Royal Exchange Group has posted a gross premium income of N10.79 billion
for the 2015 financial year. Addressing shareholders at the Annual General
Meeting (AGM) in Lagos,
Chairman of the company, Mr. Kenneth Odogwu, said that the figure edged
up by 14 per cent as the company recorded N9.43 billion in 2014. Odogwu said
the firm’s net premium income peaked at N8.08 billion, profit/loss for the
period closed at (N1.29 billion) while total assets stood N26.53 billion.
According to him, the firm’s net claims peaked at N3.04 billion, as against
N2.43 billion recorded in 2014, the underwriting expenses decreased by four per
cent from N2.74 billion in 2014 to N2.64 billion last year. He noted that the
management expenses were N3.27 billion as against N3.09 billion in the previous
year, adding that an increase in reserve of N1.2 billion was made by the group
for the insurance and investment liabilities of the life subsidiary with the
period under review.
Odogwu said that the Group is presently streamlining major components of
its businesses, service delivery, processes and operations in order to deliver
superior returns to shareholders.
“This we believe will reposition our great company as not only a major
industry player but as a potential game changer.
The future of our company and our plans for 2016 are well on course
notwithstanding the current downturn in our domestic economy.” Odogwu predicted
the clamour for greater government’s participation as well as the enforcement
of compulsory insurance regulations as provided by the Market Development and
Restructuring Initiative (MDRI) are expected to be a top priority of the
National Insurance Commission (NAICOM) in 2016. “As always, Royal Exchange
stays abreast with many of the initiatives mentioned above in our quest to grow
market share and attain market leadership position.”
Mr. Auwalu Muktari, Group Managing Director/CEO of Royal Exchange Plc,
said the Group remains focused on achieving its strategic plan of steering the
company towards market leadership. “We invested in digital solutions that would
improve front-end sales, distribution and customer services, as well as enhance
back-end operating efficiency and expenses management.”
Muktari said the performance of the company in 2015 was a good show of
spirit and tenacity, just as its revenue diversification drive away from
traditional markets recorded good progress in deepening its tentacles in some
frontier markets, most especially retail and agribusiness. “In future, we intend
to be more active in micro-insurance to bridge the insurance needs of the
yearning public, including the upcoming millennials.
Looking ahead, our goal is to continuously redefine, reinvent and
differentiate ourselves in the market place. The focus would be on achieving
long-term sustainable growth for our shareholders through the broadening of our
revenue base, improving service delivery support systems and at the same time,
keeping a lid on our group costs.”
Source: Vanguard Business-By ROSEMARY ONUOHA
Source: Vanguard Business-By ROSEMARY ONUOHA
No comments:
Post a Comment