SA Insurance Records N4.3b Income | Independent Newspapers Limited
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SA Insurance Records N4.3b Income

Posted: Oct 1, 2015 at 12:05 am   /   by   /   comments (0)

Standard Alliance Insurance plc (SA Insurance) recorded a gross premium income of N4.33billion in 2014 as again N3.78 billion achieved in 2013 despite the challenging macro-economic environment in the financial sector.

The company’s Chairman, Brig. Gen. Dominic Oneya (rtd), who disclosed this to shareholders of the insurance outfit in Lagos on Wednesday, said the firm’s underwriting profit was N1.4 billion in 2014 compared to N1 billion posted in 2013.

However, he informed that the organisation recorded a loss of N1.9 billion, explaining that the loss was occasioned by impairment provisions on assets, as well as share of losses at its associate company.

He therefore assured the shareholders that the company will continue to improve its efforts to take advantage of the positive business atmosphere from the “no premium no cover” provision in the Insurance Act 2003.

The SA Insurance boss stressed that the company’s board and management are determined to bring improvements to the bottom line going forward.

During the yearly meeting, the company’s shareholders unanimously approved the sale of the treasury shares amounting to 2,212,046,824 ordinary shares of 50 kobo each at 25 kobo per share by way of special placement to identified strategic investor, Gemrock Management Company Limited.

Looking ahead, he stated that the future outlook for insurance appears to be positive, especially as the insuring public becomes fully adjusted to the “no premium no cover” legislation.

The recent happenings in the global economy, he added, have brought risks to the top of the agenda of businesses and investors, especially the rout in the crude oil market as well as weakening of performance in the emerging markets.

He maintained that the underwriting firm is positive about the 2015 financial year, adding that the organisation is determined to take advantage of the wind of change and turn this into profitable opportunity by readdressing its focus and efforts to the market place.