Determined to increase shareholders’ confidence in its business, African Alliance Insurance Plc has delivered an outstanding performance for the financial year ending in December 2022, with a Gross Premium Income of N7.109 billion in the same year.
The underwriter disclosed at the company’s 53rd and 54th yearly general meeting in Lagos, also declared annuity claims payment of N4.263 billion.
Specifically speaking at the meeting, the chairman of the underwriting firm, Ogwemoh Sylva, said that the gross premium income of the life insurer grew from N7.030 billion in 2021 to N7.109 billion in 2022.
He added that the group’s Gross premium written stood at N6.814 billion on 31st December 2022 while that of the company grew to N6,814 billion when compared to N6,158 billion recorded in the same year of 2021.
Net premium income for the company appreciated from N5,588 billion in 2021 to N6,889 billion in the year under review, showing a growth of 23.28%.
The group’s total assets grew N53.473 billion at the end of 31st December 2022 compared to N41. 587 billion recorded in 2021; indicating a 28.58% increase.
He assured that the board and management of your company will continue and sustain their unwavering commitment to sound risk management and the maintenance of robust corporate governance structures, distinguishing.
“Our optimism for the upcoming years is underpinned by a dedication to delivering on our strategic objectives and providing unparalleled customer experiences. We are resolute in our pursuit of excellence and look forward to the opportunities that lie ahead.”
Also speaking the Managing Director/ Chief Executive Officer, Joyce Ojemudia, said the company experienced a 10.66 per cent growth in Gross Premium Written (GPW), culminating in a total of N6.81 billion for the fiscal year.
At the same time, a notable 11.5 per cent reduction in operating expenses was achieved through rigorous cost-cutting initiatives.
On claims, she said “We maintained an unwavering commitment to payment of claims throughout the period under review, underscoring our commitment to our customers. Claims exceeding N94 billion were paid, representing an increase of over N1.26 billion compared to the preceding year.”
