Samoa Life Assurance Corporation: From strength to strength
The Samoa Life Assurances Corporation, (SLAC) has gone from strength to strength since it was establishedin 1977.
As one of the longest governments Public Enterprise, SLAC’s 40th anniversary earlier this month reaffirms that the Corporations’ financial velocity speaks volumes.
“For the past 10 consecutive years, SLAC has recorded an average profit margin of $1.1 million tala,” said General Manager Leiataua Alden Godinet.
“In the last ten year period, our profit margin crossed the $2 million tala neighborhood twice during fiscal year 2014-2015 and again in the last fiscal year.
And I am confident we will achieve another $2 million plus in profits for the current fiscal year.”
Mindful that life insurance is not compulsory, Leiataua, a veteran of 25 years with SLAC attributes the success of the corporation to a combination of achievements by the staff.
In premium income, the General Manager is singing praises for SLAC’s Sales and Marketing Division.
“To say that selling life insurances is competitive is an understatement.
And our Sales Agents of 11 complemented by our staff of 53 have performed exceptionally well under these circumstances to sell insurance policies as reflected in high premium income sales,” praised Leiataua, a St Joseph’s College and Marist Brothers alumni.
SLAC and its policy holders are also reaping the fruits of hard labor through her investment facility. “In June, 2017, we received a dividend of close to $200,000 from our investment with the Unit Trust of Samoa, (UTOS),” said Leiataua.
“Our other sustainable investment portfolio includes the Computer Services Limited, National Pacific Insurance, Digicel Samoa Limited and the Samoa Submarine Cable Company."
“This is not to mention of rental fees collected from tenants housed in our Central Office.”
As of March 31st 2017, SLAC has close to 10,000 policy holders or to be exact 9,989 insurance policies covered by Samoa Life and the number continues to soar.
The Corporation’s Total Assets value as of March 31st 2017 was in the neighborhood of $44 million tala.
In line with the 2017-2020 Samoa Development Strategy Plan, SLAC Corporate Plan’s ultimate mission is to contain expenditures and improve its revenue making capacity.
In a nutshell, the Insurance Corporation has come a long way and it has improved the lives of its policy holders through its benefits.
Among the notable benefits available is identical to the Samoa National Development Fund’s annual dividend.
“Our annual bonus rates,” explains the General Manager, “will see our policy holders receiving a bonus of $17.50 per $1,000 sum assured plus $55.00 per $1,000 existing bonus or bonus on bonus.”
Leiataua holds a Bachelor of Commerce from the Queensland, Australia based University of Griffith.
He also holds a Master of Business from the University of Southern Queensland.
Leiataua is now in his second term as General Manager having dedicated the last 25 years as a loyal SLAC employee.