Business

NSIA Insurance posts N9.19bn GPI in

S

hareholders of NSIA Insurance Limited at the firm’s Annual General Meeting (AGM) has adopted all the resolutions submitted and approved a dividend payment of 1.45k (N0.0145k) per share for the 2019 financial year.

 

 

At the AGM, which was attended by shareholders and other stakeholders, the firm unveiled its financials, stating that the gross premium income increased by 32.9 per cent from N6.91 billion in 2018 to N9.19 billion in 2019. The Net Premium Income improved by 25 per cent from N3.16 billion reported for the year ended December 31, 2018, to N5.06 billion in 2019.

 

 

Interestingly, profit after tax improved significantly by 67 per cent from N670.45 million reported in 2018 to N781.87 million in 2019.There was also an improvement in the earnings per share by 75 per cent from 7 koboin 2018 to 9 kobo in 2019.

 

 

As a company that places high value on integrity and professionalism, paying claims promptly is part of the commitment of NSIA insurance to their clients. Proof of this is the growth in claims payout of 25.8 per cent from N2.28 billion in 2018 to N2.87 billion in 2019.

 

 

Total Assets for the year ended 2019 increased by 8.4 per cent from N17.92 billion reported for the year ended December 31, 2018, to N19.43 billion. Shareholders’ fund in 2019 grew from N10.9 billion to N11.84 billion marking an 8.7 per cent year on year growth.

 

 

Addressing Shareholders at the meeting, the Chairman of the Board, Ituah Ighodalo, said: “NSIA Insurance had made good its promise of maximizing the returns of its shareholders’ investments in the business, lending credence to the company’s values of integrity, care, innovation and professionalism.”

 

 

The resolutions adopted by the shareholders included the acceptance of the audited financial statements, the re – appointment of Ernst & Young as its Independent Auditors and the appointment of directors in place of those retiring.

 

Prior to the AGM, NSIA Insurance welcomed Mr. Apollos Ikpobe, Mrs.Hélène Konian, and Mrs. Mansan Diagou Ehilé as Non- Executive Directors.

 

According to the MD/CEO of NSIA Insurance, Ebelechukwu Nwachukwu, “we are pleased to have met the set goals for the financial year of 2019 and we expect to significantly grow our income for better competitive edge. We look forward to growing capacity by 25 per cent before the end of 2020 even as we plan for a 30 per cent growth in 2021.

 

 

“Our primary objective is to continually grow our business, satisfy our customers and maximize return on investments for our stakeholders.”

 

 

NSIA Insurance Limited (Nigeria) is part of NSIA Participations which is currently present in 12 African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal and Togo.

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