African Alliance Insurance Plc, Nigeria’s foremost life insurance company with over 35,000 customers, having weathered the storm of harsh economic environment over last 58 years has reached an exciting milestone in her history.
This is as the company rolls out drums to celebrate its 58 years of service as an underwriting company, promising better service to its numerous customers.
The company has grown from a single branch insurance company to its current over 18 branches across Nigeria. At the end of the 2017 financial year, the company posted a gross premium income of N6.29 billion and a 32 percent increase in the payout of claims from N6.56 billion in 2016 to N8.69 billion in 2017.
Funmi Omo, managing director, African Alliance Insurance Plc, who also celebrated her one year anniversary as the company’s CEO having resumed in May 2017, commended the milestone achievements of the company stating that it is only the beginning of the transformation rolled out by its present management, having also support of the Board. She said that African Alliance Insurance Plc’s strategic vision and culture of innovation has been sustained since its inception in 1960.
“We are proud of our milestone achievements, but this is only the beginning. As a financial services company with a vision of improving the quality of life in Nigeria, we realise that we cannot achieve this without technology. We are currently working on the complete transformation of our systems and processes to provide excellent services and relevant solutions to our customers,” she said.
She indicated that one of the company’s top priority is establishing a sound corporate governance track record to further establish the confidence of shareholders.
“We have partnered with the foremost accounting and auditing firm, Deloitte & Touche to ensure that all remittances, policies, regulations and deadlines are strictly adhered to. We have also partnered with Ernst & Young for sound technical advice to better position our company. Our shareholders have complete confidence in our ability and commitment to returning value to them and to the society”.
To celebrate the 58th anniversary, African Alliance Insurance Plc has commenced a campaign to educate the public on the value of insurance as a means of increasing and protecting wealth. The campaign tagged MyFuture10 encourages people to set aside a minimum of 10 percent of their monthly income for investment with insurance element to take care of their future projects and protect the future of their loved ones.
Modestus Anaesoronye
