Underwriters show resilience amid challenging environment
.As SEC, NAICOM approves yearly accounts, virtual meeting
Despite the challenging environment, underwriting companies continue to show resilience in their performances to move the sector to greater heights.
Speaking on how operators can increase gross written premium in the industry, the Managing Director/Chief Executive Officer, Capital Express Assurance, Mrs Adebola Odukale, during the 19th and first virtual Annual General Meeting (AGM), in Lagos, said the firm’s significant performance was predominantly driven by growth across all lines of business.
According to her, Capital Express Assurance gross written premium rose by 30 per cent to N4.42billion as at the end of 2019 financial year.
“In 2019, we grew the company’s gross written premium by 30 per cent to N4.42billion from N3.3billion in 2018,” she said.
Giving more details about the company’s performance in a statement on the virtual meeting, Odukale said Capital Express paid N1.6billion claims in 2019.
Fees and commission income grew by 68 per cent from N35million in 2018 to N59million, which resulted from a 71 per cent growth in underwriting profit from N1.16billion recorded prior year to N1.98 billion in the year under review.
She also mentioned that the company`s total assets grew by seven per cent to N9.48billion from N8.89billion in 2018.
In another development, Sovereign Trust Insurance Plc. has received approvals for its 2019 annual reports and accounts by the National Insurance Commission (NAICOM), and the Nigerian Stock Exchange (NSE), respectively, and to hold its 25th AGM on October 22.
Spokesperson for the organisation, Segun Bankole, who disclosed this, told journalists that in line with the Federal Government and Lagos State directives on restriction of gatherings of large numbers to curb the spread of the COVID-19 pandemic, majority of the shareholders will be participating at this year’s meeting online with the exception of the approved proxies.
He expressed appreciation to all the shareholders and customers, who have shown a great level of commitment and patronage of Sovereign Trust since inception 25 years ago, adding that this year’s AGM is a remarkable one on account of the Silver Jubilee anniversary celebration.
Amid the vicissitudes of 2019, Bankole said the underwriter ended the financial year under review with a great sense of optimism that the future will continue to look brighter and better.
He assured that the commitment to continue to maintain an enduring and comprehensive growth strategy still forms the bedrock of Sovereign Trust’s foundation. Despite challenges that characterized the year under review, the company was able to grow its Gross Premium Written to N10.8billion representing a three per cent increase over the N10.5billion recorded in 2018.