Royal Exchange General Insurance Company (REGIC), a general and special risks protection underwriter has declared a Gross Written Premium of N10.58 billion for the financial year ended December 31, 2019. This was disclosed by the Chairman of the company, Rabiu Muhammed Gwarzo, at the company’s 12th Annual General Meeting held in compliance with Covid-19 directives.
A further review of the results show that from the Gross Premium Income of N10.86 billion, a Total Net Claims of N1.11billion was paid out, while underwriting profit was N1.14 billion for the period under review.
Total Assets for the company for the year under review was N21.94 billion with Shareholders Funds standing at N9.61billion, Profit before Tax amounted to N974.6 million and a Profit after Tax of N654.7 million was reported for the 2019 financial year.
Benjamin Agili, managing director/ce said that despite the very harsh operating environment, the company was able to grow its top line figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions, its renewed focus on the retail markets – which shall be a growth driver in the future – and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.
According to Agili, “We are expanding our strategic focus to these 3 main areas: – Digital Insurance, The Retail Insurance Market and; Agriculture Insurance – as farming is a key economic activity in Nigeria”.
Speaking further on the firm’s recapitalization plans, in line with NAICOM’S directive for Phase 1 of the revised recapitalization guidelines, Agili said that Royal Exchange General, with its approved 2019 financials is poised to surpass the NAICOM directive and plans are in top gear to ensure that REGIC is well capitalized and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria.
Agili added further that “REGIC 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 customercentric approach to all our businesses to ensure we are competitive in the market.
On agriculture insurance, Agili said that Agriculture Insurance is a key focus area for the company in the years to come and it is vital that knowledge, penetration and understanding about the values and usefulness of insurance in Agriculture is promoted”.
He said “recall that Royal Exchange General Insurance Company (REGIC) was among the first 3 insurance companies to obtain NAICOM approval for Weather Index Insurance (WII) and we have also recently obtained approval for livestock, poultry and fish farming insurance which is already being taken up by livestock farmers in the country”.
Also, the company just organized a series of webinars, stating that “these agriculture insurance webinars we just concluded is the company’s way of expanding the frontiers of agriculture insurance adoption in Nigeria, making it easier to be understood and accepted by farmers, agroprocessors, agropreneurs, farming cooperatives, offtakers and other stakeholders nationwide”
