Funmi Omo
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Chuks Udo Okonta
African Alliance Insurance Plc, has recorded a 45 per cent jump in its Gross Premium Written (GPW), which moved from N5.17 billion in 2018 to N7.5 billion for the year ended 2019. This is according to the firm’s recently released unaudited financials for 31 December 2019.
According to the financial statement, the firm also grew its underwriting income from N5.11 billion to N6.94 billion representing a 36 per cent growth year-on-year while customer claims increased by 8 per cent year-on-year from N8.78 billion to N9.48 billion.
The firm’s Managing Director/Chief Executive Officer, Funmi Omo, in a statement said: “The financials show a marked progress in our strategy to expand our retail presence and aggressively grow our market share despite suspending our largest line of business, annuity.
“Our commitment to customer satisfaction is also clearly exemplified by our claims payment in the year 2019. For us, the customer is our life blood and we will always bend back to satisfy them every time they call on us.”
On the sustainability of the business as a going concern, Omo allayed the fears of all stakeholders pointing to the various innovations that have taken place within the company over the past year.
“We have put in place a virile Business Continuity Plan (BCP) as a way of telling our shareholders and investors that we are indeed here for the long term while our investment portfolio is now being looked after by a smart team of experts with demonstrated accomplishments in the financial services.
“Internally, we have instituted a paperless policy that has seen our use of paper drop to a negligible minimum. We have put our sales team through various training and retraining; these are already yielding fruits as evidenced by the increased premium year on year. We are easily one of the most visible and engaging brand amongst our peers in the digital space. Indeed, we are not relenting in our drive to ensure we remain true to our commitment to be with the customer for life,” she posited.
Recall that the 60-year-old firm at its 50th annual general meeting (AGM) held recently had identified a combination of tactics including share restructuring, private placements and capital injection among others, to meet the minimum capital requirements as stipulated by the National Insurance Commission. Going by recent developments, industry watchers remain optimistic about the prospects of a firm widely regarded as a leader in the life insurance space.
