Niger Insurance reaps 25% financial boost from Takaful

From left: Head, Legal Adviser/Company Secretary Niger Insurance Plc, Taiwo Otuneye; Executive Director Finance/Corporate Services, Fredrick Ugwuja and Managing Director Kolapo Adedeji at the event.  

Chuks Udo Okonta

Takaful Insurance contributed about 25 per cent of the N10.44 billion Gross Premium Income generated last year by Niger Insurance Plc, its Managing Director Kolapo Adedeji, has said.

He disclosed this today at the 44th Pre – Annual General Meeting (AGM) in Lagos. He added that the company has remained at the fore-front in the marketing of Takaful in the country.

He said Takaful products have become a toast to both Muslims and non Muslims due to its uniqueness.

He said the firm recorded a gross premium income of N10.44 billion in 2013 as against N10.33 billion in 2012.

According to him, the firm’s profit before tax stood at N716.42 million last year, as against N703.49 in the previous year an increase of 163 per cent. Total assets moved from N22.28 billion in 2012 to N24.75 billion, while the Shareholders’ fund moved from N7.35 billion to N8.17 billion.

Adedeji noted that the transformation embarked by the company five years ago is already yielding positive results as the firm’s business operations have revealed clear indices of improved operating performance.

He said the company will soon launch new products, while efforts are on to repackage existing ones. He said the company now leverages information and communication technology to sell its products.

“We plan to launch new products, repackage the existing ones to suit our various clientele and up-grade information technology to integrate our regional and branch offices.

“We have established an e-commerce department and now use   information and communication technology to drive our operations. We have adopted e-payment systems for premium collection and we will continue to build business alliances and embark on more aggressive marketing,” he said.

Adedeji stressed that the company would not relent on its drive towards human capacity development which is key to achieving its overall objectives.

He said the firm will also continue to support regulatory frameworks and implementation of its measure and guidelines.