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NSIA Insurance pays N8.81b on claims

NSIA Insurance pays N8.81b on claims

NSIA Insurance Limited, a leading composite insurance company, delivered the company’s 2022 Annual Report to shareholders, declaring a gross premium written of N18.02 billion, with claims paid out to customers amounting to N8.81 billion.

Speaking at its Annual General Meeting, Adesegun Akin-Olugbade, the company’s chairperson disclosed that despite the challenging operating environment in the country, the company closed the year with positive results, delighted its shareholders, and made prompt claims payment to customers.

An analysis of the company’s report showed an improvement in Gross premium income at 33 percent year-on-year growth from N12.68 billion to N16.82 billion in 2022.

The total assets of the company grew by 13 percent from N25.51 billion to N28.69 billion as of 31 December 2022. This growth was driven by the company’s sound investment strategy, which was bolstered by the increase in gross premium written.

Further analysis showed that the company achieved 210 percent growth in its Profit After Tax (PAT) in 2022, translating to N873.47 million as against N281.92 million recorded in 2021.

The net effect in equity was a growth of 7 percent from N13.64 billion to N14.59 billion in 2022. The company declared and approved a dividend payment of 2.2kobo for the year ended 31st December 2022, for each ordinary share held in the company, amounting to N396 million. It is on record that NSIA Insurance Limited has paid a cumulative dividend of N657 million to its shareholders in the past 3 years.

Moruf Apampa, managing director/CEO, while reviewing the company’s performance for the year, said: “We remain adaptable and responsive to the unfolding trends, modifying our plans and operations in a manner that would ensure that we achieved our strategic objectives. Despite a number of economic development obstacles in 2022, we made exceptional success across key metrics and major lines during the financial year.”

Read also: How insurance companies can reduce fraud amid rising claims

“In 2022, we paid claims to the tune of N8.81bn as against N6.72bn paid in 2021 which represents a year-on-year growth of 31 percent.

Our relentless commitment to our valued consumers cannot be overemphasized. We will remain focused on delivering financial stability for our customers, and as always, we will not rest on our successes in exceeding our customers’ and stakeholders’ expectations,” Moruf concluded.

Adesegun Akin-Olugbade, the company’s chairperson, commented on the company’s performance and future outcomes, saying, “We are pleased with our 2022 results. We appreciate our shareholders’ confidence in our capacity to continue to grow the business. We will continue to guarantee that the current growth trajectory is maintained in the 2023 financial year. While we expect a healthier economy, we will implement a strategy to maximize the inherent potential in the economy.”

NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism. The head office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country. NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

NSIA Insurance Limited is a subsidiary of Group NSIA Holding Companies, an internationally recognized company currently operating in Africa including Cameroon, Congo, Gabon Benin, Cote d’Ivoire, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Togo, and Senegal.