Niger Insurance boosts bottom-line on review of business operations

Following review in business operations tilted towards enhanced speed and service delivery, underwriting firm, Niger Insurance plc has begun to witness increased growth and stronger bottom-line.

This development, Kola Adedeji, managing director/CEO of the company, said resulted to increased in profit before tax of 163 percent, from N256.6 million in 2012, to N674.3 million at the end of 2013 financial year, saying the firm recorded a gross premium income of N10.44 billion in 2013, as against N10.33 billion in 2012.

According to him, the group profit before tax however stood at N716.42 million, as against N703.49 in the previous year an increase of 2 percent. Total assets moved from N22.28 billion in 2012, to N24.75 billion, while the shareholders’ fund moved from N7.35 billion to N8.17 billion.

Adedeji noted that the transformation embarked by the company five years ago was already yielding positive results.

“We have been able to review most of our business operations, and in turn there are clear indices of improved operating performance. This is evident in our financials under review. We are ready to key into the various programmes of the Federal Government and its agencies to maximise our income and add more value to our shareholders and other stakeholders,” Adedeji said at media chat in Lagos.

The company plans to launch new products, repackage the existing ones to suit our various clientele and up-grade information technology to integrate its regional and branch offices, he said, as “Takaful Insurance contributed about 25 percent of our gross premium income generated, and this is a further encouragement towards developing more new products.

“We have established an e-commerce department and now use ICT to drive our operations. We have adopted e-payment systems for premium collection and will continue to build business alliances and embark on more aggressive marketing.”

The CEO further hinted that the company would not relent on its drive towards human capital development, which is key to achieving the overall objectives. As a major player in the industry, we will continue to support the regulatory framework and implementation of its measures and guidelines.

The company would be converging later this month in Ilorin, Kwara State, for its 44^th annual general meeting.

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