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JN Financial Group Limited is offloading assets amid its third straight year of losses.
The group, known as the largest mortgage lender in Jamaica, sold the bulk of JN Bank UK last September for a loss. It also struck a deal last year to sell JN General Insurance Company Limited, JNGI, and now plans to shed JN Fund Managers Limited.
“Negotiations are in train for these divestments. An agreement was signed for the purchase of shares in JNGI from the company by British Caribbean Insurance Company. Negotiations are in train for the divestment of JN Fund Managers,” the group said in its audited financials released last week. The transaction with BCIC awaits regulatory approval.
JN Fund Managers operates a brokerage and wealth management firm, while JNGI insures vehicles and properties.
JN Financial recorded a loss of $2.5 billion for the year ending March 2024, according to audited financials signed on January 27, 2025 and released last week. It mirrored losses of $2.5 billion a year earlier, and was exponentially greater that the $165-million loss in 2022.