Niger Insurance posts N5.08 billion gross premium income
Niger Insurance Plc posted a Gross Premium Income (GPI) of N5.08 billion in 2016, the Chairman of the company, Yusuf Abubakar, has said.
He disclosed this at the firm’s 47th Annual General Meeting (AGM) in Lagos, adding that the firm’s Gross Premium Written for the period stood at N5.96 billion and operating profit N99.05 billion.
Abubakar, put the net operating profit after tax was N42.13 billion and total assets N22.51 billion.
He posited that the firm had restructured its investment by reclassifying some investment properties to Non-current assets held for sale, adding that as a result, investment properties valued at N6.39 billion has been earmarked for disposal in 2017.
According to him, the main objectives of the decision, are to fully comply with regulations, engender liquidity and grow investment income thereby creating more value for shareholders.
The Managing Director of the firm, Dauda Adedeji, said as parts of efforts to reposition the firm for improved performance, wide range strategic measures have been put in place.
According to him, the firm had reinforced a robust and integrated marketing approach, business development/research and statistics and information communication and technology.
He noted that despite the uncertainties surrounding the socio and macro-economic environment, his strong confidence and reliability on the firm’s diversified product portfolio and robust asset base remained undeterred.
“I also have confidence on the quality of our management team and the support of our stakeholders that give us strength and resilience to navigate the storms of uncertainty in its operations,” he said.
He appreciated shareholders who patronised the firm and those who made referrers, adding that the firm would continue to work hard to meet shareholders expectations.
The National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, lauded the firm’s board and management for their efforts in keeping the company afloat. He also urged them to do more so that shareholders could get better dividends in the future.