BY NKECHI NAECHE-ESEZOBOR–NSIA Insurance Limited, a leading composite insurance company, said it paid about N8.81billion claims to it’s policyholders l.
Dr. Adesegun Akin-Olugbade, Chairperson of the company, disclosed this at its recently held Annual General Meeting (AGM) in Lagos, that the company recorded a gross premium written of N18.02 billion in the year under review.i
He said that despite the challenging operating environment in the country, the company closed the year with positive results, delighted its shareholders, and made prompt claims payment to customers.
He said gross premium income grew by 33% year-on-year growth from N12.68 billion to N16.82 billion in 2022, while total assets rose by 13% from N25.51 billion to close at N28.69 billion as of 31 December 2022.
This he attributed to the company’s sound investment strategy which was bolstered by the increase in gross premium written.
Profit After Tax (PAT) in 2022 rose by 210 % to N873.47 million as against N281.92 million recorded in 2021.
The net effect in equity was a growth of 7% from N13.64 billion to N14.59 billion in 2022.
Following it’s impressive performance, the company declared a dividend payout of 2.2kobo for the year ended 31st December 2022, for each ordinary share held in the company, amounting to N396 million.
The company has paid a cumulative dividend of N657 million to its shareholders in the past 3 years.
On the future of the company, the Chairperson said: “We appreciate our shareholders’ confidence in our capacity to continue to grow the business. We will continue to guarantee that the current growth trajectory is maintained in the 2023 financial year. While we expect a healthier economy, we will implement a strategy to maximize the inherent potential in the economy.”
Speaking on its performance, Moruf Apampa, the MD/CEO, said: “We remain adaptable and responsive to the unfolding trends, modifying our plans and operations in a manner that would ensure that we achieved our strategic objectives. Despite a number of economic development obstacles in 2022, we made exceptional success across key metrics and major lines during the financial year.”
“In 2022, we paid claims to the tune of N8.81bn as against N6.72bn paid in 2021 which represents a year-on-year growth of 31%. Our relentless commitment to our valued consumers cannot be overemphasized. We will remain focused on delivering financial stability for our customers, and as always, we will not rest on our successes in exceeding our customers’ and stakeholders’ expectations,” Moruf concluded.
NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism. The head office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country. NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.
NSIA Insurance Limited is a subsidiary of Groupe NSIA Holding Companies, an internationally recognized company currently operating in Africa including Cameroon, Congo, Gabon Benin, Cote d’Ivoire, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Togo, and Senegal.