Underwriting firm, Niger Insurance plc is targeting future growth and increased profitability through strategies that would increase consumer access and market penetration especially new product offerings.
The Company believes that reaching out to more people and developing more products that meets the immediate needs of the insuring public would not only give it an edge, but a stronger position to compete effectively in the evolving insurance market.
Projecting the future, Bala Zakariya’u, chairman, board of directors, Niger Insurance plc said to complement the efforts of the National Insurance Commission towards deepening market penetration, the company is poised to grow its premium income and profitability in the coming years with introduction of new products including a flagship annuity scheme, travel insurance among others.
“We will also focus on revamping and reintroducing old products after making them more attractive to the insuring public. We will continue to strengthen our renewed strategic alliance with insurance intermediaries and clients to engender improved market share and to advance our leadership position in the industry,” he said.
Zakariya’u who spoke at the 44th Annual General Meeting of the Company said the benefits from the implementation of its recently introduced performance improvement and organizational restructuring project have started manifesting as the speed and efficiency of the Company’s service delivery have greatly improved, resulting to increased value for shareholders.
Niger’s Zakariya’u noted is refocusing its business strategy towards retail and micro-insurance segments in view of the stiff competition and unsteady nature of government/ corporate business. In the years ahead, we will focus on reappraisal of our investment portfolio with a view to maximizing and minimizing risk thereof.
The Company’s transformation agenda with the theme “New Niger” has matured into the basic commitment to greater market share and profitability through integrated approach and strong brand identity.
This development he said contributed to the Company’s bottom line in the 2013 financial year where it recorded N10.44 billion as against N10.33 billion. While profit before tax rose from N256.56 million in 2012 to N674.31 million in 2013, showing a 163 percent increase, retained profit after tax stood at N599.47 million.
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.
Shareholders distributed a dividend payout of N270.88 million, representing 3.5 for every 50 kobo share.
Some of them including Sunny Nwosu, Timothy Adesiyan commended the board and management for strengthening the company to profitability despite the challenging environment, but however urged the company to increase insurance education, that there are still huge potentials yet untapped.
“The level of insurance education is low looking that market penetration, so a lot still needs to be done to get more Nigerians and that is the only way there can be greater value for investors and shareholders, they said.
Modestus Anaesoronye
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