Royal Exchange General Insurance Company Limited, has revealed a N1.02 billion Profit Before Tax, PBT, for the 2020 financial year as well as Profit After Tax, PAT, of N7 million.
The firm recorded PBT of N975 million and PAT of N655 million in 2019.
Also, in 2020, the net claims paid reduced to N689.53 million in 2020 from a figure of N1.11 billion in 2019.
The Insurance Company in year under review recorded a gross premium of N11.87 billion, a 12 per cent increase against N10.58 billion posted in 2019, its Chairman, Rabiu Gwarzo, said.
He disclosed this at the firm’s 13th Annual General Meeting (AGM) in Lagos, adding that the company made underwriting profit of N1.45 billion in 2020 as against N1.15 billion achieved in 2019.
Gwarzo maintained that the future of the company is looking bright as it is about to finalised discussions with its second strategic investor, which would ultimately increase the firm’s capacity to underwrite big ticket manufacturing and make the firm bigger and stronger.
He submitted that the company is well positioned to play big in the key market segments, with a strong financial base, adding that implementing cutting-edge technology solutions and well-articulated and clearly defined business strategy to drive growth across its major line of business will be the key to success in the years ahead.
According to him, the firm’s capacity to underwrite and retain more risks profitably has greatly improved, stressing that the company’s corporate governance practice would be maintained at a global standards.
The firm’s Managing Director, Benjamin Agili, expressed delights on the company’s performance and submitted that the company would continue to drive premium growth and profitability with the launch of key strategic initiatives aimed at growing the retail and direct sales portfolios.
He noted that the implementation of the firm’s 5-year strategic plan has commenced and going on well. He added that the firm’s focus of developing her people, ensuring operational efficiency through its on- going digital transformation initiatives are still on course.
Agili noted that the company was very active in the agribusiness in 2020, adding that this led to the growth of the gross premium compared to what was recorded in 2019.