BY NKECHI NAECHE-ESEZOBOR-– African Alliance Insurance Plc has reaffirmed its position as a beacon of unwavering strength and stability in the Nigerian insurance industry with the payment of N40 billion in claims from 2019 to 2023.
“From 2019 to 2023, African Alliance exemplified this commitment by disbursing an impressive sum of over N40 billion naira. This substantial payment spanned diverse business units, as detailed: Group life N5.1bn, Individual life N7.5bn, Esusu N3.4bn, Takaful N2.8bn and Annuity N21.4bn.
In a resounding affirmation, the Managing Director of the winner of the 2022 “Claims insurance Company of the Year” award, Joyce Ojemudia declared, “African Alliance remains committed to swiftly and professionally settling all valid claims, ensuring enduring happiness and satisfaction for our valued customers.”
Notably, the momentum has carried into 2024, as African Alliance has proactively disbursed over N1.1 billion in claims within the initial 58 days of the year.
Joyce Ojemudia reiterated her pledge to stakeholders, underscoring ongoing strategic initiatives aimed at propelling African Alliance to the forefront of the life assurance business in Nigeria. These initiatives aim to secure a larger market share while upholding the utmost standards of integrity and placing customer satisfaction at the forefront.
African Alliance continues to be a beacon of reliability and dedication in the life assurance landscape, promising not just financial security but a journey filled with contentment and assurance for all stakeholders.
The foremost Life insurer, a stalwart with over 63 years of expertise in the life assurance sector, is presently charting a course to illuminate the lives of both shareholders and customers alike.
Financial Highlights
In 2022 financial results showed a net premium income that appreciated from N5,588billion in 2021 to N6,889 billion in 2022 showing a growth of 23.28 per cent.
Additionally, the group’s total assets grew N53.473 billion at the end of end of 31st December, 2022 when compared to N41. 587 billion recorded in 2021; indicating 28.58 per cent increase.
The Insurance Company, also posted a Gross Premium Income (GPI) of N7.109 billion for the financial year ended December 31, 2022, with annuity claims payment of N4.263billion.
Gross premium income of the life insurer grew from N7.030 billion in 2021 to N7.109 billion in 2022.
Group’s Gross premium written stood at N6.814billion as At the end of the period ended 31st December, 2022 while that of the company grew to N6,814 billion when compared to N6,158 billion achieved in same year of 2021.
It is therefore, not far-fetched to say that African Alliance stands as a testament of resilience and strength.
The company is not just a life insurer but a custodian of trust, safeguarding the dreams and aspirations of countless individuals and families in the society.
Incorporated in 1960, African Alliance Insurance Plc is widely regarded as the strongest and most experienced life insurance specialist in these climes with its head office in Lagos and 18 branches nationwide.
