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.