Royal Exchange generates N9.43b premium
During the period under review, the company generated gross written premium of N9.43 billion, while that of the preceding year was N9.08 billion, an increase of four percent.
Claims expense for the year amounted to N2.43 billion in comparison with N2.48 billion reported in 2013, signaling a decrease of two per cent. Underwriting expenses increased by 25 per cent from N2.74 billion in 2013 to N2.20 billion in 2013.
The Chairman of the company, Keneth Ezewani Odogwu, addressing shareholders at the 46th yearly general meeting said, we see significant growth in takaful and micro-insurance services in the retail insurance space as means of boosting insurance penetration and driving financial inclusion amongst the lower income class. Emphasis will be on channel and product innovation to reach a large portion of the economically disadvantaged sector of the 170 million population. The explosion of on-line retail shopping platforms, telecommunications and microfinance banking are already providing alternative sales distribution channels to stretch retail insurance services to fingertips of the citizens.
According to him, universal health insurance coverage would be another area of interest as National Health Insurance services continues to canvass for 30 per cent universal healthcare coverage Nigeria by 2015.
He explained that the Royal Exchange stays abreast with many of the initiatives in our quest to grow market share and attain market leadership position. Our three-year transformation plan is a testament to the fact that we are and have always been on course. The group is presently streamlining major components of her businesses, service delivery, returns in the medium term to our shareholders. This makes us believe we took the right steps, in the right direction with the right strategy.