ANSA Merchant Bank : 28 Apr 2023 – ANSA Merchant Bank Limited – Annual Report 2022

THE

VALUE

OF OU

THE VALUE OF OUR

Contents

Report of the Chairman

2

Board of Directors

22

Corporate Information

31

Notice of Annual Meeting

of Shareholders

38

Corporate and Investment

Banking

41

Events, ESG Activities and

Social Responsibility

46

Report of the	Commitment to Sustainable
Managing Director	Business Practices
4	15

Biographies of the	Corporate Governance
Board Members	26
24

Report of the Directors	Directors' and
36	Substantial Interests
	37

Management Proxy	Financial Highlights
Circular	40
39

Wealth Management	Fund Facts
42	44

Financial Statements	Form of Proxy
2022	143
59

Report of the

Chairman

"Despite the income statement impact from the international and domestic investment markets in 2022,

our core businesses continued to grow, and we are well positioned for the future."

A. Norman Sabga

LLD (HON.) UWI; (H.C.) UTT

2

ANSA Merchant Bank Limited

Annual Report 2022

The ANSA Merchant Bank Limited financial services group is poised for significant growth given major acquisitions and investments in technology and people.

AMBL also attained this past year an Investment Grade Rating of CariAA with a Stable Outlook from CariCRIS, which was the first credit rating for the Group and amongst the best credit ratings in Trinidad and Tobago.

The Banking business has been investing in the future of banking technology and this past year implemented digital capabilities to better serve our customers, and launched our first fully digital touchpoint in San Fernando, with additional digital Bank touchpoints to follow in 2023. This will be followed by our digital banking applications which will be released over the next few months to excite our customers, with hassle-free banking solutions.

In our Insurance business, TATIL, which has one of the strongest balance sheets in the Insurance Industry and is rated A- (Excellent) by the International Rating Agency, AM Best, completed the integration of the Trident business (Barbados) during the year and has received regulatory approval to acquire Colfire. This acquisition is anticipated to align the mutual strengths of these organisations and ensure that Colfire's policyholders benefit from the financial strength of our AMBL Group.

The financial results of AMBL for the year ended 31 December 2022, reflect the ongoing global effects of the increase in interest rates driven by the war in Ukraine and persistent inflation. This resulted in the recording of a consolidated loss before tax of $34 million for the year ended 31 December 2022, largely driven by non-cash,mark-to-market valuations in our investment portfolios, versus a profit before tax of $360.2 million for the same period last year. Notwithstanding, Total Assets grew by 2% to $9.6 billion in 2022 versus $9.4 billion in the same period last year as the Bank saw strong growth of over half a billion dollars ($0.52 billion)

in Loans & Advances which resulted in our Banking business producing a Profit before tax in excess of $124 million.

Our Banking Segment comprising ANSA Merchant Bank Ltd., ANSA Merchant Bank (Barbados) Ltd., and our commercial bank, ANSA Bank Ltd., all produced notable new business growth, increased market share and profits over the period. The Bank launched its Natural Capital Hub as part of our ESG Strategy in 2022 which was well received by all stakeholders, both domestic and international, as we move towards further enhancing our sustainable and resilient financial services group. Our ANSA Mutual Funds have outperformed other local Mutual Funds in their respective classes and again did so in 2022.

Our Insurance Segments, comprising TATIL and TATIL Life, remain well capitalised, and Insurance revenues increased in most of our business lines over the prior year. Negative non-cashmark-to-market valuations in our investment portfolios adversely impacted the Insurance companies' profit before taxes, primarily in TATIL Life. However, we invest for the long-term, and our portfolios are well diversified and positioned to recover when markets rebound.

Despite the income statement impact from the international and domestic investment markets in 2022, our core businesses continued to grow, and we are well positioned for the future. Our significant investments in new IT across the Banking and Insurance companies represent the execution of our vision which will bear significant returns for all stakeholders in 2023 and beyond.

I wish to thank our stakeholders for their continuing support and our employees, Boards of Directors and senior executives for their continuing hard work and exceptional leadership over the past year.

A. Norman Sabga
Chairman
March 16, 2023
ANSA Merchant Bank Limited		3
Annual Report 2022