NSIA Insurance Declares N22.3bn GWP, N3.1bn PAT in 2023

By LOVETH AZODO, Lagos

The management of NSIA Insurance Ltd has announced that the company’s Gross Written Premium (GWP) increased to N22.3bn in 2023, compared to N18bn reported in the previous year.

The Chairman of the Board of Directors, Dr. Adesegun Akin-Olugbade, made the announcement Friday during a media briefing.

He stated that the company’s Profit Before Tax (PBT) stood at N3.2bn, while its Profit After Tax (PAT) was N3.1bn, indicating growth rates of 344% and 400%, respectively.

Furthermore, Akin-Olugbade revealed that the company settled N7.8bn in claims during the year under review, adding that N27bn has been paid in claims over the past five years.

Breaking down the records, he noted that the non-life and life insurance segments achieved double-digit growth of 19% and 17%, respectively, rising from N9.5bn and N7.3bn in 2022 to N11.3bn and N8.6bn in 2023.

Additionally, he reported that the Insurance Service Result grew by 18%, increasing from N16.8bn in 2022 to N19.8bn in 2023. Return on Equity (ROE) improved from 5% in 2022 to 19% in 2023, and Return on Assets (ROA) rose from 3% to 9%.

Describing the economic landscape in the nation, he said, “Despite the difficult operating environment, the company’s initiatives and strategies produced significant results that demonstrated the dedication and tenacity of all stakeholders to go above and beyond the status quo.”

“We remain unflinching in our commitment to fulfill our obligations to our customers, as we are prominently known.”

He also highlighted the untapped opportunities in the retail insurance segment, stating, “We are steadily increasing our footprint in the retail sector and are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery, ensuring that there is an NSIA Insurance product in every home.”

Looking ahead, Akin-Olugbade emphasized that the company will intensify its customer service delivery initiatives to continuously enhance the customer experience.

“Our main goal is to assist individuals, organizations, associations, communities, and governments in recovering from unforeseen events. It is incumbent upon us to ensure that with NSIA Insurance, customers can save for a comfortable future and protect the people and assets that are most valuable to them.”