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| From left: Company Secretary Royal Exchange Plc Sheila, Ezeuko; Chairman, Kenneth Odogwu and Group Managing Director Chike Mokwunye at the event in Lagos. |
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Pays 5k dividend
Chuks Udo Okonta
Royal Exchange Plc generated a gross premium of N9.08
billion in 2013 as against N7.61 billion, its Chairman Kenneth Odogwu, has
said.
He disclosed this Wednesday at the company’s Annual General
Meeting (AGM) in Lagos. He noted that the firm claims settlement amounted to
N2.48 billion within the period and that the underwriting expenses increased by
3 per cent from N2.13 billion in 2012 to N2.20 billion in 2013, translating
into net income before overhead expenses of N3.40 billion, as against N2.67
billion in 2012.
According to him, the group achieved a profit before
taxation of N828 million, 18 per cent higher than the N708 million recorded in
2012, while 5k was paid as dividend to shareholders.
Odogwu stated the company’s management expenses rose to
N2.53 billion in 2013 as against N1.98 billion in 2012. He attributed the rise
to branch expansion; retail business development and investments in e-business
and information technology.
He noted that the company is working out measures to raise
its capital to enable it improve performance.
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President, Nigerian Shareholders’
Renaissance Association, (NSRA) Olufemi Timothy (middle) with other
shareholders at the event.
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The President, Nigerian Shareholders’ Renaissance Association, (NSRA)
Olufemi Timothy, called on the board and management to urgently increase the
capital base of the group to enable it competes effectively.
He urged the board to strengthen the
capacities of the firm’s subsidiaries, as the insurance arms seem to be
contributing 65 per cent of the group income.
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The Royal Exchange Group management team.
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