Financial services group, Royal Exchange Assurance Plc has recorded N15.3 billion gross written premium for the financial year ended 31ST December 20, a growth of 8 percent from N14.21 billion recorded in 2019.
The group also recorded an underwriting profit of N11.12 billion, a 22 percent increase from the figure recorded the previous year.
Kenny Odogwu, chairman Royal Exchange Assurance Plc announced the performance during the company’s 52nd hybrid Annual General Meeting held in Lagos.
Odogwu disclosed that total clams settled during the year under review stood at N3 billion as against N3.18 billion in 2019, translating to a positive variance of 16 per cent and increase in claims expenses of about N509 million.
Profit before tax appreciated by 13 per cent to N130 million from a loss position of N1 billion recorded in 2019.
Speaking on the future of the company, the Chairman said the board and management are confident about the future of the company, as its general business subsidiary has been positioned to deliver strong growth.
Read Also: AfricInvest acquires minority stake in Royal Exchange General
Odogwu informed that the group is making efforts to reposition the company’s subsidiaries so that they can begin to add value to the overall performance of the Group.
Explaining the company’s efforts to recapitalise, he said while the Royal Exchange General has concluded its recapitalisation process, they are on course to recapitalisation the life business, stating a lot of strategies are in place and would be concluded soon.
“Royal Exchange General Insurance has new foreign investors in the names of IIF from Switzerland and Afric Investment Five from Tunisia. The strategic investors came in with value addition apart from the capital injected into our general insurance business company, Odogwu said.
On technology he said: “The new world class software we acquired and deployed to our insurance subsidiaries has started yielding positive fruits by making our workforce seamless.”
On the company’s digitalisation plan he said: “In order to remain competitive as a fledging insurance superpower and in line with our strategic implementation of our digitalization plan, the newly upgraded website has many features including call-to- action/sale capabilities which is Customer focus. Clients can now log in and purchase insurance cover online and our call-centres too is now up and running with 24- hour facilities to attend to enquires.”
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