African Alliance Insurance Plc’s gross premium income increased to N7.11 billion at the end of the December 2022 fiscal period, up from N7.03 billion in the same period in 2021.
According to The PUNCH, this was revealed by the company’s chairman, Ogwemoh Sylva, at its 53rd and 54th annual general meetings in Lagos.
Additionally, he revealed that throughout the review period, N4.26 billion in annuity claims were paid.
As of the end of December 2022, the group’s gross premium written was N6.81 billion, while the company’s increased to N6.81 billion when compared to N6.16 billion in the same time of 2021.
The company’s net premium income increased by 23.28 per cent, from N5.59 billion in 2021 to N6.89 billion in the year under review.
When compared to N41.59bn reported in 2021, the group’s total assets at the end of December 2022 increased by N53.47bn, or 28.58 percent.
He gave his word that the company’s board of directors and management will keep up their dedication to strong corporate governance frameworks and prudent risk management.
The chairman declared, “Our commitment to achieving our strategic goals and offering unmatched client experiences is the foundation of our optimism for the coming years. We are excited about the prospects that lay ahead and are unwavering in our quest of greatness.
Further, the Managing Director, Joyce Ojemudia, stated that the company’s gross premium written increased by 10.66% during the fiscal year, coming to a total of N6.81 billion.
She mentioned a reduction of 11.5% in operating expenses was achieved through rigorous cost-cutting initiatives.
“Throughout the period under review, we maintained an unwavering commitment to payment of claims, underscoring our commitment to our customers,” the spokesperson stated.
According to the breakdown of claims paid, the corporation paid N1.86 billion for individual life; N1.43 billion for group life; N714.1 million for Takaful claims; N1.14 billion for Esusu; and N4.26 billion for annuities.
