Royal Exchange budgets N8bn to develop retail insurance

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.