SA Insurance posts N5.43 billion premium

Notwithstanding the harsh business environment, Standard Alliance Insurance Group has posted a gross premium income of N5.43 billion for the 2015 financial year.

Addressing shareholders during the 20th yearly general meetings, in Lagos, the Chairman of the company, Johnson Egu Chukwu, said the group equally recorded N1.234 billion underwriting profits, and a Profit Before Tax (PBT) of N819 million recorded.

According to him, the insurer’s balance sheet assets stood at N11.79 billion, with approximately N4.65 billion of these being financed by shareholders’ equity funds.

While commending the boards, Chukwu said our executives and management staff of the company have put in efforts and commitments to put the group on a solid footing, noting that the combined market strengths of the life and general wings of the group will be harnessed in the immediate midterm for business growth and value generation for stakeholders.

Speaking further, he stated that the mandatory corporate governance change, under the National Insurance Commission (NAICOM) rules, which required that non-executive directors of insurance companies that have served up to the maximum length of nine years should vacate board members.

However, Chukwu, who is now the new chairman, said the approval of his appointment took effect from March 2016.

He noted that the group is well positioned to compete in insurance market.

He commended the company’s numerous customers for accepting Standard Alliance brand, thanking its insurance brokers and its other business allies for their patronage.

Meanwhile, Chief Executive Officer (CEO), Bode Akinboye, said despite double whammy of oil-fueled economic woes and political logjams, the group paid N2.1 billions claims during the year, noting that N886.5 million was paid as claims under its non-life wing, while N1.2 billion was paid as claims in its Life businesses.

According to him, a good part of the claims paid in 2015 were legacy claims outstanding as at December 2014. But we have made substantial pay down on those arrears and are now streamlining our claims processes for a shorter settlement span.