Niger Insurance Plc. has made a payment of N1.7 billion as claims in 2019 financial year, as against N1.6 billion paid in 2018.
Chairman of the underwriting firm, Steve Dike, disclosed this at the firm’s Annual General Meeting (AGM) in Lagos.
He noted that the firm’s financial performance was adversely affected due to harsh economic challenges, stressing that the firm’s gross premium written in 2019 was N1.8 billion an increase from N4.4 billion written in 2018. Gross premium income was N903 million a decrease from the N5.2 billion reported in 2018.
This performance level was below our target of achieving growth in excess of the rate of inflation but we assure our shareholders that effort is being made to turn around and strengthen the financial position of the Company, he posited.
The Managing Director/CEO of the company, Edwin Igbiti stated; “In response to the company’s liquidity challenges which delayed the settlement of outstanding claims, the company has been aggressive in its efforts to unlock capital through to restructuring of its investment portfolio while divesting from under-performing asset classes. Consequently, he said the company was able to pay claims and benefits totaling N1.7 billion 2019 as against N1.6 billion paid in 2018.
He noted that company had made changes to ensure growth. “In 2019, Niger Insurance Plc made important changes to optimize its business and leadership to align with the
company’s new strategic direction and drive its transformation objectives. These changes were necessary to boost growth, simplify our ways of working, improve operational efficiency and resilience,” posited.
Speaking further he said: “We now have greater focus, commercial rigor and accountability throughout the organization – these fundamentals will help us build momentum for current and future earnings growth. Notwithstanding the economic headwinds and legacy issues facing the company, we are committed to the swift turnaround and transformation of this great company.”
Dike further assured the company was tirelessly working to achieve its recapitalization target. “I am delighted to inform you that following your tremendous support, our recapitalization efforts have since gained traction with the share reduction exercise and merger option in top gear”, he assured