Insurance

Niger Insurance posts N8.59bn gross premium

From left: Executive Director, Technical & Marketing, Niger Insurance Plc, Lawal Mijinyawa; Managing Dire tor, Dauda Adedeji and Chairman, Yusuf Abubakar at the event.

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Chuks Udo Okonta

Niger Insurance Plc posted a gross premium amounting to N8.59 billion in 2017 as against N5.96 billion recorded in 2016.

Its Chairman, Yusuf Abubakar, disclosed this today at the firm’s Annual General Meeting (AGM) in Lagos, stressing that the premium moved by 44 per cent which amounted to N2.6 billion.

He noted that the underwriting profit closed at N1.1 billion from N888.9 million in 2016, adding that the total assets grew by one per cent from N22.5 billion in 2016 to N22.8 billion, the insurance contract liability grew to N10.02 billion from N8.86 billion in 2016 and shareholders funding standing at N7.84 billion.

Abubakar posited that the underwriting firm in compliance with regulatory requirements had resolved to disposed investments in real estate. He added that due to cost control measures the put in place, the management expense came down to about nine per cent, moving from N2.75 billion in 2016 to N2.51 billion last year.

He noted that the firm’s board has reached an advanced stage on discussions with investors who will add to the capital and bring technical expertise to the company.

From left: Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu and other shareholders at the event.

Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, who spoke on behalf of shareholders urged the board and management of the firm to work assiduously to sustain the feat the firm had recorded in the past, adding that as one of the leading lights in the insurance industry, the company should never allow smaller firms take its position.

Shareholders

Shareholders’ activist, Nona Awo, urged the firm to innovated so as withstand competition. He called for fresh hands on the board of the firm to take it to lofty heights.

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