Insurer declares N7.01 billion growth in GWP

Despite fears of economic challenges in the country, Prestige Assurance Plc has recorded a gross written premium of N7.01 billion as against N6.13 billion achieved in 2019.

According to the firm, net premium income increased from N3.206 billion in 2019 to N3.478 billion in 2020 while profit for the year increased to N678.3 billion as against N431.83 billion recorded in 2019 while shareholders’ funds stood at N12,403 billion, from 8,445 billion in 2019.

Commenting on the activity of the year, the Managing Director, Prestige Assurance, Sarbeswar Sahoo, said the year was marked not only by the challenges but by addressing them.

Shoos said: “Although the world is still battling with the pandemic and its effects on various sectors, many businesses are cautiously optimistic of a more stable environment. Despite the challenging economic terrain, we were able to grow premium incomes and recorded strong profitability in the year. We remain committed to supporting customers with the right risk management solutions to ensure that businesses are well protected during and beyond this unstable period.”