Niger Insurance Plc. said it paid a total of N1.7 billion as claims to its policyholders during the period ended December 31, 2019 higher than N1.6 billion paid in the same period of 2018.
Niger Insurance is one of the oldest insurance companies in Nigeria,
Speaking at the firm’s 50th Annual General Meeting (AGM) held virtually recently, the Chairman, Mr. Steve Dike, noted that the firm’s financial performance was adversely affected due to harsh economic challenges.
He said the company has been aggressive in its efforts to unlock capital through restructuring of its investment portfolio while divesting from under-performing asset classes.
“This performance level was below our target of achieving growth in excess of the rate of inflation but we assure our shareholders that effort is being made to turn around and strengthen the financial position of the Company,” he stated.
On recapitalization, Dike assured that the company was tirelessly working to achieve its target. “I am delighted to inform you that following your tremendous support, our recapitalization efforts have since gained traction with the share reduction exercise and merger option in top gear”, he assured.
The Managing Director of the company, Edwin Igbiti said the company was able to pay claims and benefits totaling N1.7 billion 2019 as against N1.6 billion paid in 2018, noting that company had made changes to ensure growth.
“In 2019, Niger Insurance Plc made important changes to optimize its business and leadership to align with the company’s new strategic direction and drive its transformation objectives. These changes were necessary to boost growth, simplify our ways of working, improve operational efficiency and resilience,” posited.
“We now have greater focus, commercial rigor and accountability throughout the organization – these fundamentals will help us build momentum for current and future earnings growth. Notwithstanding the economic headwinds and legacy issues facing the company, we are committed to the swift turnaround and transformation of this great company.”
