Prestige Assurance announces N2.65b premium

prestige-agmPRESTIGE Assurance Plc has announced a gross premium written income of N2.65 billion for the financial year ended 31 December, 2014. Net premium income for the period amounted to N1.33 billion. Profit before tax records N176.75 million, while profit after tax amounted to N14.18 million.

The company’s total assets amounted to N11.89 billion, while shareholders’ fund went up to N4.58 billion.

The Managing Director and chief executive officer, Dr. Balla Swamy, speaking at the yearly general meeting of the company in Lagos, said “Prestige is 63 years old in Nigeria and a key player in the insurance industry is set to reposition our business and turn around our fortunes through delivery of prompt, efficient and qualitative services to our numerous clients’ desired comfort, constantly rewarding our esteemed shareholders with adequate returns on their investments, and also contribute to the development of insurance business in the Nigerian economy”

According to him, in the quest to reposition the company in the industry and increase our share capital, our company offered for subscription N1.5 billion rights issue which was 113.59 per cent subscribed.

Besides, he said, in our renewed vigor for providing excellent on-line-real time services, the company has launched its operations into cloud which is accessible via cloud computing whereby large group of remote servers are networked so as to allow sharing of data-processed tasks, centralize data storage and online access to computer services or resources via the browser.

According to him, the company is embarking on opening of more branches in addition to our existing four branches in order to reach easily and serve efficiently our numerous clients. He said that in support of the local content in Nigeria, the company is finalizing reinsurance program for oil and energy treaty to the tune of US$10 million covering Nigerian oil and energy risks both on-shore and off-shore and US$5 million for aviation. The company continues to improve on our prompt claims payment policy with the sum of N1.93 billion payout in 2014, while the solvency margin of the company as at 31st December, 2014 is N4.69 billion as against the N3 billion required and this bears a testimony to the strength of the company.

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