NKECHI NAECHE- ESEZOBOR—-African Alliance Insurance Plc has posted a Gross Premium Income (GPI) of N7.109 billion for the financial year ended December 31, 2022 and announcement of annuity claims payment of N4.263billion.
The Chairman of the underwriting firm, Ogwemoh Sylva, disclosed this at the Company’s 53rd and 54th Annual General Meeting (AGM) in Lagos, that gross premium income of the life insurer grew from N7.030 billion in 2021 to N7.109 billion in 2022.
He added that the 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.
Net premium income for the company appreciated from N5,588billion in 2021 to N6,889 billion in the year under review, showing a growth of 23.28%.
While 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% increase.
He assured that the board and management of your company will continue and sustain their unwavering commitment to sound risk management and the maintenance of robust corporate governance structures, distinguishing.
“Our optimism for the upcoming years is underpinned by a dedication to delivering on our strategic objectives and providing unparalleled customer experiences. We are resolute in our pursuit of excellence and look forward to the opportunities that lie ahead.”
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Speaking further the Managing Director/ CEO, Joyce Ojemudia, said the company experienced a 10.66% growth in Gross Premium Written (GPW), culminating in a total of N6.81 billion for the fiscal year. Simultaneously, a notable 11.5% reduction in operating expenses was achieved through rigorous cost-cutting initiatives.
Cross section of African Alliance Insurance Plc Shareholders at the event held yesterday in Lagos.
On claims, she said “ we maintained an unwavering commitment to payment of claims throughout the period under review, underscoring our commitment to our customers. Claims exceeding N94 billion were paid, representing an increase of over N1.26 billion when compared to the preceding year.”
The breakdown of claims paid shows that for Individual Life, the Company paid N1,856,717,606.05 billion, and for Group Life, the sum of N1,429,696,696.24 was disbursed. Claims on Takaful, stood at N714,905 million, Esusu N1,141 602,379.93 and Annuity N4,263,781,412.73.
