• Tuesday, October 03, 2023
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REGIC gross written premium up 10% to N14.2bn in 2022

Insurers retool to respond to rising market risks

Royal Exchange General Insurance Company (REGIC), one of Nigeria’s leading insurance companies offering general and special risks protection policies, has declared a Gross Written Premium of N14.20 billion for the financial year ended December 31, 2022, reflecting a 10 percent growth compared to the figure of 2021.

Ike Chioke, chairman, REGIC made the disclosure during the company’s 15th Annual General Meeting held in Lagos.
Chioke also stated that the accounts, which have been approved by the National Insurance Commission, (NAICOM), show that the company is on the path of profitability and sustained growth, as all financial indices are positive for the company and future results will position Royal Exchange General Insurance Company as a profitable enterprise in the insurance industry in Nigeria.

A further review of the results shows that the total net claims paid to policyholders stood at N1.97 billion, representing a 43 percent growth in paid claims, when compared to the 2021 figure. Underwriting Profit increased marginally by 6 percent from N1.70 billion in 2021 to N1.81 billion for the period under review.

Total Assets for the company for the year under review was N32.30 billion with Shareholder’s Funds standing at N14.22 billion at the end of the 2022 financial year. Profit before Tax (PBT) amounted to N. 7 billion, and a Profit after Tax of N779 million was reported for the 2022 financial year, representing a 68 percent growth from the figure reported for the 2021 financial year.

Speaking to reporters after the meeting, Chioke, said, “During the year under review, the company carried on with consolidating our plans and strategies, deploying resources to ensure we remain on the right path towards growth and profitability. Going forward, we will continue to invest in our people, facilities, and ICT infrastructure to deepen market penetration in the direct and retail segments, enhance our product offerings in the market, grow our Agric portfolio and leverage business analytics for strategy and decision making”.

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He further added that with the current management team in place, the company is confident of delivering its mandate of being a leading player in the general insurance space by 2025 by being a Trusted and Innovative provider of insurance and risk management services to our customers.

Ebelechukwu Nwachukwu, managing director said that despite the very harsh operating environment, the company was able to grow its topline figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions, its renewed focus on the retail markets – which continues to be a growth market – and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

According to Nwachukwu, “Over the next year, the insurance market will witness a great rebound of the Royal Exchange Brand. The company is ready to launch bold and strategic initiatives that will enhance our service offerings, reposition, and improve brand visibility and make the company one of the best places to work, in line with our vision statement”.

Speaking further on the digital transformation plans for the company, the managing director said, “our digital transformation project has reached advanced levels and within the next 12 months, all our processes and functions will be fully tech-driven, and our customers will be able to engage us digitally from anywhere in the world without hitches. We seek to innovate and lead across key market segments, while ensuring we operate within regulatory boundaries.”

Nwachukwu added further that “the company, under my leadership, will continue to reinvent itself to be more responsive to the needs of the customer, offering them the products and services they need, in ways that they want. We are adopting a customer-centric approach to all our businesses to ensure we are competitive in the market.