Underwriting firm, NSIA Insurance Limited (Nigeria) has rewarded its shareholders with a dividend payout of 1.45k (N0.0145k) per share for the 2019 financial year.
The Company’s Gross premium income increased by 32.9 percent from N6.91 billion in 2018 to N9.19 billion in 2019, while the Net Premium Income improved by 25 percent from N3.16 billion for the year ended December 31, 2018, to N5.06bn in 2019.
Disclosing this during its Annual General Meeting held recently, Ituah Ighodalo, chairman of the Board said Profit After Tax (PAT) improved significantly by 67 percent from N670.45 million in
2018 to N781.87 million in 2019, while there was also an improvement in the Earnings per share by 75 percent from 7k in 2018 to 9k in 2019.
As a company that places high value on integrity and professionalism, the company during the year under review increase in claims payout by 25.8 percent from N2.28 billion in 2018 to N2.87 billion in 2019.
Total Assets for the year ended 2019 increased by 8.4 percent from N17.92bn reported for the year ended December 31, 2018, to N19.43bn. Shareholders’ Fund in 2019 grew from N10.9bn to N11.84 billion marking an 8.7 percent year on year growth.
Ighodalo said at the meeting that “NSIA Insurance had made good its promise of maximizing the returns of its shareholders’ investments in the business, lending credence to the company’s values of Integrity, Care, Innovation and Professionalism”.
Prior to the AGM, NSIA Insurance welcomed Apollos Ikpobe; Hélène Konian, and Mansan Diagou Ehilé as Non- Executive Directors.
According to the MD/CEO of NSIA Insurance, Ebelechukwu Nwachukwu, “We are pleased to have met the set goals for the financial year of 2019 and we expect to significantly grow our income for better competitive edge. We look forward to growing capacity by 25 percent before the end
of 2020 even as we plan for a 30 percent growth in 2021.”
Ebelechukwu Nwachukwu further stated, “Our primary objective is to continually grow our business, satisfy our customers and maximize return on investments for our stakeholders.”
NSIA Insurance Limited is a first-class composite insurance company driven by Integrity, Care, Innovation and Professionalism, with Head Office in Lagos, strong regional presence in Abuja and a large 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 (Nigeria) is part of NSIA Participations which is currently present in 12
African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal and Togo.