Insurance

Niger Insurance posts N661.31m PBT in 2018, assures policyholders of claims payment

From left: Managing Director, Niger Insurance Plc, Edwin Igbiti and Chairman, Stephen Dike at the event.

*Seeks N15bn fresh capital

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Chuks Udo Okonta

Niger Insurance Plc, posted a Profit Before Tax (PBT) of N661.31 million in 2018, its Chairman, Stephen Dike, has said.

He disclosed this today at the firm’s 49th Annual General Meeting (AGM) in Lagos, adding that the firm achieved a modest operating profit of N593.81 million in 2018 from a loss of N978.93 million in 2017.

He said the gross premium written in 2018, stood at N4.45 billion and gross premium income N5.22 billion.

According to him, as parts of restructuring the firm’s assets to enhance liquidation, approvals had been made for sale of some real estate properties, stressing that the sales will be concluded very soon.

From left: Chairman, Niger Insurance, Stephen Dike and Company, TOLG Nominee at the event.

He noted that to address the issue of solvency, the firm in January 2019 raised N2 billion, which was deposited in an escrow account with First City Monument Bank.

He acknowledged that the firm is facing a challenge, but expressed optimism that the company would emerged stronger, whilst soliciting supports and collaboration from shareholders.

From left: Shareholders, Mrs. Augustine; Bisi Bakare and Boniface Okezie at the event.

The Managing Director of firm, Edwin Igbiti, noted that the company is committed to settling all claims issues, stressing that he joined the company because he believes
it will not die, but live to meet the expectations of investors.

He also solicited supports from the shareholders in moving the company to lofty heights.

The shareholders ratified all the proposal made by the board, amongst which was the authorization to raise N15 billion by way of a right issue, private placement or to negotiate merge or acquisition, or any form of business combination.

Shareholders

Some shareholders who spoke at the event lauded the board and management for keeping the firm afloat.

The President, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, lauded the chairman for keeping the company going and urged him to do more in making it stand strong amongst in the industry.

He implored the Managing a Director to live up to the confidence reposed on him by shareholders, whilst calling on the firm to settle all aggrieved claimants.

He urged the company to consider merge and acquisition rather than private placement.

Shareholders

President, Pragmatic shareholders association of Nigeria, Mrs. Bisi Kabare, applauded the firm on its profit before tax which was turned to positive.

She posited that shareholders will continue to support the firm and called for development of new products

One Comment

  1. Ukpabi Ukoha Chukwu

    You must solve your challenge of insolvency forthwith. A client who has been paying premium for 4 years is kept for another 2 years without assurance of when payment is to be effected. It is an injustice and unfair business model and runs counter to the core insurance concept of Umbrima Fidel is the principle of utmost good faith. Borrow fund and pay now or declare the firm bankrupt. So that you can stop deceiving clients with non existing profit of #661m you declared which cannot be translated to cash to settle piling insurance claims.

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