Prestige Assurance Plc, a member of New India Assurance Co.Ltd in its determination to deepen penetration as well as beat competition is packing a new medical international product in partnership with Munic Re, a global reinsurance group.
Discussion is ongoing on the product, which is exclusively meant for high net worth individuals for the purpose of medical treatment in developed countries including USA and Canada, the managing director/CEO, Balla Swamy said during Prestige Annual General Meeting in Lagos.
According to him, Prestige Assurance has a range of new products including the recently launched ‘Prestige International Mediclaim Policy meant for Nigerians travelling abroad on business and holiday, employment and study.
Speaking at its 47th AGM, Hassan Usman, chairman of the Company said the challenges in the operating environment in 2016, which it successfully addressed has endowed it with a stronger, agile and more robust operating framework.
According to him, the potential of the Nigerian insurance sector is huge, stating that these were being enhanced by the various initiatives that the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) are putting in place to bring sanity into the industry as well as policies that are needed for business to thrive.
Usman said the company has positioned itself to succeed by introducing new products and processes that guarantee good returns on investment.
Looking at the Company’s financials for 2016, he disclosed that Prestige achieved a gross premium written of N2.61 billion, as against N2.43 billion in 2016 financial year, indicating a 7.55 percent increase.
From a position of N20 million profit before tax the previous year when it had so much claims to pay following the Dana Air crash, the company bounced with N340.39 million, while the profit after tax stood at N221.99 million.
The firm has total asset base of N9.69 billion at the end of 2016.
Modestus Anaesoronye
