GNI Plc posts N900m PAT in 2012

Chuks Udo Okonta

 

Great Nigeria Insurance Plc has declared a Profit After Tax (PAT) of N903 million last year.

 

A statement by the firm’s image maker, Tunde Lawanson, said the result was commendable achievement when compared to the previous year PAT result which stood at N399m, adding that the 2012 performance represents a milestone 119 per cent leap for the company.

 

“It is also remarkable when it is considered against the backdrop of the challenging business climate experienced in year 2012 and the need for strict compliance with the international Financial Reporting Standards [IFRS] which had only taken off that year.

 

“The result also shows a sustained growth by the Cecilia Osipitan led organisation when appraised by Business Analysts since the approval of the result was released and have been commenting positively on it; that the result showed an efficiently managed Company that was able to make this profit with this level of Gross Premium income,” he said.

 

Great Nigeria Insurance Plc’s gross premium as at 31st 2012 stood at N2,881,139 billion as against the turnover of N2,403,889 billion of 2011, this shows a 16.5 per cent comparative increase.

 

Meanwhile, the total assets also experienced similar growth of 13.8% at N8.432billion as against the 2011 figure of N7.265 billion.

 

Noteworthy also, is the fact that within the same period of year 2012, the Company paid out N833, 122 million as claim to its various customers.

 

In the same vein the retail products of the Company which are sold under its eBusiness platform has also started growing; one of which is Fireproof to cover against possible loss of properties through fire, another is Great Savers Delight; which is a savings investment scheme, Motorflex is an improved version of third party motor insurance policy and GNI Personal Accident Insurance product is for injuries sustained in accidents.

 

Only few weeks back the Company paid N1.6 million Insurance claim to a fire victim customer; Victor Okosieme after he had purchased a Fireproof Insurance product from the Company with a premium of N4,000.

 

The Managing Director/Chief Executive Officer of the Company, Mrs. Cecilia Osipitan, said: ‘This is a testimony to the process re-engineering and customer centric focus of the organisation and the consistent human capital development of our staff’.

 

She added further that the Company had ensured that strict compliances to ‘business ethics was paramount to the sustainability of all our goals’.

 

She revealed further that the Company has initiated series of plans which includes changes in the Company’s IT software. A new software has been purchased with staff undergoing both local and international trainings to guarantee positive turnaround time impact.