Prestige Assurance gross written premium up 34%

Underwriting firm, Prestige Assurance Plc has recorded 34 per cent growth in Gross Premium Written (GPW) to N12.4 billion for 2022 financial year from N9.27 billion recorded in 2021.

Funmi Oyetunji, chairman of the company, who disclosed this to shareholders at the company’s annual general meeting in Lagos, noted that the company demonstrated resilience by growing the top line despite the challenging macroeconomic backdrop.

Oyetunji also revealed that the net premium earned during the period under review was N5.40 billion, an 18 percent increase over the preceding period of 2021, which recorded N4.59bn.

She said: “Shareholders should be assured that top line growth as well as margin progression remains our priority, given their importance to value creation.”

The chairman reiterated confidence in company’s ability to deliver superior returns to shareholders, stating: “We have put in place, appropriate strategies to respond to the possible scenarios in 2023 and hope to continue to make progress in our quest to be one of the leading insurance companies in the country. Our staff remain resourceful, motivated, and resolute, as we strive to be competitive in remunerating them to continue to attract the required talent to best execute our strategic objectives.”

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Rajesh Kamble, managing director/CEO of the company, stated that despite the challenging business environment, they are committed to creating accelerated value for shareholders.

He said: “We remain committed to delivering superior returns to our shareholders whilst providing risk protections and wealth preservation services for our customers; giving the confidence to live in midst of uncertainties.

“Although the operating environment was very daunting with the year due to the country preparation for general election and other economic factors, the Management and Board of our company pursued vigorously its commitment to achieve its budget as well as protect the company’s capital with prudence through its focus on the organization going concern.

“The company growth was driven by an expansion in capacity and revamping our products to meet the customer’s needs. Most significant contribution was Fire at N 42 percent of the total premium generated. The growth in Fire reflects the increased confidence in our capacity to underwrite large risks, which stems from sustained growth in shareholders’ funds, a key focus of our strategy. In addition to Fire 42 percent, Oil & Gas 16 percent, Motor 13 percent and Marine & Aviation 12 percent contributed most significantly to the growth in 2022.

“During the year under review, we had a profit before tax of N143 million and our total assets grew to N22.209 billion as against N21.579 billion in 2021 financial year.”

The MD said, “Our business performance continued to be hinged on six key themes like retail market, digital transformation, better customer experience, branding, partnership and creating/revamping our products.”

“The results will be greater convenience for our customers, penetration of new markets, better economics for each product line, greater reliability and security.”