ARM Life pays N412m claims, restrategises life business
ARM Life Insurance said it paid a total of N412 million claims to policyholders to further underscore the company’s commitment to prompt settlement of payments and efficient customer services.
The subsidiary of Asset and Resource Management Holding Company (ARM), has affirmed its commitment to improve productivity and profitability that would meet stakeholders’ needs across the country
The company’s Executive Director, Femi Ogundeji, who spoke to The Guardian, at the weekend, said that the institution’s gross premium written has increased by 31.5% to N3.62 billion in 2017, from the N2.75 billion generated in 2016.
Ogundeji said the sustained focus on growing policyholders fund, particularly in the individual life segment, the disciplined risk management practices and investment management strategies, enabled the company to return a profit before tax of N486.9 million for the year 2017, against N123.2 million in 2016, representing an increase of 295 per cent increase over the previous year.
During the year, said it paid a total of N412 million claims to policyholders to further underscore the company’s commitment to prompt settlement of payments and efficient customer services.
On the balance sheet side, total assets grew by 27% to N16.13 billion in 2017, from N12.71 billion recorded in 2016 underscoring the success of the company’s investment management strategy and culminating in 18% increase in shareholders’ equity to N3.23 billion, up from N2.75 billion achieved in 2016.
As ARM Life progresses in its quest for leadership in the retail segment of the market, they remain mindful of the importance of building a sustainable business that will continue to engender the trust of our clients and, other stakeholders.
The company is on course to launch new products specifically designed to provide insurance services for the retail segment of the market.
Despite the challenges in the economy, the company highlighted huge opportunities in the insurance space, which will be explored towards continuously increase values to all stakeholders.
“We remain focused on the implementation of our strategic objectives, which we had previously shared with you. Some of the objectives are centred around product and service innovation to improve customer experience and to cater for their evolving needs; focus on digital transformation to improve operational efficiency; and increasing distribution channels and market reach,” he said.
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