for the period January 2022 to December 2024 was fully disbursed.

Assets Under Management at Scotia Investments increased by 14.4 per cent over prior year our financial year – October 31, 2024. These funds were used to help women business owners in a broad range of industries to expand, retool and grow their businesses.

Photo: Audrey Tugwell Henry Group CEO Scotia Jamaica. face2faceafrica.com

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