By LOVETH AZODO, Lagos
…Injects N14.4bn To meet Recapitalization Requirements
The MD/CEO African Alliance Insurance Plc, Mrs Joyce Ojemudia revealed that the firm has paid N723.96m to policyholders as claims in January 2022 and 7,591,866,753.14 from January to December 2021.
Speaking at the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening hosted by the African Alliance Insurance Plc Tuesday in Lagos, Ojemudia assured members of the NCRIB that the company is committed to ensuring that all geniune claims of its policyholders are promptly and seemlessly settled.
She revealed that in a bid to meet the recapitalization requirements the underwriting firm injected about N14.4bn through assets conversion as at December 2020.
According to her, the company will be increasing its capital base through right issues targeted at significant shareholders in addition to getting new investors to buy into the company.
As plan B, she said that business combination is its last resort in the event that the above plans are not adequate.
Highlighting the breakdown of the figures of claims by product line paid for 2021 business year she said that the company paid 1,234,586,643.21 in Individual life, 1,356,946,902.47 in Group life, 626,484,201.07 in Takaful and 4,348,670,916.82 in Annuity.
“Refocussing our attention to the present, in January 2022, we have paid a total of N723.96m in claims, N81.89m in Group Life, N137.96m in Individual Life, N128m in Takaful, N7.3m in Esusu and N368.78m in Annuity”
She revealed that the company in 2021 focused on retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure adding that In 2022, it is moving northwards as the management look to reestablish presence in Ilorin and Jos as well as other prospective locations.
In its adoption to technology she said “Our self-service policy platform specifically for brokers as it concerns our Term Assurance product is up and running. We have also commissioned the design of a new core business application which comes with a wealth of benefits.”
In its quest o ensure prompt and seemless claims settlement she revealed that the management is working on having a claims portal where all claims can be lodged from the comfort of homes and treated in a timely manner.
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