By Onome Amuge.
Prestige Assurance Plc has recorded 34 per cent growth in Gross Premium Written (GPW) to N12.4 billion for 2022 financial year from N9.27 billion recorded in 2021. The company also delivered a profit before tax of N143 million, while its total assets appreciated to N22.209 billion as against N21.579 billion in the 2021 financial year.
Funmi Oyetunji, the company chairman, who disclosed this to shareholders at its annual general meeting recently in Lagos, noted that the company demonstrated resilience by growing the top line despite the challenging macroeconomic backdrop.
Oyetunji also disclosed that the net premium earned during the period under review was N5.40 billion, an 18 per cent increase over the preceding period of 2021, which stood at N4.59 billion.
She said: “Shareholders should be assured that top line growth as well as margin progression remains our priority, given their importance to value creation.”
The chairman reiterated confidence in the company’s ability to deliver superior returns to shareholders, stating that the general insurance company has put in place appropriate strategies to respond to the possible scenarios in 2023 and hope to continue to make progress in its quest to be one of the leading insurance companies in the country.
“Our staff remain resourceful, motivated, and resolute, as we strive to be competitive in remunerating them to continue to attract the required talent to best execute our strategic objectives,” she said.
Also speaking,Rajesh Kamble, managing director/CEO of the company, stated that despite the challenging business environment, they are committed to creating accelerated value for shareholders.
According to Kamble, the company remains committed to delivering superior returns to its shareholders while providing risk protections and wealth preservation services for customers, giving the confidence to live in midst of uncertainties.
The MD noted that though the operating environment was very daunting in the year due to the country’s preparation for general election and other economic factors, the management and board pursued vigorously its commitment to achieve its budget as well as protect the company’s capital with prudence through its focus on the organisation’s growing concern.
Kamble noted further that the company’s growth was driven by an expansion in capacity and revamping its products to meet the customer’s needs.
He also disclosed that “fire” recorded the most significant contribution in the year under review, accounting for 42 per cent of the total premium generated. The growth in Fire, he said, reflects the increased confidence in the company’s capacity to underwrite large risks which stems from sustained growth in shareholders’ funds, a key focus of its strategy.
Kamble noted further that oil & gas, motor, and marine & aviation also contributed significantly to the growth in 2022 at 16 per cent, 13 per cent, and 12 per cent respectively.
According to the managing director, the company’s business performance continued to be hinged on six key themes including retail market, digital transformation, better customer experience, branding, partnership and creating/revamping our products.
He added that the results will result in greater convenience for the customers, penetration of new markets, better economics for each product line, greater reliability and security.