NSIA Insurance Generates N18.02bn Premium, Pays N8.8mClaims
NSIA Insurance Limited, has announced a gross premium written of N18.02 billion.
Also, it said it paid out N8.81 billion claims to its shareholders at the close of business in 2022 financial year.
Chairman of the company, Dr. Adesegun Akin-Olugbade, disclosed this t at the company’s Annual General Meeting (AGM) held in Lagos.
Shee said that despite the challenging operating environment in the country, the company closed the year with positive results, delighted its shareholders, and made prompt claims payment to customers.
“An analysis of the company’s report showed an improvement in Gross premium income at 33 percent, year-on-year growth from N12.68 billion to N16.82 billion in 2022.
The total assets of the company grew by 13 percent from N25.51 billion to close at N28.69 billion as of 31 December 2022. This growth was driven by the company’s sound investment strategy which was bolstered by the increase in gross premium written, ”she said.
Also speaking, the MD/ CEO, of NSIA, Moruf Apampa while reviewing the company’s performance for the year, said: “We remain adaptable and responsive to the unfolding trends, modifying our plans and operations in a manner that would ensure that we achieved our strategic objectives. Despite a number of economic development obstacles in 2022, we made exceptional success across key metrics and major lines during the financial year.”
According to him,in 2022, we paid claims to the tune of N8.81bn as against N6.72bn paid in 2021 which represents a year-on-year growth of 31 percent .
“Our relentless commitment to our valued consumers cannot be overemphasizsd. We will remain focused on delivering financial stability for our customers, and as always, we will not rest on our successes in exceeding our customers’ and stakeholders’ expectations,” Moruf concluded.
Olugbade commented on the company’s performance and future outcomes, saying, “We are pleased with our 2022 results. We appreciate our shareholders’ confidence in our capacity to continue to grow the business. We will continue to guarantee that the current growth trajectory is maintained in the 2023 financial year. While we expect a healthier economy, we will implement a strategy to maximize the inherent potential in the economy.”