Prestige records N2.65b premium income

Prestige Assurance Plc has written a recorded a gross premium of N2.65 billion in the financial year ended 2014, the company Managing Director, Balla Swamy has said.

He made this known at the Company’s 45th Annual General Meeting (AGM) in Lagos.
According to him, profit for the year was N176.75 million while reinsurance expenses stood at N1.52 billion.

He added that while taxation stood at N160.8 million during the year under review, retained earnings stood at N14.18 million.

He said the net premium income is N1.33 billion, profit before taxation is N176.75, profit after taxation is n14.18 million, total assets is N11.89 billion and shareholders’ funds is N4.58 billion.

Speaking on prompt claims payment, Swamy said the company continues to improve on its prompt claims payment policy with the sum of N1.93 billion payout in 2014.

He added that the solvency margin of the company in the year under review is N4.69 billion as against the N3 billion required noting that this bears a testimony to the strength of the company.

He pointed out that the 63 years old company is set to reposition its business and turn around its fortune through delivery of prompt, efficient and qualitative services to its numerous clients, constantly rewarding its shareholders with adequate returns on their investments and also contribute to the development of insurance business in the Nigerian economy.

He added that in the quest to reposition the Company in the industry and increase its share capital, it offered for subscription N1.5 billion rights issue which was 113.59 per cent subscribed.

He said: “In a renewed vigor for providing excellent on-line-real-time services, the Company has launched its operations into Cloud which is accessible via cloud computing whereby large group of remote servers are networked so as to allow sharing of data-processed tasks, centralised data storage, and online access to computer services or resources via the browser.

“In pursuant to the positive impact of good corporate governance structure in every forward looking organization, the Company remained committed to the principle that promotes good corporate governance hence there is constant review of processes and practices to ensure compliance with the legislative and best practice changes in the global corporate governance environment.

“In support of the local content in Nigeria, Prestige is finalising reinsurance program for oil and energy treaty to the tune of $10 million covering Nigerian oil and energy risks both on shore and off shore and five million US$ for aviation.”

He stressed that the company was embarking on opening of more branches in addition to its four branches in order to reach easily and serve efficiently our numerous clients.

As a proactive organisation, Prestige has positioned itself as a mega financial supermarket for its esteemed clients by offering Lease Financing, Guaranteed Commercial Papers, Bankers’ Acceptances and investment in real estate for letting to positively reflect in the company’s performance, he said.

Source: Nation