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Chuks Udo Okonta
NSIA Insurance Limited has continued to soothe pains of policyholders as N27 billion claims was paid to them in five years.
The Chairman of NSIA Insurance Limited Dr. Adesegun Akin-Olugbade, disclosed this today at a media conference in Lagos, adding that the firm paid N7.8 billion as claims in 2023 and recorded Gross Written Premium (GWP) of N22.3 billion also in the year.
He noted that the year 2023 was a period of tremendous and unprecedented growth for NSIA Insurance, representing another successful year for the Company.
He submitted that despite the difficult operating environment, the company’s initiatives and strategies produced significant results that demonstrated the dedication and tenacity of all stakeholders to go above and beyond the status quo.
He stated that
as a customer-centric organization putting the customers at the heart of what the firm does is a cardinal principle guiding and shaping its values and operations.
He maintained that this mutual trust is reflected in the Gross Written Premium growth of 24 per cent from N18 billion in 2022 to N22.3 billion in 2023.
The Insurance service result, he said also grew by 18 per cenr to N19.8bn from N16.8bn in 2022, stressing that this growth permeated across the business lines with the Non-life and Life business achieving double-digit growth of 19 per cent and 17 per cent respectively, from N9.5 billion and N7.3 billion in 2022 to N11.3 billion and N8.6 billion in 2023.
“We were able to successfully navigate the stormy macroeconomic in 2023 by deploying cost optimization initiatives and leveraging our technical and management expertise to deliver Profit Before Tax of N3.2 billion and Profit After Tax of N3.1 billion indicating a growth rate of 344 per cent and 400 per cent respectively,’ he posited.
Dr. Akin-Olugbade noted that the firm’s positive performance was also reflected in other key metrics such as Return on Equity (ROE) which improved from five per cent in 2022 to 19 per cent in 2023 and Return on Asset (ROA) which improved from three per cent to nine per cent.
“Our proud moments are all the opportunities presented to us to fulfill our obligations to our esteemed customers. We made claims payment of N7.8bn in 2023 and over the past five years, we have made claims payment in excess of N27 billion We remain unflinching in our commitment to fulfill our obligations to our customers as we are prominently known,” he submitted.
According to him,
the vast opportunities in the retail insurance segment remain untapped, adding that the firm is steadily increasing its footprint in the retail sector as it is poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home.
On the firm’s outlook, he submitted that
as they look forward, they would intensify excellent customer service delivery initiatives to continuously improve customers’ experience. “Our main goal is to keep assisting individuals, organisations, associations, communities, and governments in recovering from unforeseen events. It is incumbent on us to guarantee that with NSIA Insurance customers can save for a comfortable future and protect the people and assets that are most valuable to them,” he posited.
Managing Director/Chief Executive Officer NSIA Insurance Limited Moruf Apampa, said the firm hopes to be rated amongst top three in the industry, adding that the firm has transformed insurance practice through its prompt claims payment, which is done within 48 hours.
According to him, prompt claims payment has remained the selling point for the firm, adding that policyholders patronise the firm based on experiences shared by their family and friends.
He noted that the company hopes to scale-up its retail operations through robust information technology deployment and well structured agency network.
Apampa submitted that the the company presently has over 500 professional agents, stating that in the next five years, the firm hopes to deploy over 3000 agents, as part of deepening the retail market.
About NSIA Insurance
NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism. The head office is in Lagos, with a strong regional presence in Abuja and an extensive 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; namely, Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal, and Togo.
