Firm to deepen retail insurance market

Prestige Assurance Plc has expressed commitment to explore the retail segment of the insurance market to bridge the widening poverty gap in the country.

TheManaging Director/Chief Executive Officer, Rajesh Kamble, who disclosed this at the firm’s 54th yearly general meeting in Lagos, said that the move is to reach out to more policyholders for revenue drive purposes before the year-end.

According to him, considering the business operating environment, the underwriter declared a profit before tax of N1.40 billion at the end of the financial year 2023 compared to 2022.

Kamble noted: “Our objective is to continue actively managing portfolio by sharpening strategic focus on retail businesses through developing new products to suit the retail market.”

He said that customers are spending more time on digital platforms, so we need to ensure our services are embedded into our customers’ daily lives.
Speaking also at the meeting, the Chairman of the firm’s Board of Directors, Mrs. Funmi Oyetunji, expressed confidence in the ability of the underwriter to deliver superior returns on investment to shareholders.

She said the insurer shall also continue to endeavour to attract the best talents to execute short, medium and long-term strategic objectives.
Oyetunji noted that the board of the firm is aware of the challenges inherent in the current, volatile, complex, and uncertain environment, “but will continue to strive to maximise value creation for you, our esteemed shareholders. We thank you for your unflinching support and confidence in the company.”
She, therefore, expressed her appreciation to insurance brokers and customers for their loyalty.

“Our steadfastness to exceed your expectations guides our every step, and your satisfaction fuels our drive for innovation and excellence. Your belief in the company motivates the business to excel and deliver long-term value for all stakeholders.”

According to the firm, in 2023, the firm recorded a 19.56 per cent rise in gross premium written to N14.88 billion from N12.44 billion in the previous year. Its profit for the year rose to N1.31 billion, about 160.91 per cent higher than N502 million in 2022.

In the second quarter of 2024, Prestige Assurance witnessed a 41.06 per cent growth in revenue from N6.2 billion recorded the previous year to N8.8 billion in 2024.