By Henry Uche, Lagos
NSIA Insurance Limited, one of the leading composite insurance companies in Nigeria, has reported that N8.81bn has been paid as claims to its policyholders for the year 2022.
The chairperson of the company, Dr Adesegun Akin-Olugbade, who disclosed this at the company’s Annual General Meeting (AGM) held in Lagos recently, said it recorded a Gross Premium Written of N18.02bn in the year under review.
The chairperson said despite the excruciating business environment in the country, the company closed the year with positive results, delighted its shareholders and made prompt claims payment to customers.
“Gross Premium Income grew by 33% year-on-year growth from N12.68bn to N16.82bn in 2022, while total assets rose by 13% from N25.51bn to close at N28.69bn as of 31st December 2022. This he attributed to the company’s sound investment strategy which was bolstered by the increase in GPW.
“Profit After Tax (PAT) in the same year rose by 210% to N873.47 million as against N281.92 million recorded in 2021. The net effect in equity was a growth of 7% from N13.64bn to N14.59bn in 2022”
Akin-Olugbade stressed that following its impressive performance, the company declared a dividend payout of 2.2kobo for the year ended 31st December 2022, for each ordinary share held in the company, amounting to N396 million.
“The company has paid a cumulative dividend of N657 million to its shareholders in the past 3 years.
On the future of the company. We appreciate our shareholders’ confidence in our capacity to continue to grow the business. We guarantee that the current growth trajectory is maintained in the 2023 financial year. While we expect a healthier economy, we will implement a strategy to maximize the inherent potential in the economy.”
Also speaking, Moruf Apampa, the MD/CEO, said: “We remain adaptable and responsive to the unfolding trends, modifying our plans and operations in a manner that would ensure that we achieved our strategic objectives. Despite a number of economic obstacles in 2022, we made exceptional success across key metrics and major lines during the financial year.”
“In 2022, we paid N8.81bn claims as against N6.72bn paid in 2021, which represents a year-on-year growth of 31%. Our commitment to our valued consumers cannot be overemphasized. We remain focused on delivering financial stability for our customers, and will not rest on our successes in exceeding our customers’ and stakeholders’ expectations,” Apampa assured.
