Niger Insurance Quotes N593.80M Operating Profit In 2018

L-R: Managing Director, Niger Insurance Plc, Edwin Igbiti and Chairman, Niger Insurance Plc, Stephen Dike at the company’s 49th AGM in Lagos.

By LOVETH AZODO, Lagos

***As Chairman Assures Policy Holders Of Claims Payment

Niger Insurance Plc has quoted an operating profit of N593,808,000 for the year 2018, a slight improvement from the loss of N978,927,000 registered in 2017.

This is just as the Chairman of the company Mr. Stephen Dike assured the company’s policy holders that the company will see to all their claims.

The Chairman stated this Today at the company’s 49th Annual General Meeting held in Lagos.

He disclosed that the gross premium written in 2018 stood at N4,450,453,000 while the gross premium income stood at N5,215,325,000.

According to him, In a bid to address the issues of solvency, the board raised N2billion in 2019 adding that the money was deposited in an escrow account with First City Monument Bank (FCMB).

“In 2017 the board, as part of restructuring our company’s assets to enhance liquidity, approved the sale of some real estate properties,” he said.

However, he stated that the properties which worth up to N6.387billion was not concluded within the past two years, they were reclassified.

He expressed optimism that with renewed support of reputable agents the sales will be concluded very soon.

On Claims payment, the chairman stated “we will pay whoever we are owing claims, what we need is cash injection.”

Dike maintained that one of the company will not relent in taking the interest of it’s shareholders into consideration.

He assured the shareholders of enhanced communication “we one of the areas we will take seriously is communications, we will enhance communication with our shareholders” he said.