New Telegraph

Royal Exchange posts N14.21bn gross premium

Royal Exchange Plc, Nigeria’s premier insurance and financial services group, has announced a gross written premium of N14.21 billion from its business activities as at end of December 31, 2019.

 

Disclosing this at the company’s 51st Annual General Meeting (AGM) in Lagos, Chairman, Board of Directors, Mr. Kenny E. Odogwu, said Net Premium Income for the period amounted to N8.72 billion, while Net Underwriting Income was N9.19 billion, after the addition of Fees and Commission Income, which was N479.6 million.

 

A further analysis of the operating results showed that the Total Assets of the group witnessed stood at N32.10 billion as at December 31, 2019, with Net Claims Paid to policyholders for the period under review amounted to N3.17 billion.

 

The company with interest in general insurance, life insurance, finance, healthcare as well as micro finance banking is seeking to take advantage of synergies, as a financial conglomerate in its new drive for growth.

 

Alhaji Rufai Mohammed, Director, Royal Exchange Plc, who stood in for the Chairman, told shareholders that the future of the company was bright, stating that the present management has done very well in growing the business and bring stability in her operations.

 

He said: “As always, Royal Exchange will continue to stay abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position.”

 

According to him, the group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders. “This we believe will reposition our great company as not only a major industry player, but as potential game changer.

Read Previous

Foreign transactions hit N39bn in August

Read Next

Group to challenge NAF’s 21-year jail term on Warrant Officer

Leave a Reply

Your email address will not be published. Required fields are marked *