The Independent by VM Group

140TH ANNIVERSARY SPECIAL ANNIVERSARY ISSUE ISSUE

NOVEMBER 2018

THE THE

INDEPENDENT INDEPENDENT

Celebrating the past, innovating Celebrating the for the future past, Innovating Victoria Mutualthe Future for celebrates Victoria 140 years Mutual celebrates 140 years

Impacting lives, fulfilling our Purpose

Message from The President As we reflect on 140 remarkable years of living our purpose – to empower our Members globally to acquire their own homes and achieve Financial Independence – I feel humbled and blessed. Our sincere efforts to place you, our Valued Members at the heart of all we do, have played a significant role in Victoria Mutual evolving into a leading, home-grown financial services provider in all the markets we serve. Our group of companies has celebrated significant wins over the past year. Some of these are highlighted below. »»

We had a very successful launch of the Victoria Mutual Investments Limited IPO on the Jamaica Stock Exchange which was four times oversubscribed.

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New products and services were launched, including our VM Drive Auto Loan and Unsecured Loan.

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The VM Foundation was officially launched to cement our commitment to partnering with our communities to improve quality of life. The Foundation focuses on three main areas – Leadership and Nation Building, Youth Empowerment, and Health and Family.

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We dominated the PSOJ-JaCSA Service Excellence Awards in July with 7 wins, including the overall award for service excellence.

The continuous improvement of all our banking platforms, to enhance our service delivery at all points of contact;

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VM Money Transfer Services (VMTS), opened its second Money Express Centre in Meadowbrook, St Andrew. This will enable residents of that community to benefit from bill payment, money transfer and other services.

Empower you, our Members with the best financial education to help you make the best decisions for you and your families

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Spread financial inclusion by designing dynamic products and services to suit your evolving needs; and

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Our intrinsic purpose of helping you achieve Financial Independence.

These milestones are a clear indication of the commitment of our team as we strive to achieve our strategic objectives, thereby returning even greater value to you, our Members.

CONTENTS

While it is satisfying to look back, it’s quite exciting to look ahead. Transforming for the future requires forward thinking, as the greatest accomplishments are ahead of us. Our Digital Transformation Strategy has been approved and this will aid greatly in our commitment to:

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Thank you for your unwavering loyalty to Victoria Mutual. We know that you have options and are honoured that you choose us as your financial partner. One Love,

Courtney Campbell President and CEO Victoria Mutual Group

Page 3: Founded on Purpose Page 3: #PowerOfVMMembership Page 4: A Journey of 140 Years Page 8: Impacting Lives, Fulfilling our Purpose Page 12: Past Year of Wins Page 14: The Way Forward

Founded on Purpose THE JOURNEY OF VICTORIA MUTUAL HAS COINCIDED WITH MANY MAJOR MOMENTS IN JAMAICA’S HISTORY Think about it. Victoria Mutual was founded only 40 years after the emancipation of slaves on the island and just 13 years after the Morant Bay Rebellion. It was 84 years before Jamaica gained independence from Britain that a group of clergymen led by Reverend G.W. Downer, Rector of the Kingston Parish Church founded Victoria Mutual. This means that by the time the nation gained independence Victoria Mutual had already long been working to achieve financial independence for its Members. This puts into perspective the weight of the purpose behind this organisation’s founding – to spread financial inclusion by helping hardworking but economically marginalised Jamaicans to own homes. This purpose to give everyone an equal chance at financial independence continues to drive us 14 decades after our founding. We are committed to doing even more in the years ahead to fulfil this mission.

Members’ Month highlights the

#PowerOfVMMembership As a Mutual organisation, everything we do at Victoria Mutual is for the benefit of you, our Valued Members. That’s why, during November which we celebrate as Members’ Month, our focus is squarely on you. Our activities during the month are intended to show how much we value you and how committed we are to helping you achieve financial independence. What makes the #PowerOfVMMembership so special? Well, although we offer similar services to banks, a Mutual is different because we do not pay dividends to shareholders. In fact, a Mutual is a true partnership between us and all our Members. HOW IT WORKS Money deposited as savings is pooled together so that those wishing to access a loan in order to purchase a home may do so. The interest paid by our borrowers on their loans is then passed on to our savers as interest and/or re-invested into the business to cover day to day costs and the continuous improvement of our products and services. THE #POWEROFVMMEMBERSHIP FOR YOU At Victoria Mutual we partner with you to help you achieve your dreams of owning a home and achieving financial independence. Your interests are at the core of every decision we make. Over the years we have helped thousands of Members achieve their dream of home ownership. With a tradition of treating our Members like family, you are bound to feel at home at Victoria Mutual. Once a Member, your account is never closed. You are part of the Victoria Mutual Family for life. Our home is your home with the #PowerOfVMMembership.

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A Journey of 140 years

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Membership is born! Victoria Mutual is established to help savers own homes. Later that year, our first Member is granted a mortgage.

Leadership and Unity. VM commits to support the mandate of the National Leadership Prayer Breakfast Committee to foster greater unity in the nation, particularly among leaders.

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Fund created for Home upkeep. VMBS establishes the world’s first ‘upkeep’, a pooled fund, set up to meet the needs of Members to repaint or repair their homes.

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Celebrating Marriage and Family. The Marriage & the Family Series is launched, promoting healthy family lives and values, thereby enhancing the social growth and development of Jamaica.

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Mortgage interest eased. VM mortgagors are the island’s first to benefit from interest calculated on the reducing balance. Members pay substantially less interest over the life of their mortgage loans.

Football Competition launched. The Annual VMBS/St. James U-13 Football Competition provides youngsters with the opportunity to develop their skills, while enjoying friendly competition.

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Group Savings and Home Loan Plans formalized. This great initiative sees groups of all income levels in Jamaica, become part of the VM family. Many later realize their dream of owning a home.

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Help to find your home. Victoria Mutual Property Services Limited (VMPS), a wholly owned subsidiary of VMBS, receives its Real Estate Broker licence.

Scholars rewarded. The VM Scholarship Programme is established to assist student savers at the primary, secondary and tertiary levels. The programme also includes scholarships for teachers.

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Showing some Diaspora love. VM is the first Jamaican financial institution to set up overseas offices to serve the Diaspora community. Established in the UK, then Canada and the USA.

Making investment accessible. VMBS launches Alpha Financial Services, later rebranded as Victoria Mutual Wealth Management.

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Convenient banking. VMBS Members can now bank anytime, and on the go. Introduction of Automated Bank Machines (ABM) and the VM Express 24 ABM Card.

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Moving money. VMBS Money Transfer Services Limited joins the VM family, enabling inbound remittances to Jamaica from the UK, Canada, USA and the Turks & Caicos Islands.

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Mortgages made easier. The launch of the Victoria Mutual Online Mortgage Portal allows Members to start the mortgage application process online.

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Pensions provided. VM purchases a stake in Prime Asset Management Limited, a leading provider of Pension Fund Investment and Administration services in Jamaica.

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New Rules! At VMâ&#x20AC;&#x2122;s Annual General Meeting, Members vote in favour of new rules for VMBS. This permits VM to expand its product offering to include credit cards, auto loans and other personal loans.

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Focus on Excellence in schools. VMBS and JN Building Society jointly establish the Centres of Excellence Programme with a focus on improving student performance and school leadership.

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VM Money Express opens. VMBS Money Transfer Services opens the first of several state-of-the-art money services centres. The facility offers remittance, bill payment and NHT Contribution Refunds disbursement services.

Members offered insurance through BCIC. Victoria Mutual Insurance Company becomes a 100% subsidiary of BCIC and VMBS acquires just under one third of the issued shares of BCIC.

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Corporate Financing goes public. The IPO of VM Investments Ltd marks the first time a Mutual has listed a subsidiary on the JSE.

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Members win for Jamaica’s 50th. In celebration of our nation’s 50th year of independence, the ‘VM Win 50 Promotion’ is launched. Multiple prizes include the giveaway of three homes.

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VM Foundation launched. The Foundation aims to empower individuals in our local communities, and in the diaspora, by delivering programmes focused on improving quality of life.

Building Your Financial Independence. The VM Group becomes the Home of Financial Independence providing products, support and online tools to help Members achieve Financial Independence.

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Digital Transformation is here. VM launches Digital Transformation Strategy to enhance customer experience, convenience and accessibility.

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Impacting Lives, Fulfilling Our Purpose The purpose behind the work we do at Victoria Mutual has always been to spread financial inclusion and by so doing uplift the Jamaican people. This is what drives us. Not only does Victoria Mutual provide greater access to mortgages and other financing options to more people, but we also give back in other ways. Over the years, the Victoria Mutual Scholarship Programme, which is now run by the VM Foundation, has helped many young people and given them access to a future that at one time seemed impossible. As we celebrate 140 years of uplifting Jamaicans, here are just three stories from VM Scholarship Programme beneficiaries who are eager to share the impact Victoria Mutual has had on their lives.

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DA N I E L

S A N T O S

Ready to make a difference “Growing up, it was just me, my mother and two brothers,” said Daniel Santos. The statement only hints at the struggles faced by his family. After graduating from St Andrew Technical High School, he set his sights on someday attending the University of Technology. He had a burning desire to study Land Economy and Valuation Surveying at the university. However, he was well aware that his ability to attend the tertiary institution hinged on him receiving financial support. “I was not financially stable,” he said. “Plus, I was not a beneficiary of a student loan. I applied to Victoria Mutual because I needed financial assistance. I saw it fit to apply to this institution for my holistic development.” Daniel was elated to learn that he had been selected to receive funding via a grant from Victoria Mutual. “It was overwhelming because I had no other means of getting financial assistance to fund my tertiary studies,” he recalled with excitement. The bursary Daniel received has not only been instrumental in the pursuit of his studies but is significant for another major reason. “It has impacted my life greatly, in allowing me to be one of the first persons in my family to attend a tertiary institution.” Intent on making a major difference in his community, Daniel is currently a trainee constable in the Jamaica Constabulary Force, while he continues his studies. “The results have been great so far, as I have been getting the credits I need,” he said. These credits will help Daniel to realise his other career goal – becoming a Valuation Surveyor. He encourages young people who find themselves in a similar position to maintain a positive mindset no matter how hard it may be. “Continue to try and always apply yourself,” he says.

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K Y L E

T H WA I T E S

Destined for greatness Confident and purpose-driven are two ways to describe Kyle Thwaites. At 24 years of age, Kyle recounts that despite his humble beginnings, he was always filled with big dreams of becoming more than his circumstances would have allowed. Kyle attended the Spanish Town Primary School and then Jonathan Grant High School, both in St Catherine. He had a goal then to go on to pursue studies at the International University of The Caribbean. At the time, however, his parents were not earning enough money to provide the financial support he needed to further his education. Kyle was, however, undeterred and resolute that his purpose extended beyond being just another statistic. “I decided that I didn’t want to become another young man who had the ability and determination to further their education but didn’t because of financial constraints, lack of faith and procrastination. There and then, I decided I needed a scholarship, grant or bursary and went ahead and applied immediately.” Having been encouraged to save with Victoria Mutual from an early age, he was hopeful that the organisation would give him the help he needed. Kyle would soon receive some life-changing news. He received a financial grant from Victoria Mutual. He was over the moon. The VM Team Members took Kyle under their wings and helped him grow in confidence. They even arranged for him to get a summer job at the organisation which assisted in him saving enough money to attend school. “I felt very grateful, knowing that I didn’t have a start financially to attend university. From then onwards, I started to encourage others who had decided to attend university to choose Victoria Mutual to apply for a scholarship, and that with prayers and supplication to God anything is possible,” said Kyle. Kyle went on to earn a degree in Engineering Technology. Today he’s a Project Officer at the Bank of Jamaica, and credits the financial support he received from Victoria Mutual for impacting his life “in a positive and marvelous way,” even after his studies. “It encouraged me to work harder while furthering my studies and while doing that I achieved excellent grades. Without hard work and dedication I wouldn’t have been rewarded. I also started to encourage persons in my circle to work hard and persevere to achieve great rewards.” As for his wishes for Victoria Mutual on its 140th Anniversary, he said: “Continue to be an outstanding institution throughout Jamaica. Whether by promoting financial independence, making saving easy or offering scholarship assistance to individuals, continue to make a difference.”

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A H E I S H A

W I L K I N S O N

Believe and it will be yours For the average teenager, struggle probably means having one bar on their smartphone battery with no possibility of getting it charged, or even worse - having no WiFi access. For Aheisha Wilkinson, life dealt her and her family a completely different set of challenges. While in Grade 8 at Immaculate Conception High School, tragedy struck, with her father being diagnosed with cancer. And if that wasn’t enough, her mother had to have major surgery. Her father was also hospitalised after a blood vessel burst in his head, leaving him temporarily paralysed. These medical expenses caused a major strain on the family’s financial resources, wiping out all their savings. Watching her family undergo these events fueled a desire in Aheisha to become a doctor. “I like the feeling of helping people. I know it’s cliché but it is very fulfilling. I also use it as a platform to spread the good news of Jesus. I do volunteer work and started out at the Hope Institute interacting with cancer patients. I enjoy talking to them.” With limited financial resources, Aheisha needed support to fund her dream. “I found out about the Victoria Mutual Scholarship Programme while working at the organisation during the summer and I just decided to apply. I just wouldn’t be able to go on without this help.” Aheisha’s application for a scholarship was successful. It would change the course of her life. Today, her plate is full as she juggles being a medical student at the University of the West Indies and being chief caregiver for her parents. The scholarship was the hope she needed to go on. She said it has given her an opportunity to continue her steady journey to success, even as she takes life one step at a time. “If I don’t, I will get depressed. So now, I break up my goals into manageable portions,” she explained. For those with big dreams and little resources, she encourages them to try. “Even if you don’t succeed at first, you don’t want to live with regret. You have nothing to lose - so just try.” If her faith is any indicator, success awaits this confident, resilient young woman. “I have a strong belief in God and I live my life based on St. Mark 11:24: “Whatever you ask in prayer, believe that you have received it, and it will be yours.”

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Past Year of Wins! It has been a big year at Victoria Mutual with many reasons to reflect with pride. One of the biggest events was the launch of the VM Foundation which gives greater structure to Victoria Mutualâ&#x20AC;&#x2122;s philanthropic efforts. The VM Foundation has hit the ground running with a successful staging of the Under-13 Football Competition in St James, as well as an uplifting Scholarship Awards presentation ceremony. See highlights of the VM Foundationâ&#x20AC;&#x2122;s work over the past year as well as other highlights from the Victoria Mutual Group.

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THE WAY FORWARD

Journey towards Digital Transformation ‘ T O B E C O M E A D I G I TA L L E A D E R , A M O D E R N A N D R E L E VA N T M U T U A L ’

As a Modern Mutual, it is critical that we provide financial products and services delivered in an innovative way, to enable you, our Members and clients, to meet the demands of a modern life. In order to achieve this, our business is undergoing a digital transformation, guided by two main imperatives:

So, what can you anticipate from digital innovation? We will: »»

Increase our connectivity with all our stakeholders, including Members, Clients, Team Members and our business partners;

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Improve our decision-making process with access to the advanced analytics provided by digital platforms;

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Boost productivity – with our frontline teams operating more efficiently, you will benefit from even more Customer Obsessed service; and

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Be more innovative in the products and services we offer.

Enhancing customer experience, convenience and accessibility Introducing new products that are easily accessible through digital technology Against this backdrop, we will maintain a persistent focus on delivering technology-inspired experiences to you, as we continue to transform into a Modern Mutual. The future will see us investing heavily in technology, implementing significant process automation, and upgrading our locations across the island to reflect a more modern and cutting-edge look and feel, with all the relevant capabilities. Significant branch upgrades have begun, with the Half-Way Tree location recently undergoing transformation, to now boast two intelligent ABMs. Automated key back-office functions, and upgraded web and mobile technologies are on the horizon.

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We are excited as we continue on this journey of Digital Transformation. While our operations may change, we will still provide you with service that is personalised, innovative, efficient, and easily accessible. The future of the Victoria Mutual Group is bright and exciting. We look forward to many more years of fulfilling our mission to spread financial inclusion and help more Jamaicans achieve financial independence.

Enjoy a fun & fit holiday

PATRICE’S TIPS

At Victoria Mutual we believe in wellness of all sorts and that includes physical wellness. With the holiday season just about upon us, we reached out to ace fitness trainer Patrice White for some tips on how to stay healthy in this time of fruit cakes, sorrel and other niceties. The holiday season can make sticking to a consistent workout routine difficult. Between the cooler temperatures, shorter daylight hours, travelling to visit families, foodoriented gatherings and frantic shopping schedules, squeezing in physical activity is tough. But staying active during the holidays can be easier and more fun than you think. I’ve compiled a list of six easy ways to squeeze in a workout during the holidays that will surely keep you active and keep those inches off.

SET GOALS The holidays can get so busy and hectic that even an important activity such as exercise might fall by the wayside. To avoid forgetting about workouts, make exercise appointments on your calendar, and keep these appointments just as you would any other. Be realistic with your exercise goals and be consistent. For example, if you’re having trouble getting motivated, commit to at least 25 minutes of exercise per day. A 25-minute commitment may not seem like much, but it will help you start a routine. You also could commit to walking two miles per day.

PARK AND WALK With all the road work going on, traffic is a nightmare and this upcoming Christmas season it’s going to be worse. Turn this traffic nightmare into an opportunity to burn some calories. If you’re headed to the mall to do some holiday shopping, avoid those fiercely fought-over prime parking spots and park a little further out where space might be available. If you park 20-25 minutes away from the mall and walk briskly (at a pace of five miles per hour), you could burn about 75-100 calories.

WALK THE MALL Before you head directly to the store where you always

buy gifts for the kids, the family or your loved ones, take a quickly paced walk up and down the mall. Use those stairs. In addition to getting your adrenalin going, you’ll get in some extra exercise while you window-shop. You might even spot some great deals!

PLAY WITH THE CHILDREN During the holiday season, you’re likely to be around more children than usual. Take advantage of having the little ones around and try to feed off their holiday excitement. Instead of being burdened by the extra responsibilities because school is out, play with your children, nieces and nephews. You can chase the active toddlers around the house or take the older children on a walk around the neighbourhood.

WORK OUT INDOORS During the holidays, working out can be difficult for persons who like to exercise outdoors. Taking a walk or going for a run might be next to impossible as night falls earlier. Instead of being a couch potato, come up with a workout you can do inside. Climb up and down the stairs in your house or apartment complex for a good cardio workout or just do 15 minutes of core exercises with 100 burpees daily to stay trim and keep that body tight during the holiday season.

AVOID BANKING CALORIES Cutting back all day so you can indulge at an event in the night only sets you up to ‘pig out’. Why? Because you will be starving and it’s easy to get out of control when you are faced with high calorie choices. Try to eat something filling before you head out. That way you will avoid overeating and ‘pigging out’. You have worked all year to achieve your weight goals or simply just to get into a routine towards changing your lifestyle. So even though it’s the fun time of the year, don’t slack off on your mission to be the best version of yourself. Have a peaceful and wonderful holiday season with your friends and families. Just a reminder, for those who make new year resolutions – a plan without action is still only a wish.

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A Journey of 140 Years