Equity Assurance records 25% growth in written premium to N3.3bn

Equity Assurance plc has grown its gross premium written by 25 percent for the year ended December 31, 2013, reflecting the company’s capacity to expand its market share in a highly competitive industry. The company also grew its total assets by 6 percent from N7.80 billion in 2012 to N8.26 billion in 2013.

Adetutu Buraimo, chairman of the company, at its annual general meeting (AGM) held in Ijebu Ode, Ogun State, said the continuous improvement in every aspect of the business had reflected in the growth of its gross premium written from N2.61 billion in 2012 to N3.26 billion in 2013. The company also paid a higher claim of N818 million when compared with N764 million in 2012.

A major highpoint during the AGM was the approval given to the company’s board by the shareholders to raise additional capital to enable it compete favourably with the influx of foreign investors into the Nigerian Insurance market, and also to take advantage of the emerging opportunities of local contents policy of the government, especially in oil and gas, and power sectors, respectively.

The chairman also explained that the company had investment in EA Capital Management Limited; Managed Healthcare Service Limited; Equity Assurance Limited, Ghana, and also a 25- year concession agreement with Ogun State government to manage former Gateway Hotel Limited under the name of Equity Resort Hotel Limited.

He said that the company was looking to the diversification efforts to pay off with enhanced profitability in the future.
Equity Assurance plc is owned by frontline institutional and individual Nigerian investors.

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