“During the year under review, the principal activity of the company continued to be the insurance business gross premium,” he said.
He added that its profit rose from N221.99m in the 2016 financial period to N531.84m in 2017, while net premium income rose from N1.1bn to N1.44bn in the year under consideration.
The chairman said that the figure from its investment income rose from N417.8m to N830.9m, while its result from the operating activities rose from N350.99m to N706.2m.
According to him, the net assets rose from N6.22bn in 2016 to N7.5bn in 2017, while its total asset rose from N9.6bn in 2016 to N11.77bn in the 2017 financial period.
Usman also said that the company would continue to attract the best professionals from within and outside the insurance industry to consolidate the excellent work of the existing staff members in order to deliver quality services that would add value to stakeholders of the company.
Our company has positioned itself to succeed in a vibrant market and more importantly in the insurance sector by introducing new products and processes that guarantee good returns on investments; as such, no stone will be left unturned to build a financial supermarket that delivers quality services and profits to our loyal and esteemed shareholders,” Usman stated.
The Managing Director, Prestige Assurance, Dr BallaSwamy, said that despite the changing business environment and increased regulations from government agencies, Prestige increased its market share across key businesses and delivered growth with its gross premium written, which increased by 46 per cent.
Speaking on its digital insurance, he said that the company engaged in the development of online real time digital marketing for the sale of its products, especially motor, marine, travel insurance and salary protection shield.
In order to diversify its premium portfolio, Swamy stated that the firm had obtained approval from the regulator for innovative products.
The managing director also said that Prestige Assurance had collaborated with Fero Mobiles and Samsung in extending insurance coverage to cellphones and the screen of any of their products purchased.