Top Govt. official resigns, follows church calling
The General Manager of the Samoa Life Assurance Corporation (S.L.A.C.), Lei'ataua Alden Godinet, has resigned from office to follow a higher calling.
A Deacon of the Catholic Church, Leiataaua who received his Diploma in Theology last year, is the new Chief Financial Officer for the Catholic Church.
The Chairman of S.L.A.C., Tuatagaloa Alfred Schwalger, confirmed the move during an interview with the Samoa Observer.
“We received his resignation letter on the first week of business since the new Board took over," Tuatagaloa said. "We wish him the best as the new Chief Financial Officer for the Catholic Church."
The Government-owned corporation’s life insurance arm sells and administers life insurance contracts to consumers.
These are kept continually under review to ensure that all markets can be catered for.
The Corporation also offers a full advisory service, not only in personal but also business insurance and related financial services.
Established in 1977, the S.L.A.C. is one of the longest running of the Government’s public enterprises.
Emails and calls to Leiataua’s office for comment were not returned as of press time.
The Samoa Observer also visited the S.L.A.C. office but was told that Leiataua had left the office.
However, an email Leiataua sent to his colleagues informed them that his last day in the office would be 3 April, 2020.
“I want to inform the C.E.O.s of Ministries and Government Authorities that I have tendered my resignation as the General Manager for S.L.A.C. and my last day is this Friday 3 April, 2020,” the email said.
“My decision is associated with a church obligation.”
Leiataua thanked all the C.E.O.s for their work and support over the years.
His resignation comes at the tail end of the 2019-2020 Financial Year. In the previous fiscal year; S.L.A.C profits amounted to $2.5 million, as increasing claims and operating expenses slashed its profit margins.
According to an unpublished report tabled before Parliament, S.L.A.C. registered a net profit of just $218,000 last financial year; a drop from $2.78 million from the year prior.
The organisation’s net operating revenue was $12.32 million, but it paid out claims to the value of $8.1 million and recorded operating expenses of $4.1 million, which led to the drop in its profits.
The report says the fund’s contents are $43.7 million, while the mortality and contingency reserve fund is $1.1 million. The property revaluation reserve has dropped in value to $390,751 from $540,751.
These included a 19 per cent stake in Computer Services Limited, which was listed as having a $325,000 value.
The Corporation also owns more than 2.2 million shares with the Unit Trust, which were valued at $3.6 million. S.L.A.C. has also invested in the Samoa Submarine Cable Company to the amount of $2.1 million.
The Corporation’s total funds on deposits last year was $7.6 million, compared to $9.4 million the year prior.