By Maduka Nweke
Despite the biting recession in the country, Niger Insurance Plc posted a Gross Premium Income (GPI) of N5.08 billion for 2016.
Making the disclosure recently during the company’s 47th Annual General Meeting (AGM) in Lagos, the Chairman, Yusuf Abubakar, has said that the firm’s gross premium written for the period stood at N5.96 billion and operating profit N99.05 billion.
Abubakar maintained that the net operating profit after tax was N42.13 billion while its total assets stood at N22.51 billion.
He posited that the firm had restructured its investment by reclassifying some investment properties to non-current assets held for sale, adding that as a result, investment properties valued at N6.39 billion have been earmarked for disposal in 2017.
According to him, the main objectives of the decision are to fully comply with regulations, engender liquidity and grow investment income thereby creating more value for shareholders.
The Managing Director of the firm, Dauda Adedeji, in his speech noted that as part of efforts to reposition the firm for improved performance, wide range strategic measures have been put in place.
He said the firm had reinforced a robust and integrated marketing approach, business development/research and statistics and information communication and technology.
He noted that despite the uncertainties surrounding the socio and macro-economic environment, his strong confidence and reliability on the firm’s diversified product portfolio and robust asset base remained undeterred.
“I also have confidence in the quality of our management team and the support of our stakeholders that give us strength and resilience to navigate the storms of uncertainty in its operations,” he said.
He appreciated shareholders who patronised the firm and those who made referrals, adding that the firm would continue to work hard to meet shareholders expectations.