Insurance

Prestige Assurance posts N4.79bn gross written premium

From left: Managing Director, Prestige Assurance Plc, Dr. Balla Swamy; Former Acting Chairman, Sir. Muftau Oyegunle and Company Secretary, Abayomi Odulana at the event.

* Pays 3 kobo dividend, names Dr. Adedoyin Salami new chairman

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Chuks Udo Okonta

Prestige Assurance Plc posted a Gross Written Premium (GWP) of N4.792 billion in 2018, its former Acting Chairman, Sir. Muftau Oyegunle, has said.

He disclosed this today at the firm’s 49th Annual General Meeting (AGM) in Lagos, stressing that the firm achieved an increase of 26 per cent performance with the N4.792 billion as N3.809 billion was recorded in 2017.

According to him, the gross premium income was, N4.66 billion; pre-tax was N645 million; the total assets moved from N11.8 billion to N13 billion; claims paid was N1.23 billion and a dividend of 3 kobo per share for 2018 financial year, was paid to shareholders.

From left: Chairman, Prestige Assurance Plc, Dr. Adedoyin Salami; a Non Executive Director and Managing Director Dr. Balla Swamy at the event.

He noted that the company’s board has taken certain steps to increase gross premium income, as well as retention capacity, adding that the objective is to grow premium and profit margins including after tax through expanding and deepening the deployment of digital marketing; retail sales; strengthening portfolio of products and increasing physical presence across the nation by expanding network of micro-offices.

Oyegunle also remarked that the management is working to simultaneously curtail cost and improve efficiency and customer experience through the use of information technology.

On recapitalisation, he noted that the board is examining the various options available to ensure the firm meets the new capital requirements and remains a significant participant in the sector. He said the firm shall continue to work to ensure it retains its brand name and identity as one with penchant for quality.

From left: Former Acting Chairman, Prestige Assurance Plc, Sir. Muftau Oyegunle; Company Secretary, Abayomi Odulana and Non Executive Director, Mrs. Funmi Oyetunji at the event.

He sought the shareholders approval to increase the firm’s authorized share capital from N3 billion to N10 billion by creating 14 billion ordinary shares at 50 kobo which will rank pari-pasu with existing shares of the company, and he was granted the permission by the shareholders.

Having secured the nod of the shareholders, he implored them to pick up their rights issues to enable the firm meet the new capital requirement.

Shareholders

One of the shareholders, Nona Awo, lauded the firm’s outstanding performance and urged the board and management to quickly approach the market to raise the required capital.

He also implored members of the board from India, to ensure they attract capital from their country to support the firm’s recapitalisation bid.

Shareholders

Other shareholders who spoke, pledged to acquire their rights as the firm possesses bright future.

Shareholders

The shareholders also gave their supports to the nomination of Dr. Adedoyin Salami as the firm’s new chairman.

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