Shareholders of African Alliance have expressedsupport for the ongoing recapitalisation to shore up its capital base ahead the National Insurance Commission (NAICOM) deadline.
A statement by the company’s Brand, Media and Communications Manager, Bankole Banjo, disclosed this, adding that the shareholders gave the approval at its 50th Annual General Meeting recently in Uyo, Akwa Ibom State.
The firm’s Board Chairman, Anthony Okocha, while appreciating the investors for their continuous support over the years, said the company is rapidly on its path to prosperity as seen by the improvements in the financial statement despite the odds.
“There is no doubt we are on the rise again, considering where we were before now. In the period under review, our profit after tax decreased from a loss of N6.72 billion in 2017 to a loss of N2.4billion in 2018. It is important to note that the bulk of these year-on-year losses were technical arising from the drop in interest rates which significantly affected the returns on annuity assets that accounted for 96 per cent of the company’s business portfolio. By the time the 2019 results are released, you would see how your company has turned the bend,” Okocha said. He explained that the company’s recapitalisation drive involves a combination of strategies including new equity injection by existing and new investors, assets conversion as well as possible merger.
On her part, the Managing Director and Chief Executive Officer, Funmi Omo, highlighted the major changes undergone by the business as part of its repositioning for growth.
“Lately, there has been an aggressive effort towards improving our brand visibility and we have opted to explore the power of technology through digital marketing. Our recent rebranding is a major part of this process and we are already reaping the gains of that exercise in folds. “We have also introduced new products to balance our portfolio and cushion the effect of the accumulated losses the decision on annuity brought on the business while a comprehensive training and retraining plan is being executed in line with the corporate goal to prioritise capacity building and reposition the business to attract the best talents. Within the last two years, skilled and experienced personnel have been employed to bolster our online presence, optimise our website and build a more interactive call centre.”