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Chuks Udo Okonta
Standard Alliance Insurance Plc recorded a gross premium of N4.33 billion last year as against N3.78 billion in 2013, its Chairman Dominic Oneya, has said.
He disclosed this at the company’s annual general meeting in Lagos, adding that the firm’s underwriting profit stood at N1.4 billion compared to N1 billion in the previous year.
He noted that the firm made a loss of N1.9 billion as against N240 million in 2013. He said the rise in loss recorded was occasioned by impairment provisions on assets as well as share of losses at the firm’s associate company.
He assured the shareholders that the firm would continue to improve on its efforts to take advantage of the positive business atmosphere from the no premium no cover principle and other available opportunities.
The Group Managing Director Bode Akinboye, said against the background of the firm’s performance in 2014, the management has embarked on transformation agenda that would focus the firm’s strategy and match same with sufficient capital injection.
“Our focused strategy is to aggressively build up our life assurance franchise as currently embedded in Standard Alliance Limited. Following the divestment from non-core activities, we have increased our equity stake in SA Life Assurance Limited to majority control cadre, and we intend to significantly inject resources in order to be able to cross-sell retail products,” he added.