African Alliance Insurance says its gross premium written rose by 45 per cent from N5.17bn in 2018 to N7.5bn for the year ended 2019.
The firm disclosed this in a statement showing its unaudited financials for December 31, 2019.
According to the financial statement, the firm also grew its underwriting income from N5.11bn to N6.94bn, representing a 36 per cent growth year-on-year, while customer claims increased by eight per cent year-on-year from N8.78bn to N9.48bn.
The Managing Director and Chief Executive Officer of the firm, Mrs Funmi Omo, said, “The financials show a marked progress in our strategy to expand our retail presence and aggressively grow our market share despite suspending our largest line of business, annuity.
“Our commitment to customer satisfaction is also clearly exemplified by our claims payment in the year 2019. For us, the customer is our life blood and we will always bend back to satisfy them every time they call on us.”
On the sustainability of the business as a going concern, Omo allayed the fears of all stakeholders, pointing to the various innovations that had taken place within the company over the past year.
She said, “We have put in place a virile business continuity plan as a way of telling our shareholders and investors that we are indeed here for the long term, while our investment portfolio is now being looked after by a smart team of experts with demonstrated accomplishments in the financial services.
“Internally, we have instituted a paperless policy that has seen our use of paper drop to a negligible minimum. We have put our sales team through various training and retraining. These are already yielding fruits as evidenced by the increased premium year on year.
“We are easily one of the most visible and engaging brands among our peers in the digital space. Indeed, we are not relenting in our drive to ensure we remain true to our commitment to be with the customer for life.”
It recalled that the 60-year-old firm at its 50th annual general meeting held recently identified a combination of tactics including share restructuring, private placements and capital injection to meet the minimum capital requirements as stipulated by the National Insurance Commission.
“Going by recent developments, industry watchers remain optimistic about the prospect of a firm widely regarded as a leader in the life insurance space,” it stated.