BY NKECHI NAECHE-ESEZOBOR—Great Nigeria Insurance Plc said it was able to achieve 21.6% increase in underwriting Income at the end of financial year ended 31st December, 2022.
The chairman of the Company, Bade Aluko, stated this during the company’s 52nd Annual General Meeting, held in Lagos, that the despite the harsh economic challenges the company was able to grow it underwriting income to N9.6 billion in 2022, over the N7.8 billion achieved in 2021.
He said Gross Premium Written rose by 19.9% from N8.3 billion in same year of 2021 when compare to N10.2 billion achieved i. 2022.
The company’s claims expenses rose from N2.1 billion in 2021 to N3.3 billion in 2022, while total assets stood at N26.9 billion, reflecting an increase of 26.6% from the previous year, which stood at N20.6 billion.
Shareholders funds stood at N7.3billion in 2022 when compared with N6.3billion achieved in 2021.
“As a forward-looking business entity, Aluko assured that the organisation will continue to harness all its resources, both human capital and financial, in taking advantage of the opportunities embedded in the insurance market for growth and profitability. It is our plan to also continue to delight our esteemed shareholders and stakeholders alike. “
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Group Managing Director of GNI, Mrs. Olapeju Osipitan: “the consciousness of our corporate mandate constantly keeps us on our toes. We are committed to our vision statement of being the insurance company of choice for keeping promises to stakeholders. With the litany of operating challenges that beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders. We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily. We will ensure that our company will keep retooling, restructuring, and repositioning to keep up with the best global practices in the insurance business.
“Our commitment to training and retraining our staff to acclimatise with current demands in technology and remain competitive will not wane. We will continue to aspire to higher levels of astuteness and assiduousness with all our customers and in all our business engagements. Our pledge to you, dear esteemed shareholders, is to meet your expectations. We will not fail you.”
On the level of insurance penetration in Nigeria, she said: “awareness through effective sensitisation is the key that will unlock the limitless mines of opportunities that lie untapped both for industry players and potential customers alike.”
Osipitan charged stakeholders in the insurance industry to take all necessary steps in constantly widening the net through unrelenting campaigns and sensitisations, stressing that the insurance operators must take all proactive measures to educate the people on the dividends of insurance cover.
