Standard Alliance Insurance generates N5.38bn gross premium

 

From left: Vice Chairman Standard Alliance Insurance Plc, O’tega Emerhor; Chairman, Aliyu Yahaya Sa’ad and Secretary Agnes Umukoro at the event in Lagos.

Chuks Udo Okonta

Standard Alliance Insurance Plc generated a gross premium of N5.38 billion in 2012, the Chairman Aliyu Yahaya Sa’ad, has said.

He disclosed this today Thursday, at the firm’s Annual General Meeting (AGM) in Lagos. He noted that the result represents an increase of 19 per cent from N4.55 billion underwritten in 2012.
He said the firm also experienced growth in its investment income which grew to N208 million from N176 million in 2011.
Sa’ad said the company posted an underwriting profit of N2.6 billion from underwriting income of N4.99 billion as against N4.25 billion in 2011, representing a 17 per cent increase in growth in underwriting income.
He added that the firm however made a loss before tax of N1.9 billion, which arose from a comprehensive impairment review of its trade receivables which rose to N2.8 billion in 2012 compared to N.783 billion in 2011. “This entailed a 100 per cent write down of premium receivables in preparation for the No Premium No Cover policy commencing in 2013,” he added.
He said the company will continuously provide the best possible service to its existing clients and competitively capture the interest of new clients through employing an aggressive marketing strategy that would ride on the opportunities created by the industry’s regulator.
Shareholders lauded the performance of the firm, and also encouraged it to tap into the enormous insurable opportunities in the country.