African Alliance Insurance Gross Premium Hit 3.05bn in Q2 2021

By LOVETH AZODO, Lagos

African Alliance Insurance has announced that its Gross Premium Income rose by 66% yoy from N1.8b to N3.05b.

Speaking at the Members’ Evening of the Nigeria Council of Registered Insurance Brokers hosted by African Alliance Insurance held Thursday in Abuja MD/CEO, African Alliance Insurance, Mrs Joyce Ojemudia disclosed that it paid 29% more claims yoy from N2.43b to N3.12b in Q2 2021.

According to her, the firm’s efforts are backed by a robust reinsurance treaty with top reinsurer in the business.

“This has helped us spread our risks and also aided our capacity to take in more risks at any point in time,” she said.

Expressing her pleasure with the company’s financial result, Ojumudia said “By our unaudited Q2 2021 results, I am very happy to report that our market share has grown by 23% yoy, a figure way above the industry average of 18%. Our Gross Premium Income also rose by 66% yoy from N1.8b to N3.05b. We paid 29% more claims yoy from N2.43b to N3.12b” she said.

“This is just the start, we are looking at having a minimum of 50% yoy growth by year end,” she added.

On the firm’s digital adoption, she said “We are easily one of the most active insurers across the major social media platforms including Facebook, Instagram, LinkedIn and, until recently, Twitter.

She revealed that the firm now has a self service policy takeup platform specifically for brokers known as “Call it a do-it-yourself portal.”

The African Alliance Assurance Boss maintained that the firm has led in producing first-class human capital across departments and business lines.

On its product Development she noted that the company’s Esusu plus is being revamped in response to its customers’ yearnings adding that the management have concluded work on its innovative Term Assurance plan, a product sure to excite the market for its short term focus and value addition.

“In less than one year of this new tenure, we have recorded outstanding wins on several fronts. First, our ISO 22301 certification was renewed following an extensive audit by the global ISO audit team.

“We make bold to say we are one of very few insurance firms with an ISO certified business continuity management in place.

This confirms our oft-repeated affirmation that we will be with our customers for life. With this recertification, we have exhibited practical success in ensuring we remain with you for life, through thick or thin, come rain, come shine,” she said.