BY NKECHI NAECHE-ESEZOBOR–Poised to improve its capacity to underwrite big ticket business in the country, Royal Exchange General Insurance Limited (REGIC), on Wednesday said is about to finalize discussion with it’s second strategic investor.
With the coming of the strategic investor the company said future is looking brighter as it will be bigger and stronger moving forward..
The chairman of the company Alhaji Rabiu Gwarzo, disclosed this at the company’s 13th Annual General Meeting, held today in its office in Lagos, that they are well positioned to play big in the key market segments.
He noted that with a strong financial base, implementing cutting- edge technology solutions and a well-articulared and clearly defined business strategies to drive growth across it’s major lines of business will be the key to success in the years ahead.
“Our capacity to underwrite and retain more risks profitably has greatly improved. Our corporate governance practices will be maintained at global standards. The strategic restructuring of the company will continue to ensure a complete renewal of our systems and processes to enable us complete favourably in the insurance market in Nigeria.”
Speaking on the company’s financial performance, he said he said it achieved a profit before tax of N1.02 billion in 2020 as against N975million achieved in 2019 while profit after tax rose from N655million in 2019 to N794million at the end if financial year of 2020.
The operating results further shows an increase in underwriting profit to N1.45 billion in 2020 when compared with N1.15 billion achieved in the previous year of 2019.
The company’s gross premium was not let out in the growth journey as it increased from N10.58 billion in 2019 to N11.87billion in 2020, representing 12 percent growth.
However net claims paid reduced to N689.53 million from N1.11 billion in 2019.
Speaking on the company’s future outlook, he said “we will remain focus on building a team that will achieve it’s vision to be a reliable and trusted industry leader in Nigeria providing innovative insurance products and services to our esteemed customers.
“We will also continue to invest in research and technology to lead the industry in its we quest for digital transformation.
“The board if directors has mandated the management team to be resolute in the implementation of the approved 5- years strategy plan and ensure the objectives are not only met but exceeded.
He assured that “the board will continue to do provide support to the management team and play it’s oversight functions to ensure we remain the leading company in the industry.”
