BY NKECHI NAECHE-ESEZOBOR–Royal Exchange Plc has achieved a group-wide total gross written premium growth of N15.3billion at the end of the financial year ended 31st December, 2020.
Some shareholders at the event held today
The chairman, Kenny Ezeanwani Odogwu disclosed this today at it’s 52nd Annual General Meeting (AGM) held in its held office, that gross written premium grew by eight percent from N14.21 billion recorded in 2019, this he said represents 99% of the budget figure for the period.
Some shareholders at the event held today
Further breakdown of the Insurer’s full year performance indicated that underwriting profit rose by 22% to N11.12 billion , this also fell short of the full year 2020 profit forecast by N2.1billion representing 65% negative variance.
Total clams settled stood at N3 billion at the end of the year under review as against N3.18 billion paid to policyholders in 2019, this indicating a positive variance of 16% and increase in claims expenses of about N509million.
Profit before tax appreciated by 13% or N1.1billion to N130million when compared to a loss before tax of N1 billion recorded in 2019.
Across the group, operating expenses reduced to N2.2billion in 2020 when compared to N2.4billion spent in 2019, indicating 4% drop and N85million savings. It also translate to 23% and N688million saving as against corresponding year 2020 budgeted amount.
Speaking on the future of the company, the chairman said the board and management are confident about the future of the company.
He assured they are doing everything within their power to ensure the future of the company is brighter and better.
Explaining it’s efforts to recapitalize the oldest insurance company in the country, he said while the Royal Exchange General has concluded it’s recapitalisation process, they are on course to conclude that of life business recapitalisation ahead of the deadline of 31st December, 2021 as required by NAICOM.
On technology he said “The new world class software we acquired and deployed to our insurance subsidiaries has started yielding positive fruits by making our workforce seamless”, he noted.
On the company’s digitalization plan he said “In order to remain competitive as a fledging insurance superpower and in line with our strategic implementation of our digitalization plan, the newly upgraded website has many features including call-to- action/sale capabilities which is Customer focus.Clients can now log in and purchase insurance cover online and our call-centers too is now up and running with 24- hour facilities to attend to enquires.”
