Business

Royal Exchange Insurance posts N10bn premium

Royal Exchange General Insurance Company (REGIC), on Tuesday, declared a Gross Written Premium (GWP) of N10.58 billion for the financial year ended Dec. 31, 2019.

 

The company’s Chairman, Alhaji Rabiu Gwarzo, made the declaration at the firm’s 12th Annual General Meeting held virtually in Lagos. Gwarzo explained that the financial results showed a gross premium income of N10.86 billion while total net claims paid to policyholders stood at N1.11 billion.

 

The underwriting profit stood at N1.14 billion for the period under review. “Total assets for the company for the year under review was N21.94 billion with shareholders’ funds, standing at N9.61 billion.

 

“Profit before tax amounted to N974.6 million and profit after tax of N654.7 million was reported for the 2019 financial year. “The accounts, which has been approved by the National Insurance Commission (NAICOM), show that the company is on the path of profitability and sustained growth. “All financial indices are positive for the company,’’ the chairman said.

 

On his part, the Managing Director/Chief Executive Officer, Mr Benjamin Agili, said that despite the harsh environmental condition, the company was able to grow its top-line figures and maintain its leadership in key corporate accounts.

 

Agili noted that the firm also participated in large-ticket insurance transactions, its renewed focus on the retail markets.

 

According to him, the retail markets shall be a growth driver in the future and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

 

“We are expanding our strategic focus to three main areas, namely: Digital Insurance, Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria,’’ he said.

 

In line with NAICOM’s directive, the managing director said the company’s revised recapitalisation guidelines is poised to surpass the directive, as indicated in its approved 2019 financials.

 

Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantage of the opportunities that will present itself in the insurance market in Nigeria.

SHOCKING LIFE STORY!!!

Abuja Man reveals (FREE) secret Fruits that Increased his Manh00d size and Lasting Power in 5days…

CLICK HERE TO GET IT!!!

%d bloggers like this:
Fake Richard Mille Replica Watches, www.richardmille.to The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica