Nigeria Re's strategic plan delivers strong financials in Q2– MD

Chuks Udo Okonta

The Managing Director Nigeria Reinsurance Corporation, Lady Isioma Chukwuma, said the strategic plan embarked upon by her company delivered strong financials in the 2nd quarter of 2014.

This, she said, reflected in the key financial indicators, as underwriting income of Nigeria Re, grew from N195 million to N327 million, recorded in the second quarter of 2014, representing an increase of 67.65 per cent within the same year.

The slight improvement in the Corporation’s financials could be attributed to cautions and prudent underwriting. The MD further stated that her firm’s net operating income rose by 22.75 per cent from N186 million to N231 million.

At the end of the second quarter, the Corporation’s net management expenses however grew by 13per cent an increase from N124, 329,398.41 to N140, 991,128.09.

She attributed the increase to the extra cost incurred on the implementation of the new strategic plan of the reinsurance firm.

The MD pointed out that the total asset of Nigeria Re currently stands at N17.56 billion. No doubt, the Corporation is not only strong, but viable enough to meet its obligations as they fall due, she said.

Earlier in the year, the Corporation launched its new strategic roadmap which focuses majorly on Customers/Corporation’s alignment and Visibility Improvement using customer loyalty as a guiding principle.

This, she pointed out, has heralded several strategic activities which are in tandem with the roadmap and the tools for achieving the Corporation’s overall goals.

The activities include website upgrading, publication of newsletter, CNN advertisement, improved computerization of our operations. As part of the efforts to meet the desires of her esteemed customers, the Corporation’s management is currently embarking on marketing tours to all its existing and prospective customers.

These visits offer the Corporation the opportunity of appreciating and identifying the needs and complaints of her customers as well as sharing the Corporation’s new strategic plans for growth.