Insurance World

Niger Insurance Concludes Transformation Exercise To Sustained Growth* As GPW Rose By N2.6billion FY17

L-R: Managing Director of the company,  Daudu Kolapo Adedeji; Chairman of the company, Yusuf Hamisu Abubakar and Company Secretary, Taiwo Otuneye at the event held today in Lagos.

 

 

BY NKECHI NAECHE—The Board of Directors of Niger Insurance Plc, on Monday said the company has concluded a  transformation exercise, which will reposition the company, on the path of sustained growth soon.

L-R: Mijinyawa Lawal, Executive Director, Technical/Marketing; Dauda Kolapo Adedeji, MD/CEO; Yusuf H. Abubakar, OON, Chairman; Taiwo A. Otuneye, Esq. Company Secretary and Dr Stephen N. Dike, Director at the event.

The Chairman of the company, Yusuf Hamisu Abubakar disclosed this during the company’s 48th annual general meeting held in Lagos.

Cross section of Shareholders at the 48th AGM.

He also revealed  that the company is in its advanced stage of discussions with investors who will inject additional capital and bring technical expertise into the company.

He noted that the move is a welcomed development especially in today’s difficult and challenging time.

He assured that the board is convinced that better days are ahead and the future of the company remains bright, as it will continue to levers its market positioning, age advantage and brand equity to achieve its financial objectives.

On its financial performance for the year ended 31, December 2017, the company grew its gross premium written rose by 44 percent or N2.6billion to stand at N8.585billion in 2017 when compared with N5.963billion reported same period of 2016.

The insurer’s underwriting profits rose to rose from N888.89million I’m 2016 to N1.102billon in the year under review, while total assets of the underwriter increased to N22.223nillion in 2017.

Speaking further the managing director of the company Daudu Kolapo Adedeji said the company was able to carry out a comprehensive audit of its human resource with the view to engendering renewed vigour as a prerequisite for returning the company to a good pet path that is sustainable and hinged on efficiency.

He said ” We have rebar our retail products to cater for all cedres of insurance public, increased our presence in all social media network platforms and made ourselves more accessible to our esteemed customers,”he reassured.
He reaffirmed that in 2018 the company is more determining and optimistic that it will navigate the business year and remain conscious of its vision and mission in utilizing its resources in creating value for its customers and shareholders.

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