Chairman, NSIA Insurance Limited, Dr Adesegun Akin-Olugbade, speaking at a media conference in Lagos, said that so far over N27 billion claims have been paid in five years.
He noted that the year 2023 was a period of tremendous and unprecedented growth as the firm recorded a GWP growth of 26 per cent from N17.7 billion in 2022 to N22.3 billion in 2023. The insurance service result also grew by 18 per cent to N19.8 billion from N16.8 billion in 2022.
According to Akin-Olugbade the growth permeated across the business lines with the non-life and life businesses achieving double-digit growth of 19 per cent and 17 per cent respectively from N9.5 billion and N7.3 billion in 2022 to N11.3 billion and N8.6 billion in 2023.
He explained that to successfully navigate the difficult macroeconomic environment in 2023, the firm deployed cost optimisation initiatives and leveraging technical and management expertise to deliver profit before tax of N3.2 billion and profit after tax of N3.1 billion.
“Our positive performance was also reflected in other key metrics such as Return on Equity (ROE), which improved from five per cent in 2022 to 19 per cent in 2023 and Return on Asset (ROA) which improved from three per cent to nine per cent,” he added.
He reiterated that there are abundant unrevealed opportunities in retail Insurance.
Managing Director/CEO, NSIA Insurance, Moruf Apampa, emphasised that one of the company’s benefits is its commitment to quickly pay claims, adding that they are also leveraging technology to drive its businesses.
“We have developed capacity so that claims payment is concluded within 48 hours of the claims incident,” he said.
