IEI reassures investment community of stability, value creation

Interim Board of International Energy Insurance (IEI) plc has informed the investment community of an ongoing restructuring exercise in the Company and appreciable progress recorded so far in returning the Company to stability.

The progress the Company noted was reassuring on the future of the business and prosperity for its equity shareholders for value creation and better returns on investment.

IEI Interim Board during a courtesy visit to the CEO of the Nigerian Stock Exchange (NSE), Oscar N. Onyema said it was to express the appreciable efforts of the Board towards stabilizing and improving the fortunes of the organization by building value and equity.

Since the interim Board took over, they have ensured a faster turn-around time in the submission and approval of annual financial statements, 2013, 2014 and 2015.

According to them, the Board has ensured that policies are put in place to enable transparency and good corporate governance.

Led by the Interim Chairman, Mohammad Ahmad, pioneer director general of the National Pension Commission further said that they were working together with the core investors to improve the liquidity portfolio of the company.

This improvement is reflected in the Company’s recent result which sows a drastic reduction in loss position from N2, 164,762 billion in 2014 to N710,009 million in 2015. This is coming from progress made in reduction of management expences as well as prudent management of resources.

The company has paid about N1.3 billion on claims between the first and the last quarter of 2015.

While commenting on the development, the Interim Managing Director, Peter Irene, expressed satisfaction that it is a great achievement for the company, giving the prevailing economic situation of the country.

He stated that the company has demonstrated a firm statement of commitment to serve its clients better as a going concern, adding  that the astronomical rise in claims payment indicates the level of awareness and exposure of the customers.

The claims paid by IEI are categorized into motor, fire, oil & gas, general accidents, marine hall, aviation, industrial risks and public liability.

IEI boasts of having the most technical and experienced energy-underwriting unit in Nigeria. With the best crop of hands, the IEI brand has demonstrated a consistent growth-led business model that has continued to stand the test of time, the Company said in a statement.

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