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Standard Alliance records N246.7 million profit

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Insurance
Standard Alliance Plc has recorded profit of N246.7 million in its 2015 operations, representing 127 per cent increased against N901 million loss in the previous year.

Also, post-tax profit of N106.1 million was reported in the year under review, against N1.532 billion in losses reported for the 2014 financial year.

Meanwhile, the company’s claims expenses stood at N1.253 billion, as against N1.552 billion in 2014.

According to the firm, a gross written premium income of N2.279 billion was posted for the 2015 financial year, representing 43.6 per cent increase compared with N1.587 billion announced in the previous year.

The company said, retained premium income rose from N2.105 billion, representing 14.8 per cent increase against N1.834 billion achieved in the operating year.

The Managing Director/Chief Executive Officer, Standard Alliance, Bolaji Oladipo, said Profit After Tax (PAT) of N106 million was posted in the year under review against N1.5326 losses after tax recorded in 2014.

According to him, the commendable performance is as a result of management’s prudent management of resources and underwriting expenses during the financial year, and this we hope to sustain going forward.

“Our strategy is to improve customer engagement and create deeper and stronger relationships with them,” he said.

Oladipo noted that the company will focus on simplifying its business model and putting digital resources first in the revised five-year business plan, to enhance the services offered, while reducing costs and improving efficiency.

Speaking further, he said, in order to have a solid future, we have set out our people strategy which includes driving performance by recognizing exceptional performance and rewarding outcomes.

He said we will ensure our goal setting and reward systems drive improved performance year on year, adding that, we shall constantly seek new knowledge and better ways of doing business.

“A system is made of people, and a good system translates to good people; therefore, to reach full potential, we will attract and develop people who are the envy of the industry and inspire them to dream more, learn more and become better, while at the same time, ensure our performance is improved by embracing people who think and act differently. We will therefore, ensure the continued wellbeing of our workforce,” he stated.


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