Insurance firm records 320% growth in profit after tax
Ensure Insurance PLC has recorded a N1.1 billion in profit after tax. It also achieved an underwriting profit of N621 million.According to the company, this is a testament to the efficacy of the underwriting guidelines and practices that its management instituted.
The firm stated this at its 18th Annual General Meeting to lay before the shareholders the yearly reports and accounts for the financial year ended December 31, 2016.
It was a crucial meeting considering that in its first full year, the new management of the company had recorded a loss after tax of N0.5 million.The chairman, Mr. Fola Adeola, pioneer CEO and co-founder of Guaranty Trust Bank, in his opening remarks highlighted headwinds in the macroeconomic climate of the Company’s business operating environment that had befuddled business leaders and run multimillion naira investments aground. Chief among these debilitating factors were the hike in the value of forex and the crash in global crude oil prices.
He said: “Nonetheless, our company forged ahead and recorded an impressive performance in terms of revenue generated and profits declared”, stated the Chairman. This was no empty boast. The company had recorded a staggering N1.1bn in profit after tax.
“Equally worthy of note is the underwriting profit of N621m which is testament to the efficacy of the underwriting guidelines and practices that the Management instituted in the year under consideration.
“At the beginning of the year, the Company was the first composite insurance company to receive the approval of its regulators (NAICOM) for its audited accounts. Ensure Insurance Plc had never achieved this in its prior 24 years of existence.”
Corporate Social Responsibility had not been relegated to the background in a bid to make impressive gains as the chairman explained: “In response to the admonition of shareholders at the last meeting, the Company has begun to undertake some corporate social responsibility initiatives. This involved the provision of relief and material support to the Internally Displaced Persons (IDPs) in Maiduguri, Borno State consequent upon the devastation caused by Boko Haram. In partnership with the United Nations Office for the Coordination of Humanitarian Affairs (UN-OCHA), we visited three IDP Camps and donated a borehole, public conveniences, clothes, medicines, medical equipment and baby food.”
This endeavor proved deeply impactful. Adeola stressed: “We are extremely proud of this initiative, particularly the recognition of Ensure by UN-OCHA as the second corporate organisation in Nigeria to partner with them to bring some relief to the IDP’s.”He added: “Your Company is steadily advancing towards being classed as a top player in the insurance industry. It shall attain leadership in the very near future.”
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