Prestige Assurance records N3.8b premium income in 2017 year-end
Prestige Assurance despite tough economic reality increases its Gross Written Premium from N2.614 billion in 2016 to N3.809 billion in 2017.
Dr Balla Swamy said this at the company’s 48th Annual General Meeting (AGM) held in Lagos on Monday 11th June 2018.
The Prestige Assurance boss said the growth in GPW in the year under review was achieved as a result of the relocation of the Abuja, Ikeja and Kano branches to profitable centres. According to him, the action resulted in increase in the premium generated by the branches.
Swamy said the Profit after Tax for the year under review grew from N222 million in 2016 to 532 million. He said: “The PAT figure represented 140 per cent growth over that of 2016.
“Though no dividend was declared for the year under review, but in order to erase accumulated loss for year 2015 and 2016, the company has raised earnings per share to N9.90 kobo from N4.13 Kobo.” He stressed that the company was on the right track to declare dividend in 2018 since the accumulated losses had been wiped out.
Speaking on re-branding measures to reposition the company, Swamy said Prestige Assurance had activitated its social media platforms.
He said: “These include facebook, twitter and Instagram among others with growing followership.”
Commenting on the state of the insurance industry, he commended underwriters for achieving prompt payment of claims. Swamy said the future of the industry depended on sound underwriting, prompt settlement of claims, proper fund management and innovative information technology.
Swamy said: “I must not fail to applaud co-practitioners for ensuring insurance claims are paid within 21 days as stipulated by the industry’s regulator, National Insurance Commission.''