Royal Exchange gets nod to underwrite agric insurance
Nigeria’s financial services group, Royal Exchange, has secured approval of the National Insurance Commission (NAICOM), to underwrite agric-business to boost consumer value and better returns on investment.
The company with interest in general insurance, life insurance, asset management, healthcare as well as micro finance banking, is taking advantage of synergies, as a financial conglomerate in its new drive for growth.
This is going to be supported with a new inroad into agric insurance, the country’s new expanding goldmine.Speaking to shareholders at its 48th Annual General Meeting in Kano, the Chairman, Royal Exchange Plc, Kenny Ezenwani Odogwu, told shareholders that the future of the company is bright, stating that management has done very well in growing the business and bring stability in her operations.
“As always, Royal Exchange stays 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 shareholders.
“This, we believe will reposition our great company as not only a major industry player, but as potential game changer,” Odogwu assured.In the financial year ended December 2016, the Group recorded a 16 per cent growth in gross written premium from N10.79billion in 2015 to N12.52billion in 2016, while total assets of the group witnessed a growth of 19.4 per cent, from N26.5billion in 2015 to N31.67billion as at December 31, 2016.
The Group Managing Director, Auwalu Muktari, while responding to shareholders questions, promised that Royal Exchange will strive to pay dividend next year, having maximised available growth opportunities, including investment and underwriting during the year.
“For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus would be on achieving sustainable growth for our company through deepening of our revenue base, improving service delivery support system and at the same time keeping a lid on our group-wide costs.”
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