Guardian Group dismisses UNC claims of poor financial health

THE Guardian Group has dismissed claims made by Opposition Leader Kamla Persad-Bissessar that questioned the financial health of one of its operating companies, Guardian Holdings Ltd (GHL)

The other companies in the group are Guardian Life, Guardian General and Guardian Asset Management.

Persad-Bissessar reiterated UNC claims made on this matter since 2019, when the party held a public meeting in Chaguanas on Monday. Her questions about GHL's financial status were related to Jamaica's NCB Financial Group Ltd (NCBFG) and its wholly owned subsidiary NCB Global Holdings Ltd (NCBGH) completing the acquisition of 74,230,750 shares in GHL in 2019.

She questioned whether the financial portfolios of citizens with GHL are safe.

In a memo dated August 1 to its staff, the group said, "We can confidently assure all interest groups, including our investors, our customers and the general public, that our companies are fiscally healthy and maintain significant reserves to meet all our future obligations; indeed, often significantly in excess of the recommended levels required by our regulators."

The group said in accordance with its usual schedules, its results for the second quarter of this year will be released this weekend "with our latest financial results and position."

These results, the group continue, will reinforce that it is strong, well governed and with assured benefits accruing to our policyholders and investors.

"Our operating companies are continuously monitored by the appropriate regulators in the various territories we operate, in addition to the internal governance structures we have in place, which are in accordance with best industry practices."

The group said it has been publicly listed on both the TT and Jamaica stock exchanges for several years and "has consistently and transparently reported our financial results and performance on a quarterly basis in accordance with the rules of the respective stock exchanges."

The group added, "This governance framework ensures that we operate on the basis of market leading management practices to protect the investments of our policyholders."

With a legacy 176 years to its name, the group said, "We continue to be robust and well managed, evidenced by very positive credit ratings done by independent rating agencies CariCRIS (CariAA-) and AM Best (A- Excellent), for our TT insurance entities."

The group reiterated that it is a stellar performer for its policyholders and investors.

"We will continue to remain focused, with the best interest of the people and communities we serve."

When the acquisition was made in 2019, the group described it as a ground-breaking move that was aligned to GHL's growth strategy to expand the group's reach, regionally and internationally.

The then Group CEO Ravi Tewari said, "This is yet another milestone event that will make us a larger and better group."

NCBFG CEO Patrick Hylton welcomed the synergies created between NCB and GHL through this initiative.

He was confident this would allow both companies to become "greater together as we strive toward being world class, delighting our customer, shareholders and other stakeholders throughout the Caribbean."