Insurer targets N15b assets sale to boost financial position
An underwriting firm, Niger Insurance Plc, has revealed plans to sell off the company’s real estate and investment property valued at N15 billion to improve its liquidity and ensure reserve adequacy for better business operations.
Speaking on this development at the 2019 virtual yearly general meeting, in Lagos, Managing Director/Chief Executive Officer, Edwin Igbiti, said the property has been put on sale following the approval of shareholders mandating the company to do so.
According to him, “We are encouraged by the progress made so far and confident that both our capital restructuring and recapitalisation efforts will be successful in line with NAICOM’s regulatory timelines.”
Igbiti said the firm is investing in data analytics and technology to differentiate its offerings, drive sales, improve service standards and operating efficiency, adding that the insurer has upgraded its information systems, including its core insurance application. He said it has deployed digital platforms and technology solutions to all its office locations across the country.
“We have reviewed our location strategy to align with target markets/segments as well as optimise costs. Also, we are redesigning and simplifying our offerings to allow flexible pricing and varying customer preferences. I have no doubt that there is still a lot of work ahead and trust that we can count on the continued support of our esteemed shareholders and other stakeholder groups in the long-term,” he said.
The Chairman of the company, Stephen Dike, said the firm paid N1.7billion as claims and benefits to its policyholders in its 2019 financial year as against N1.6 billion paid in 2018.
He added that the company has been aggressive in its efforts to unlock capital through the restructuring of its investment portfolio while divesting from under-performing asset classes to meet its obligations to policyholders, shareholders and stakeholders.
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