Prestige Assurance Plc has recorded Gross Premium Written (GPW) of N3.809 million in 2017 up from N2.614 million recorded in the same period of 2016.
The Managing Director of the company Dr. Balla Swammy said this at the company’s 2017 Annual General Meeting (AGM) in Lagos recently.
The Prestige Assurance boss said that the growth in GPW in the year under review was achieved as a result of the relocation of the Abuja, Ikeja and Kano branches to profitable centres.
According to him, the action resulted in an increase in the premium generated by the branches.
Swammy said that the Profit after Tax for the year under review grew from N222 million in 2016 to 532 million.
“The PAT figure represented 140 percent growth over that of 2016. Though no dividend was declared for the year under review, in order to erase accumulated loss for the year 2015 and 2016, the company has raised earnings per share to N9.90 kobo from N4. 13 Kobo,” he said.
He stressed that the company was on the right track to declare a dividend in 2018 since the accumulated losses had been wiped out.
Speaking on re-branding measures to reposition the company, Swammy said Prestige Assurance had activated its social media platforms.
“These include facebook, twitter, and Instagram among others with growing followership,” he said. Commenting on the state of the insurance industry, he commended underwriters for achieving prompt payment of claims.
Swammy said that the future of the industry depended on sound underwriting; prompt settlement of claims, proper fund management, and innovative information technology.
“I must not fail to applaud co-practitioners for ensuring insurance claims are paid within 21 days as stipulated by the industry’s regulator, National Insurance Commission (NAICOM),” Swammy said.