VM Group Reports $374m Loss for 2023

Courtney Campbell, Group president & CEO, VM Group, address the audience at the VM Group’s 1^st Annual General Meeting on Tuesday (July 30) at the AC Hotel by Marriott. (Contributed)

VM Group – the holding company for VM Financial Group Limited and VM Innovations Limited – has reported a net loss of $374 million for the 2023 financial year.

It made the announcement at its first Annual General Meeting in Kingston on Tuesday.

VM says the losses are partly the result of higher interest costs, declines in the stock market indices and sustained inflationary pressures.

The group says the effects were however tempered by its ongoing revenue diversification strategy, which saw it increasing its stake in associate company British Caribbean Insurance Company to 44.45 per cent in 2023, while retaining a 23 per cent stake in the potential-rich Kingston Properties Limited.

VM says its diversified business model helped the Group to yield solid growth in on- and off-balance sheet assets of $15.44 billion and $3.24 billion respectively.

VM has credited the restructuring of the business with opening the door to new markets and business lines it says were previously inaccessible.

The company says the changes have already enabled it to raise more than $11 billion in a preference share offer last year.