Growing investor confidence in the nation’s insurance industry has been linked to improving regulatory environment and new growth opportunities.
This development was the attraction of equity firms and other strategic investors putting in money and taking position in the sector, Adenike Adeniran, chairman, Law Union & Rock Insurance plc said.
Adeniran who spoke at the Company’s 46th Annual General Meeting in Lagos stated that the regulatory system within the insurance industry had witnessed tremendous progress and this was expected to yield the desired result in ensuring that the insurance sector became stronger and better.
“Ethics, professionalism and corporate governance are improving in business conducts of various players in the industry,” she said.
According to her, investors are also encouraged with the improvement in regulation and this place the industry in the forefront for business improvement.
She said the drive for growth in the insurance industry led to collaboration and restructuring.
Some big players in the industry, she said, acquired a few entities to reposition for growth and strengthen confidence in the sector.
The chairman said foreign insurance companies and private equity companies invested in some insurance companies which buttressed the growth potentials of the industry.
“The future outlook of the insurance industry was bright and the company was determined not to be left behind in the scheme of things.”
According to her, the board has the confidence that the new managing director and his team have the potential to take the company to the next level.
She said that the focus of the board has been handed over to the management team which is to improve the top line while minimizing the cost of doing business and be able to return the company’s brand to its former glory.
She noted that the underwriting firm was fortifying its workforce to move to the next level.
“We are fortifying our workforce by attracting good hands and through training and retraining, making them perform at peak levels,” she said.
Some highlights of the financial performance, which was disclosed by the chairman revealed that the gross premium for 2014 increased by 21 per cent to N4.16 billion from N3.44 billion in 2013; its shareholders value increased from N4.17 billion in 2013 to N4.18 billion in 2014; while its underwriting profit stood at N1.03 billion in the period under review.
Modestus Anaesoronye
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