Royal Ex­change bud­gets N8bn to de­velop re­tail in­sur­ance

Daily Trust - - BUSINESS - From Chris Agabi, La­gos

Royal Ex­change Plc is in­vest­ing N8 bil­lion in 2014 and 2015 to de­velop its re­tail in­sur­ance mar­ket across the coun­try.

Al­haji Auwalu Muk­tari, the Group Ex­ec­u­tive Di­rec­tor, Mar­ket­ing and Sales, Royal Ex­change Plc dis­closed this ex­clu­sively to our cor­re­spon­dent in La­gos.

He said the in­vest­ment was sig­nif­i­cant be­cause of the com­pany’s three years strate­gic plan which would see it achieve N30 bil­lion Group in­comes in 2015.

He said with the in­vest­ment, La­gos State alone should gen­er­ate N5 bil­lion in­comes by the end 2014.

He said: “Re­tail in­sur­ance is a long term in­vest­ment. We have set our struc­ture and we have our tar­get of 1000 fi­nan­cial ad­vis­ers (agents) in La­gos alone be­fore 2014 ends to tap into the re­tail mar­kets. We have a budget of N8 bil­lion to drive both the life and gen­eral prod­ucts through re­tail in­sur­ance till 2015. We are look­ing at gen­er­at­ing N5 bil­lion in­comes from the fi­nan­cial ad­vis­ers in La­gos in 2014 alone.” He said Royal Ex­change has strate­gised to open in­sur­ance out­lets in all the ma­jor cities be­fore the end of the sec­ond quar­ter.

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