Crystalife Assurance posts N2.6 b gross premium

Crystalife Assurance posts N2.6 b gross premium Pays 2 kobo dividend Chuks Udo Okonta Crystalife Assurance Plc recorded a gross premium of N2.6 billion last year, its Chairman Kehinde Durosinmi-Etti has said. He said this at the company’s Annual General Meeting (AGM) in Lagos, adding that the result was against N2.1 billion the company recorded in 2010. He said the company’s Life Fund grew by 28 per cent, from N1.13 billion in the previous year to N1.44 billion, resulting in actuarial valuation surplus of N788 million. Durosinmi-Etti noted that the shareholders’ fund moved from N3 billion to N3.2 billion, while the investment portfolio grew from N3.7 billion to N4 billion. He said the company has successfully concluded its transition to the International Financial Reporting Standard (IFRS), adding that its financial statement for this year will be prepared in line with the standard. Its Managing Director Mrs Oluseyi Ifaturoti, said the company has designed varieties of products to boost its income in years ahead. She said:”We have a basket of products ranging from education, health, pilgrimage policy, mortgage policies, credit life and more. All designed are meant to improve lives and enhance our operations. We believe that addressing the needs of people would enable us to draw them to embrace our business. “We have been trying to talk to people, engage in pool marketing which we believe that sooner than later, we should be able to attain the desired level of penetration. It is our key objective to deepen the penetration of individual life business. We have given ourselves targets on how to achieve our set objectives. “It is my belief that life insurance would be appreciated just as the telecommunications, which many people in the past did not believe would be embraced by the number we have today. We would continue to educate the public on the need for insurance, for as soon as people begin to embrace it, it would have multiplying effects.” She noted that the company would continue to improve on its market research and product offerings and invest in quality service assurance across all line of its business.