Underwriter declares N12.4b GPW

An underwriting firm, Prestige Assurance Plc, has declared a gross premium written (GPW) of N12.4 billion, an increase of 34 per cent, as of the end of the 2022 financial year compared to N9.27 billion recorded in 2021.

Speaking at the company’s yearly general meeting, the Chairman of the company, Funmi Oyetunji, said the underwriter has displayed resilience by growing the top line despite the challenging macroeconomic backdrop. Oyetunji also said the net premium earned during the period under review was N5.4 billion, an 18 per cent increase compared to 2021’s N4.59 billion.

“Shareholders should be assured that top-line growth, as well as margin progression, remains a priority given their importance to value creation,” she said.

The chairman reiterated confidence in the company’s ability to deliver superior returns to shareholders. She said: “We have put in place appropriate strategies to respond to the possible scenarios in 2023 and hope to continue to make progress in our quest to be one of the leading insurance companies in the country.

“Our staff remain resourceful, motivated, and resolute, as we strive to be competitive in remunerating them to continue to attract the required talent to best execute our strategic objectives.”

Managing Director/Chief Executive Officer of the company, Rajesh Kamble, stated despite the challenging business environment, the company was committed to creating accelerated value for shareholders.

“Although the operating environment was very daunting within the year due to the country’s preparation for the general election and other economic factors, the management and board of our company pursued vigorously its commitment to achieve its budget as well as protect the company’s capital with prudence through its focus on the organisation going concerned.

“The company’s growth was driven by an expansion in capacity and revamping our products to meet the customer’s needs,” he said.