On the financials for the year ended 31st December 2017, the Company recorded a gross premium of N13.4 billion against N10.8 billion in 2016 resulting to an increase of 24.7 percent. Net premium earned had an increase of 15.2 percent to N9.8 billion as against N8.5 billion the previous years.
The company also saw an increase of 48.1 percent in investment income to N709.9 million in 2017 over that of 2016 of N479.5 million.
Profits before Tax (PAT) for the period under review for the Group and Parent Company were N3.09 billion and N3.08 billion; with increases of 44.2% and 41.0% respectively. The PBT figures for 2016 for the Group and Parent Company were N2.15 billion and N2.19 billion respectively.
The insurer also recorded impressive performances in its financial assets and total assets as both appreciated 47.7 percent and 21.2 percent for both the group and parent company over the preceding year; while improvements of 31.6 percent and 31.3 percent were recorded in total equity for the group and parent company respectively.
Earnings per share for the group during the year under review was 53 kobo; while that of the preceding year was 34 kobo; an increase of 52.7 percent. The EPS of the parent company was 52 kobo, an increase of 49. 5 percent, over that of the preceding year which was 35 kobo.
From the result, the shareholders got a dividend of 10 kobo, 25 percent increase from 8 kobo paid in the previous year.
Speaking further the Group Managing Director, Tope Smart reaffirmed that despite the challenging competitive operating environment, the company’s focus on the industry leadership remained unwavering.
“One of the ways we are doing this is brand differentiation. We have continued to delight our numerous customers by providing them with unparalleled services and solutions thereby consolidating our position with them.”
“Our service delivery mechanism, which is anchored on our core values of humility, integrity, discipline, excellence, empathy and courage (HIDEEC) has helped us in no small measure in our brand differentiation initiative.
“Our associate in Ghana. RegencyNem Insurance Ghana Limited is riding on the synergy of the merger as the company is presently making waves in the Ghanaian insurance industry, and is set to contribute significantly to our bottom line in the years ahead.”
On review of its performance, he said:”Our profit after tax increased from N1.8billion in 2016 to N2.8billion in 2017, an increase of 53percent. Our shareholders fund which stood at N7.4billion in 2016 appreciated to N9.7billion in 2017; representing 32 percent increase. Our balance sheet also has remained very healthy.”
He noted that “notwithstanding the intense competition in the industry, we are very positive that with the very formidable structure we have in place, the future of this company is very bright. More than ever before, we are now better positioned to take advantage of anticipated opportunities that may arise in Nigerian insurance space,” he reassured.
