Underwriter boosts sector’s premium with N8.6 billion
Niger Insurance Plc posted a gross premium of N8.59 billion in 2017, against N5.96 billion recorded in 2016, the Chairman of the company, Yusuf Abubakar, has disclosed.At the company’s yearly general meeting in Lagos, he stressed that the premium moved by 44 per cent, which amounted to N2.6 billion, noting that the underwriting profit closed at N1.1 billion from N888.9 million in 2016.
Abubakar added that total assets also grew by one per cent from N22.5 billion in 2016 to N22.8 billion, while the insurance contract liability rose to N10.02 billion from N8.86 billion in 2016, and shareholders’ funds now stand at N7.84 billion.He posited that the underwriting company, in compliance with regulatory requirements, had resolved to dispose investments in real estate. He pointed out that due to cost control measures put in place, the management expense reduced to about nine per cent, from N2.75 billion in 2016 to N2.51 billion in 2017.
The company’s boss explained that the board has reached an advanced stage on discussions with investors, who will now raise the working capital and bring technical expertise to the company.The Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, urged the board and management of the company to work assiduously to sustain the feat recorded in the past, adding that as one of the leading lights in the insurance industry, the company should never allow smaller ones to take its position. Shareholders’ activist, Nona Awo, urged the firm to innovate to withstand competition and called for fresh hands on the board to take it to lofty heights.