Mrs. Joyce Ojemudia, MD/CEO
BY NKECHI NAECHE-ESEZOBOR–Poised to remain committed to genuine claims settlement, African Alliance Insurance Plc on Tuesday said it paid N723.96million as claims to policyholders in January, 2022.
Giving the breakdown of the figures of claims by product line, the company said N81.89million was paid on group life; individual Life N137.96million; Takaful N128million; Esusu N7.3million and Annuity N368.78million respectively.
The Managing Director/CEO, Mrs. Joyce Ojemudia, disclosed this at the Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB), that the company in 2021 also paid claims exceeding N7.59billion to it’s customers, a substantial bulk of which were for annuity claims and the Group Life. This shows an increase of over N590million in claims payment in the prior year.
Speaking further on claims she said: “Is paramount to every insurer to pay claims as this is fundamental to our existence as a business. This principle is taken as a responsibility in our company and has inspired us to continually pay claims promptly which is demonstrated in the billions we have paid in claims year in year out.”
On recapitalisation plans, she said the company injected about N14.4B through assets conversion as at December 2020, this she said has indeed improved its shareholders fund considerably and increased our asset base.
She added that the company will be increasing its capital base through right issues targeted at significant shareholders in addition to getting new investors to buy into the company.
On market expansion, she said: “the key strategic goal in 2021 was to grow our premium income via deliberate market expansion into untapped regions with good prospects for life insurance. To that effect, we have launched the retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure. In 2022, we are moving northwards as we look to reestablish presence in Ilorin and Jos as well as other prospective locations.”
