The Board of Prestige Assurance Plc has said that the company has built a robust human capital to cope with increasing competition and in doing so consistently delivers good return on investment.

 

Chairman of the company, Mr. G. Srinivasan, who disclosed this at the company’s annual general meeting in Lagos on Monday, stated that availability of highly trained insurance professionals remain a critical challenge in the industry.

 

Srinivasan told shareholders that gross premium for the 2014 financial year stood at N2,653,695 while reinsurance expenses stood at N1,528,360. According to him, profit for the year was N176,755,000, taxation was N160,800,000 while retained earning for the year is N14,187,000.

 

Srinivasan said, “We shall continue to do all that is necessary to attract the best professionals from within and outside the insurance industry to complement the excellent work of the existing staff so as to deliver quality service that would add value to shareholders of this company.

 

Indeed our staff, no doubt has been our greatest asset and their loyalty and commitment are highly appreciated by the board and management.”

 

The Chairman stated that the global economic crisis has also created tremendous opportunities for business growth and development, adding, “For us in prestige assurance, we see opportunities and not challenges and as such are prepared to widen our business horizon to deliver quality return to our shareholders.

 

“There is no doubt that there are great potentials for the insurance industry in Nigeria, particularly with the various initiative that our regulator i.e. the National Insurance Commission, NAICOM, and trade association have put in place to bring sanity into the industry as well as policies that are needed for business to thrive.

 

While the Federal Government determining to address some of the challenges of infrastructure, security of lives and property are commendable, situation where budget performance is below average is not a healthy development and must be addressed without delay.

 

“However, our company has positioned itself to succeed in a vibrant financial market and more importantly in insurance sector by introducing new products and processes that guarantee good return on investments. No stone will be left unturned to build financial supermarket that delivers quality services and generate more profits to our loyal and esteemed shareholders.”