NAICOM Approves Nigeria Re’s 2014 Accounts

The Managing Director, Nigeria Reinsurance Corporation, Mrs. Isioma Chukwuma has said that the National Insurance Commission-(NAICOM) has approved the 2014 accounts of the Nigeria Reinsurance corporation.

Chukwuma disclosed this in a statement made available to THISDAY. She said, NAICOM communicated this to the corporation in a letter dated July 3, 2015.

She noted that the corporation has in the last two years met the NAICOM June 30 , deadline for submission of accounts for insurance and reinsurance operators in the country.

According to her, this achievement reinforces the corporation’s strategy to be among the top rated and compliant companies in the industry.

She further stated that at the beginning of year 2014, the firm objectively reviewed her operations and set a goal that is encapsulated in the phrase “to be a Profitable Global Player in the Reinsurance Market.”

She said the corporation is set to achieve the goal by restructuring her operations, focusing on service delivery and more specifically on prompt settlement of claims, deepening existing clients’ relationship, improving on the firm’s visibility, monitoring sector challenges within the industry and delivering superior returns.

The approved accounts showed that Nigeria Re recorded 18 percent in its Gross Premium Income from N629 million in year 2013 to N743 million in the year 2014.

The account further revealed a strong balance sheet figure of N18.86 billion. Claim settlement was given priority during the year as part of the overall strategy to clean up the books and satisfy its clients.

With the approval of the accounts and the rating in place, Chukwuma said the corporation is set to soar higher from now onwards.