Insurance

NSIA Insurance posts N9.19bn GPI in 2019

Ighodalo

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Chuks Udo Okonta

Shareholders of NSIA Insurance Limited at the firm’s Annual General Meeting (AGM) which held on Tuesday, June 30, 2020 via teleconferencing, adopted all the resolutions submitted and approved a dividend payment of 1.45k (N0.0145k) per share for the 2019 financial year.

At the AGM which was attended by shareholders and other stakeholders, the firm unveiled its financials, stating that the gross premium income increased by 32.9 per cent from N6.91bn in 2018 to N9.19bn in 2019. The Net Premium Income improved by 25 per cent from N3.16bn reported for the year ended December 31, 2018, to N5.06bn in 2019.

Interestingly, Profit After Tax (PAT) improved significantly by 67 per cent from N670.45m reported in 2018 to N781.87m in 2019.There was also an improvement in the Earnings per share by 75 per cent from 7k in 2018 to 9k in 2019.

As a company that places high value on integrity and professionalism, paying Claims promptly is part of the commitment of NSIA Insurance to their clients. Proof of this is the growth in Claims payout of 25.8 per cent from N2.28bn in 2018 to N2.87bn in 2019.

Total Assets for the year ended 2019 increased by 8.4 per cent from N17.92bn reported for the year ended December 31, 2018, to N19.43bn. Shareholders’ Fund in 2019 grew from N10.9bn to N11.84bn marking an 8.7 per cent year on year growth.

Addressing Shareholders at the meeting, the Chairman of the Board, Ituah Ighodalo, said “NSIA Insurance had made good its promise of maximizing the returns of its shareholders’ investments in the business, lending credence to the company’s values of Integrity, Care, Innovation and Professionalism”.

The resolutions adopted by the shareholders included the acceptance of the Audited Financial Statements, the re – appointment of Ernst & Young as its Independent Auditors and the appointment of Directors in place of those retiring. Prior to the AGM, NSIA Insurance welcomed Mr. Apollos Ikpobe, Mrs.Hélène Konian, and Mrs. Mansan Diagou Ehilé as Non- Executive Directors.

According to the MD/CEO of NSIA Insurance, Ebelechukwu Nwachukwu, “We are pleased to have met the set goals for the financial year of 2019 and we expect to significantly grow our income for better competitive edge. We look forward to growing capacity by 25% before the end of 2020 even as we plan for a 30 per cent growth in 2021.”
Ebelechukwu Nwachukwu further stated, “Our primary objective is to continually grow our business, satisfy our customers and maximize return on investments for our stakeholders.”

NSIA Insurance Limited is a first-class composite insurance company driven by Integrity, Care, Innovation and Professionalism, with its Head Office in Lagos, strong regional presence in Abuja and a large network in strategic states across the country. NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment and lifestyle needs of its corporate, commercial and individual customers.

NSIA Insurance Limited (Nigeria) is part of NSIA Participations which is currently present in 12 African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal and Togo.

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