Great Nigeria Insurance posts N2.8bn gross premium

From left: Chairman Great Nigeria Insurance Plc, Olatokunbo Alabi; Managing Director Mrs Cecilia Osipitan and Director Archbishop Felix Alaba Job at the event in Lagos.

 

Chuks Udo Okonta

Great Nigeria Insurance Plc said it posted a gross premium of N2.88 billion in 2012, as against N2.40 billion recorded in 2011.

The profit before tax stood at N1.27 billion as against N379.8 million in 2011, while the profit after tax was N903.0 million as against N410.6 million in 2011. The shareholders’ fund moved from N4.39 billion to N5.35 billion in 2012.

The Chairman Olatokunbo Alabi, disclosed this today Wednesday at the firm’s 48^th Annual General Meeting (AGM) in Lagos. He noted that the firm’s underwriting profit in the year under review stood at N1.24 billion as against N846 million in 2011.

He said the total assets also experienced similar growth of 13.8 per cent at N8.43 billion as against N7.26 billion in the previous year.

He said the company is evolving as all the indices point towards growth, adding that the firm’s board is committed to its vision and mission and that it would ensure sound fiscal discipline which will enhance profitability and growth.

“The development of the domestic economy is a major desire of our company and we are eager to be among the leaders of change so as to enhance ultimately the purchasing power of all.

“The expected continuous improvement in the operating environment wills definitely serves as the pivot of our growth. We are committed to this growth. We intend to create wealth and meet the expectations of our various stakeholders,” he said.

The Managing Director Mrs Cecilia Osipitan, said the firm is committed to its onerous goal, which is creating a brand that is synonymous with excellence in the financial services sector.

She noted that cost effectiveness and efficiency will be maintained, while share enlargement will be pursued. She said human capital skill development, cutting edge technology will also form part of the firm’s growth strategies.

The shareholders at the meeting confirmed the election of the chairman and five directors - who are: James Naiyeju; Bade Aluko; Archbishop Felix Alaba Job; Mrs Foluso Onabowale and Dapo Otunla.  

President, Nigerian Shareholders’ Renaissance Association, (NSRA) Olufemi Timothy, lauded the efforts made by the firm’s present board in revamping the company. He urged the board to institute good dividend policy that would enable shareholders have good returns on their investments.