BY NKECHI NAECHE- ESEZOBOR--NSIA Insurance Limited, on Friday announced a 24 percent growth in its Gross Written Premium for the financial year ended 31st, December 2023.
Dr. Adesegun Akin-Olugbade, disclosed this today during a media briefing held in its head office that the company’s GWP appreciated to N22.3billion in 2023 when compared to N18 billion recorded in 2022.
Insurance Service result of the company went up from N16.8 billion in 2022 to N19.8bn, representing 18% growth.
Despite the harsh economy, the insurer’s non-life and Life business achieved double-digit growth of 19% and 17% respectively, from N9.5billion and N7.3billion in 2022 to N11.3billion and N8.6billion in 2023.
“We were able to successfully navigate the stormy macroeconomic in 2023 by deploying cost optimization initiatives and leveraging our technical and management expertise to deliver Profit Before Tax of N3.2billion and Profit After Tax of N3.1billion indicating a growth rate of 344% and 400% respectively.
“Our positive performance was also reflected in other key metrics such as Return on Equity (ROE) which improved from 5% in 2022 to 19% in 2023 and Return on Asset (ROA) which improved from 3% to 9%. Our proud moments are all the opportunities presented to us to fulfill our obligations to our esteemed customers.”
Poised to fulfill its obligations to its esteemed customers, the company made claims payment of N7.8bn in 2023 and over the past 5 years, paud in excess of N27 billion as claims to policyholders.
He noted that the vast opportunities in the retail insurance segment remain untapped. “We are steadily increasing our footprint in the retail sector as we are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home.
On claims payment, Managing Director/ CEO, of the company, Moruf Apampa, said the company have been able to demonstrate to the public, the Brokers and agents that whenever an incident happens they have the resources to deliver claims payment on time.
“We’ve developed capacity in such a way that claims payment is concluded within 48 hours of the claims incident.”
On technology, he said the company is leveraging on technology to drive its businesses, adding that the company is developing its own app to boost its business.
On agency system, he said the company has concluded plans to increase the number of agents from 300 to 3,000 in the next three years.
