The net underwriting income of the firm increased by a record 105 per cent from N1.9 billion in 2016 to 3.9 billion in 2017, largely due to a decrease in the unearned premium income and reinsurance cost.
Similarly, the underwriting profit increased by N1 billion from N235 million achieved in 2016 to N1.2 billion in 2017.
Operating expenses for the year reduced by 28 per cent from N2.4 billion in 2016 to N1.7 billion in 2017 while profit before tax for the year reduced by 25 per cent from N1.1 billion achieved in 2016 to N854 million in 2017.
Chairman of the firm, Mrs. Aderinola Disu, who spoke at the firm’s 38th Annual General Meeting in Lagos said this was due to the 80 per cent reduction in assets from N19 billion in 2016 to N18 billion in 2017 while the shareholders’ fund increased by 300 million from N7.85 billion in 2016 to N8.15 billion in 2017.
She stated that the firm will sustain its proactive steps to shore up its identity and improve its positioning in the market.
She said: “Our emphasis on the ease of doing business will increase as we continue to focus on the critical market. We are strategically repositioning in new products development to harness the newly identified market potentials. This is expected to increase our market share and enable us operate more efficiently and profitably.
“Our digital revolution has enhanced our reach to our customers, and made it easier to provide personalised services in a cost-effective and measurable manner. Mobile customers can now efficiently access our products,” she added
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