Notwithstanding the unfavourable business environment and its implications on the balance sheet of companies, foremost life insurer, African Alliance Insurance, said it continued to fulfil its obligations to policyholders with the payment of N967 million claims in the first 40 days of the year.
The insurer disclosed this in a statement signed by its Brand, Media and Communications Manager, Bankole Banjo.
The Managing Director/Chief Executive Officer, Joyce Ojemudia, in the statement said: “For us at African Alliance, we are poised to continue our renewed commitment to fulfilling our stated obligations to our stakeholders. Paying claims as due therefore is non-negotiable. Indeed, the bedrock of a sustainable insurance business is a mutually beneficial arrangement where the insured and the insurer both stick to their obligations to each other without fail.”
Ojemudia gave a break down of payments across the firm’s business lines to include “N148.2 million to 155 individual life policyholders, paid between the first of January and now, and N307.5 million to 141 group life claimants, N124.1 million to 168 Takaful claimants not forgetting, N387.3 million to our annuitants. We won’t shirk our responsibility; we have promised to remain with our customers for life, we will not relent in our duty as we continue to excite our policyholders”, she noted.
In the last quarter of 2020, the firm had announced payments of over N2.3 billion in claims in line with its continued drive for customer satisfaction.
Incorporated in 1960, African Alliance Insurance is Nigeria’s oldest and indigenous life insurer. The company recently announced the appointment of Joyce Ojemudia, a seasoned manager of resources and outstanding sales/marketing professional who is also a Council Member of the Chartered Insurance Institute of Nigeria and the current President of the Professional Insurance Ladies Association (PILA), as its substantive MD/CEO.
As a statement of the legacy firm’s renewed vigour, representation and repositioning for profitability, it is set to host the Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) on February 23, 2021.