• Monday, May 27, 2024
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BusinessDay

Nigeria Re’s Q2 performance shows impact of new strategic plan

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Management of Nigeria Reinsurance Corporation (Nig Re) has said that it new strategic growth plan that targets repositioning the firm for stronger market competition has started reflecting in its performance.

This is evident in the positive outing of the company in its Q2 2014 result recently received, Isioma Chukwuma, managing director/ CEO, said.

This, she said, reflected in the key financial indicators, as underwriting income of  Nigeria Re grew from N195 million to N327 million, recorded in the second quarter of 2014, representing an increase of 67.65 percent within the same year.

The slight improvement in the corporation’s financials could be attributed to cautious and prudent underwriting.

The managing director further stated that her firm’s net operating income rose by 22.75 percent from N186 million to N231 million.

At the end of the Q2, the corporation’s net management expenses however grew by 13 percent, an increase from N124, 329,398.41 to N140, 991,128.09.

She attributed the increase to the extra cost incurred on the implementation of the new strategic plan of the reinsurance firm.

The total asset of Nigeria Re currently stands at N17.56 billion, she said, saying no doubt, the corporation is not only strong, but viable enough to meet its obligations as they fall due.

Earlier in the year, the company launched its new strategic roadmap that focused majorly on customers/corporation’s alignment and visibility improvement using customer loyalty as a guiding principle.

This, she pointed out, has herald several strategic activities, which are in tandem with the roadmap and the tools for achieving the overall goals. The activities include website upgrading, publication of newsletter, CNN advertisement, improved computerisation of our operations, etc.

As part of the efforts to meet the desires of her esteemed customers, management is currently embarking on marketing tours to all its existing and prospective customers.

These visits offer it the opportunity of appreciating and identifying the needs and complaints of customers as well as sharing the corporation’s new strategic plans for growth.

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