As part of plans to recapitalise, improve its liquidity, ensure reserve adequacy and improve solvency margins; Niger insurance Plc has announced moves to sell a number of the company’s real estate and investments valued at N15 billion.
The Managing Director/ CEO of the company, Edwin Igbiti, who disclosed this at the firm’s 2019 annual general meeting in Lagos, said, the properties have been put on auction following the approval of its shareholders .
According to Igbiti, “We are encouraged by the progress made so far, and confident that both our capital restructuring and recapitalisation efforts will be successful in line with NAICOM’s regulatory timelines.”
Speaking on operating model changes, he said the company is investing in data analytics and technology to differentiate its offerings, drive sales, improve service standards and operating efficiency; adding that, the underwriter has upgraded its information systems, including its core insurance application and deployed digital platforms and technology solutions to all its office locations across the country.
“We have reviewed our locations strategy to align with target markets/segments as well as optimise costs. Also, we are redesigning and simplifying our offerings to allow flexible pricing and varying customer preferences. I have no illusions that there is still a lot of work ahead and trust that we can count on the continued support of our esteemed shareholders and other stakeholder groups over the long- term,” he said.
Speaking earlier, the Chairman of the company, Stephen Dike, revealed that the company paid N1.7 billion as claims and benefits to its policy holders in the 2019 financial year as against N1.6 billion paid in the 2018 financial year.
Dike noted that the company has been aggressive in its efforts to unlock capital through restructuring of its investment portfolio while divesting from under-performing asset classes, in a bid to continue to perform its civic duties and responsibilities to policyholders, shareholders and stakeholders respectively.