Prestige Assurance Plc increased its gross premium written by 34% to N12.4 billion at the end of the 2022 fiscal year, up from N9.27 billion in 2021.
According to The Punch, the business’s annual general meeting in Lagos, the chairman of the company, Mrs Funmi Oyetunji, revealed this information to the shareholders. She said Prestige showed resiliency by boosting its top line despite the difficult macroeconomic environment.
The chairman further disclosed that the net premium earned during the reviewed period was N5.40 billion, an increase of 18% over the N4.59 billion earned during the preceding period of 2021.
“Shareholders should be reassured that top-line growth, as well as margin progression, remains our priority, given their importance to value creation,” she said.
The chairman reaffirmed his faith in the capabilities of the business to provide shareholders with excellent returns.
“We have put in place the necessary procedures to address the potential 2023 situations, and we anticipate making more strides toward our goal of becoming one of the top insurance providers in the nation.
“Our staff continues to be creative, driven, and steadfast as we work to be competitive in compensating them to continue to attract the necessary talent to best execute our strategic objectives.”
In addition, the company’s managing director and chief executive officer, Mr. Rajesh Kamble, said that despite the difficult business environment, the company remained committed to accelerating value creation for shareholders.
“We remain dedicated to delivering superior returns to our shareholders while providing risk protection and wealth preservation services for our customers, giving them the confidence to live in the face of uncertainties,” he said.
“A capacity increase and product redesign to better serve the needs of the customer drove the company’s growth.”
He said that fire made the largest contribution, accounting for 42% of the total premiums produced.
According to him, the increase in fire was a reflection of our strategy’s growing confidence in our ability to handle significant risks as a result of the consistent expansion in shareholder funds.
In addition to fire (42%), he added, oil and gas (16%), transportation (mobile) (13%), and marine & aviation (12%) made the biggest contributions to growth in 2022.
“We had a profit before tax of N143m during the year under review, and our total assets increased to N22.21bn from N21.58bn in the fiscal year of 2021,” the statement concluded.
