SA Life Pays N3b Claims In 2014

In keeping faith with its promise to pay all genuine claims promptly, Standard Alliance Life Assurance Limited (SA Life) settled N3 billion claims in 2014 as against N2.7 billion paid out in 2013, the company’s Chairman, Bode Akinboye, stated.
Speaking during 15th annual general meeting of the company in Lagos on Tuesday, Akinboye explained that N1.55 billion was paid from group life assurance while deposit administration withdrawal accounted for N1.53 billion claims during the outgone year.
The specialist life assurance company recorded a premium income of N3 billion as against N1.87 billion achieved in 2013, representing a growth of about 60 percent.
To improve on the fortunes of the company in the market, Akinboye informed the shareholders that the organisation has embarked on adequate steps to restructure its balance sheet in the form of capital injection, in order to reposition it financially and support its risk underwriting capacity.
He added that the company is about to experience a change as SA Life will be merging with SA Insurance to form a bigger, robust and resilient insurance company.
As a resolution was ratified during the last annual general meeting of the company that the board of directors was working with some potential investors in respect of a merger or business combination or raising of additional capital by way of rights issue or special placement or by a combination of both, Akinboye told the shareholders that the National Insurance Commission (NAICOM) has given the company an approval in principle to go ahead with SA Insurance.
He emphasised that the merger process has reached an advanced stage, noting that in the months ahead, the company will be executing an aggressive retail strategy targeted at the low income earners and SME entrepreneurs.
Akinboye maintained that the company’s mid-term strategic agenda is to introduce retail market products that can deploy latest mobile and payment channels to reach the financially excluded market segments.
Source: DailyIndependent