From left: Company Secretary, Royal Exchange plc, Sheila Ezeuko; Chairman, Kenneth Odogwu and Group Managing Director. Auwalu Muktari at the event.
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Chuks Udo Okonta
Royal Exchange Group posted a gross premium income of N10.79 billion in 2015, its Chairman, Kenneth Odogwu, has said.
He disclosed this today at the firm’s Annual General Meeting (AGM) in Lagos, adding that the result was an increase of 14 per cent as the company recorded N9.43 billion in 2014.
He said the firm’s net premium income peaked at N8.08 billion, profit/loss for the period (N1.29 billion) and total assets N 26.53 billion.
According to him, the firm’s net claims peaked at N3.04 billion, as against N2.43 billion recorded in 2014, the underwriting expenses decreased by four per cent from N2.74 billion in 2014 to N2.64 billion last year.
He noted that the management expenses were N3.27 billion as against N3.09 billion in the previous year, adding that an increase in reserve of N1.2 billion was made by the group for the insurance and investment liabilities of the the life subsidiary with the period under review.
Shareholders, Awo first right
A shareholder, Gbenga Idowu, congrats the board for a job well done and for enabling the subsidiaries to make profits.
He also commended the firm for looking into the future through investment in information technology that would help drive its operations.
Another shareholder Chief T .O Adegboyega urged the firm to intensify efforts in growing its investment income. He Lauded the board for controlling its expenses and called on the management to pay attention to directors allowances and the consultancy fees.
A shareholders’ activist, Nona Awo, lauded the firm for its donations and urged the management to consider merging the life and non life firms to improve profitability.
