By Maduka Nweke
Standard Alliance Insurance has said that its Gross Premium Income (GPI) has risen to N5.43 billion during the 2016 financial year. The underwriter also said the group settled claims worth N2.1 billion during the period under review.
The firm’s annual report indicates that it recorded N1.23 billion underwriting profits, while Profit Before Tax (PBT) peaked at N819 million.
Analysis of the claims payment showed that N1.2 billion was paid as claims in its life businesses while N886.5 million was paid under its non-life wing.
Speaking at the company’s 20th Annual General Meeting (AGM) today in Lagos, the Chief Executive Officer (CEO) Bode Akinboye, stated that, “a good part of the claims paid in 2015 were legacy claims outstanding as at December 2014. But we have made substantial pay down on those arrears and are now streamlining our claims processes for a shorter settlement span,” he said.
Addressing shareholders at the meeting, the Chairman of the company, Johnson Chukwu, noted that the insurer’s balance sheet assets stood at N11.79 billion, with approximately N4.65 billion of these being financed by shareholders’ equity funds.
He posited that the management staff and executives of the company put in efforts and commitments to put the group on a solid footing, adding that the combined market strengths of the life and general wings of the group will be harnessed in the immediate midterm for business growth and value generation for stakeholders.
Speaking further, he said the mandatory corporate governance change, under the National Insurance Commission (NAICOM) rules, which require that non-executive directors of insurance companies that have served up to the maximum length of nine years should vacate board membership, affected the company as this directive led to the departure of Brigadier-General Dominic Oneya, immediate past Chairman of SA, who occupied that position since December 2014.
To this end, Chukwu, who is now the new Chairman, said the approval of his appointment took effect from March 2016.