Prestige Assurance shareholders get 1.5k dividend

L-R: Raja Vadlamudi, executive director, Technical Prestige Assurance Plc; Rajesh Kamble, managing director/CEO; Muftau Oyegunle, acting chairman:. Ibe-Louis Chidinma, acting secretary during the 52nd Annual General Meeting of the company held in Lagos recently.

Underwriting firm, Prestige Assurance Plc has rewarded its shareholders with 1.5 kobo dividend, amounting to N199 million for the financial year ended 31 December 2021.

During the year under review, Prestige Assurance recorded profit after tax of N688 million as against N678 million in 2020, indicating a 1.47 percent increase, while earnings per share for the year was 9.78 kobo.

Muftau Oyegunle, acting chairman of the Company during its 52nd Annual General Meeting held Lagos in said, despite all the challenges and turbulent economic conditions, the company’s performance has been a consistent upward progression.

“Our result in 2021 is built onto a solid foundation established by focusing on responsible growth, as risks assets metrics evidenced continued focus on maintaining a diversified portfolio, he said.

He announced at the meeting that the company recorded a gross written premium of N9.27 billion as against N7.009 billion in 2020, a 32 percent increase.

On investment, though the interest rate in commercial papers crashed, the Company’s management was proactive enough to take the advantage of other investment opportunities to generate an income on investment of N838 million as against N662 million in 2020, and increase of 27 percent.

Rajesh Kamble, managing director/CEO of the Company said its financial performance has been remarkably robust across business segments.

“We generated N9.27 billion in Gross Written Premium with an underwriting profit of N801.75 million, showing how well diversified and healthy our underwriting business performance is, he said.

Kamble stated that today, the company has a strong balance sheet, customised products, and a team of dedicated professionals who are working to achieve the company’s set goals.

“It is worthy to note that the prestige brand is not just keen on expanding horizontally, but has demonstrated its ability to climb vertically across the different strata.”

While we have made progress in positioning our company for growth in the long term, we now have the immediate task of navigating one of the greatest challenges of our 70-year history, our ever-evolving competitive landscape, Kamble said.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.