African Alliance Insurance has posted a Gross Premium Income (GPI) of N7.11 billion for the financial year ended December 31, 2022, as against N7.03 billion in 2021.
The company also paid out claims on annuity business amounting to N4.26 billion in the full year’s result.
Ogwemoh Sylva, chairman of the Company disclosed this at its 53rd and 54th Annual General Meeting (AGM) held in Lagos.
He added that the group’s Gross premium written stood at N6.81 billion as at the end of the period ended December, 312022 when compared to N6.16 billion achieved in the same year of 2021.
While the group’s total assets grew N53.473 billion at the end December 2022, as against N41. 587 billion recorded in 2021, indicating 28.58 percent increase.
Ogwemoh assured that the board and management will continue and sustain their unwavering commitment to sound risk management and the maintenance of robust corporate governance structures.
“Our optimism for the upcoming years is underpinned by a dedication to delivering on our strategic objectives and providing unparalleled customer experiences. We are resolute in our pursuit of excellence and look forward to the opportunities that lie ahead.”
Joyce Ojemudia, managing director/CEO commenting on the performance said the company experienced a 10.66 percent growth in Gross Premium Written (GPW), culminating in a total of N6.81 billion for the fiscal year. Simultaneously, a notable 11.5 percent reduction in operating expenses was achieved through rigorous cost-cutting initiatives.
On claims, she said “We maintained an unwavering commitment to payment of claims throughout the period under review, underscoring our commitment to our customers. Claims exceeding N9.4 billion were paid, representing an increase of over N1.26 billion when compared to the preceding year.”
The breakdown of claims paid shows that for Individual Life, the Company paid N1. 85 billion, and for Group Life, the sum of N1. 43 billion was disbursed. Claims on Takaful, stood at N714.9 million, Esusu ( N1.14 billion) and Annuity (N4.26 billion).