Niger Insurance Records N8.59 billion Gross Premium

L-R: Director, Niger Insurance, Ebi Enaholo, Mrs Olufemi Owopetu, Executive Director, Technical/Marketing, Niger Insurance, Mijinyawa Lawal, MD/CEO, Niger Insurance, Dauda Kolapo Adedeji, Chairman, Niger Insurance, Yusuf H. Abubakar, OON, Secretary, Niger Insurance, Taiwo A. Otuneye, Esq, Director, Dr Stephen N. Dike, Alhaji Umaru H. Modibbo at the Company’s 48th Annual General Meeting.

By LOVETH AZODO, Lagos

Niger Insurance Plc has recorded a gross premium of N8.59 billion in 2017 as against N5.96 billion recorded in 2016.

Niger Insurance Chairman, Yusuf Abubakar, disclosed this at the company’s Annual General Meeting (AGM) in Lagos, stressing that the premium moved by 44 per cent which amounted to N2.6 billion.

He pointed out that the underwriting profit closed at N1.1 billion from N888.9 million in 2016, adding that the total assets grew by one per cent from N22.5 billion in 2016 to N22.8 billion, the insurance contract liability grew to N10.02 billion from N8.86 billion in 2016 and shareholders funding standing at N7.84 billion.

Furthermore, Abubakar said that the underwriting firm in compliance with regulatory requirements had resolved to disposed investments in real estate.

He noted that the firm’s board has reached an advanced stage on discussions with investors who will add to the capital and bring technical expertise to the company.

A cross section of Shareholders at the Company’s 48th AGM

In response to Abubakar’s address, Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, who spoke on behalf of shareholders urged the board and management of the firm to work assiduously to sustain the feat the firm had recorded in the past, adding that as one of the leading lights in the insurance industry, the company should never allow smaller firms take its position.

Shareholders’ activist, Nona Awo, urged the firm to innovated so as withstand competition. He called for fresh hands on the board of the firm to take it to lofty heights