VM Group records impressive growth in 2020

Added: 16 Apr 2021

Victoria Mutual Group has released its results for 2020, in which it details its financial performance and work to support Members, Clients, Team Members and the wider Jamaican community.

Download the Audited Statements

VM Group 2020 Audited Financial Statements

Financial highlights:

  • Best Net Surplus in VM Group’s history – $2.64 billion, 23.68% above the previous year and 41.69% above the pre-COVID-19 budget.
  • Driven by a one-off gain from the purchase of loan receivables under the National Housing Trust (NHT) Joint Mortgage Financing Programme with Victoria Mutual Building Society, VM Group’s revenue grew by 31.9% to $14.96 billion.
  • Total assets increased by $7.04 billion (2.88%) to $251.85 billion, reflecting strong growth in both on and off-balance sheet assets.
  • In 2020, VM issued over $14.52 billion in mortgages, 24.76% higher than the previous year.
  • The organisation disbursed $24.95 billion in total loans, 39.1% higher than 2019.
  • In the United Kingdom, VM Finance’s portfolio of specialised property loans increased by 85.62% to £34.35 million.
  • VM Group’s commitment to Mutuality continues to be strong, as the business provided Members and Clients with $355 million in benefits through discounted fees across several products and services as well as lower mortgage and other loan rates.
 Courtney Campbell VM Group President & CEO

Courtney Campbell
VM Group President & CEO

Courtney Campbell, VM Group President & Chief Executive Officer said that the solid performance of the organisation was primarily due to the unrelenting commitment of the VM Team to transforming lives, as well as the longstanding trust and loyalty of VM’s Members and Clients.

“VM’s Executive Team was proactive and ensured that even as the dark clouds of COVID-19 approached Jamaica, a robust plan was being effected to minimise the impact on our Members, Clients and Team Members. Our Team Members responded with remarkable agility and focus to ensure that, even as the economy was dealt harsh blows by the pandemic, the people we served were being taken care of and supported in the most active and meaningful ways possible,” said Campbell.

He continued: “Victoria Mutual has, for generations, stood with the people of Jamaica through many seasons. COVID-19, though formidable, is not enough to shake our commitment to uplifting Jamaicans through the provision of life-improving financial products, services and education. VM takes its role in our people’s financial journey very seriously and our results and activities during 2020 – a year unlike any before – shows just how hard we will work for those we serve.”

Standing with Members and Clients

VM offered support to Members and Clients to help them get through the tough times in 2020. This support included reduced charges and fees for certain services, suspension of some penalties, moratorium arrangements and loan extensions, depending on the need of the Member. VM stayed close to its Members and Clients via drastically increased email and social media communications, webinars, online fora, as well as a dedicated Member-support page on its website.

VM also continued to expand its product offerings and enhanced its delivery channels, including an expansion of its network of intelligent ABMs and introduction of a mobile banking app.

VM Wealth Management Limited also expanded its network with the opening of four new locations in 2020, improving accessibility to its products and services. VM Wealth also launched a Premium Wealth Service featuring targeted value-added products and services, as well as a Client Management Portal which gives Clients convenient digital access to their accounts.

Another important milestone was achieved in December with the public launch of Carilend Jamaica, a fully online lending platform. In September 2019, VM Wealth’s parent company, Victoria Mutual Investments Limited acquired a 30% stake in Carilend, an innovative Fintech company headquartered in Barbados.

VMBS Money Transfer Services launched Jamaica’s most convenient direct-to-account facility in 2020 which allows clients to receive remittances directly in their bank accounts. They can then use their VM Express debit cards to withdraw the funds from ABMs or make purchases at point- of-sale facilities.

VM Pensions Management Limited relaunched its Approved Retirement Scheme (ARS) product in 2020 to help secure people’s financial future, enabling them to truly look forward to better days.

Committed to providing Financial Education

VM has been earnest in its efforts to advance financial education, through online fora and seminars, digital newsletters and videos, to ensure that even as its Members and Clients adjusted to the fast-changing reality last year, they consistently had access to the best products, services and information to improve their circumstances and achieve financial wellbeing.

Supporting the Results Focused VM Team

In 2020, the VM Group’s existing flexi-work and remote work policies were activated at enhanced levels, with approximately 40% of the Team working remotely. During this time of increased physical distance, the Team stayed close and remained able and encouraged to share feedback and insights through frequent Digital Townhall sessions and other media.

Team Members and their families were also able to access cost-free, mental health support from Family Life Ministries. These efforts were complemented by frequent pop-up virtual concerts and events to help Team Members smile and relax during a tough year.

Standing with the Community

The VM Group, through its VM Foundation and other corporate social responsibility (CSR) initiatives, projects and programmes contributed $46 million to important initiatives in 2020, impacting more than 220,000 lives. These efforts included the Adopt-a-Clinic programme, the donating of 120 laptop and tablet computers to students in support of their academic pursuits, as well as providing care packages to some of the most vulnerable communities.

VM also continued to support the Social Enterprise in Secondary Schools (SESS) programme. The Group’s focus was also directed to the activities of the National Parenting Support Commission through support of the COVID-19 Parenting Hotline, a key facility during the pandemic when many parents were facing unprecedented levels of stress and anxiety.


The final impact of COVID-19 on the local and global economies is yet to be told. The VM Group has however made it clear that its drive to transform lives is stronger than ever.

The Group said it will continue to expand its reach in Jamaica as well as other Caribbean and Latin America territories. The 2020 launch of VM Group’s new Fintech arm, VM Innovations Limited, is one indicator of its growth-focused, industry-disrupting posture for the future. This new subsidiary has as its mandate to purposefully hunt and exploit strategically aligned growth opportunities.

Download the Audited Statements

VM Group 2020 Audited Financial Statements