Insurer woos Nigerians with N8.3 billion claim payment

African Alliance Insurance Plc said it paid a total of N723.96 million to policyholders as claims in January 2022 and N7.59 billion from January to December 2021.

Speaking at the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening hosted by the firm, the Managing Director/Chief Executive Officer, African Alliance Insurance, Joyce Ojemudia, revealed that the firm also injected N14.4 billion capital to meet the new recapitalisation requirement

According to her, the company will be increasing its capital base through the right issues targeted at significant shareholders in addition to getting new investors to buy into the company.

She said a business combination is an option if the other plans are not adequate.

Highlighting the breakdown of the claims by product line, she said that the company paid N1.23 billion in individual life, N1.36 billion in group life, N626.48 million in takaful and N4.35 in annuity.

She revealed that the company, in 2021, focused on a retail marketing expansion strategy, which led to the opening of offices in Abeokuta and Akure, adding that in 2022, “it is moving northwards as the management look to reestablish a presence in Ilorin and Jos as well as other prospective locations”.