Underwriting firm, NSIA Insurance Limited has reported strong growth in the 2023 financial year, posting a 24 percent increase in gross written premium to N22.3 billion, as against N18 billion in 2022.
The co Adesegun Akin-Olugbade, chairman, Board of Directors, of NSIA Insurance Limited mpany also met its customer’s expectation, paying out N7.8 billion in claims in the year under review.
Adesegun Akin-Olugbade, chairman, Board of Directors, of NSIA Insurance Limited who disclosed this during an engagement with the media said the year 2023 has been a period of tremendous and unprecedented growth for NSIA Insurance, representing another successful year for the Company.
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He said that despite the difficult operating environment, the company’s initiatives and strategies produced significant results that demonstrated the dedication and tenacity of all stakeholders to go above and beyond the status quo.
“As a customer-centric organization, putting the customers at the heart of what we do is a cardinal principle guiding and shaping our values and operations.”
According to him, the Insurance Service Result also grew by 18 percent to N19.8 billion from N16.8 billion in 2022. This growth permeated across the business lines with the Non-life and Life business achieving double-digit growth of 19 percent and 17 percent respectively, from N9.5 billion and N7.3 billion in 2022 to N11.3 billion and N8.6 billion in 2023, he said.
“We were able to successfully navigate the stormy macroeconomic in 2023 by deploying cost optimisation initiatives and leveraging our technical and management expertise to deliver Profit Before Tax of N3.2 billion and Profit After Tax of N3.1billionn indicating a growth rate of 344 percent and 400 percent respectively.”
He said the Company’s positive performance was also reflected in other key metrics such as Return on Equity (ROE), which improved, from 5 percent in 2022 to 19 percent in 2023 and Return on Asset (ROA), which improved, from 3 percent to 9 percent.
“Our proud moments are all the opportunities presented to us to fulfil our obligations to our esteemed customers. We made claims payment of N7.8bn in 2023 and over the past 5 years, we have made claims payment in excess of N27bn. We remain unflinching in our commitment to fulfill our obligations to our customers as we are prominently known.
Joined by Moruf Apampa, managing director/CEO and other management executives, said the vast opportunities in the retail insurance segment remain untapped.
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“We are steadily increasing our footprint in the retail sector as we are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home.
On outlook, he said “As we look forward, we will intensify our excellent customer service delivery initiatives to continuously improve our customers’ experience. Our main goal is to keep assisting individuals, organizations, associations, communities, and governments in recovering from unforeseen events.”
“It is incumbent on us to guarantee that with NSIA Insurance customers can save for a comfortable future and protect the people and assets that are most valuable to them.”
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