By Olusegun Obisanya
Prestige Assurance Plc has recorded 34 percent growth in Gross Premium Written (GPW) to N12.4 billion for 2022 financial year from N9.27 billion recorded in 2021.
Chairman of the underwriter, Mrs. Funmi Oyetunji disclosed this to shareholders at the company’s Annual General Meeting (AGM) in Lagos. She noted that the company demonstrated resilience by growing the top line despite the challenging macroeconomic backdrop.
She also revealed that the net premium earned during the period under review was N5.40 billion, an 18 percent increase over the preceding period of 2021, which recorded N4.59bn.
She said: “Shareholders should be assured that top line growth as well as margin progression remains our priority, given their importance to value creation.”
Oyetunji reiterated confidence in the company’s ability to deliver superior returns to shareholders.
She posited: “We have put in place appropriate strategies to respond to the possible scenarios in 2023 and hope to continue to make progress in our 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.”
Also speaking, Managing Director/CEO, Prestige Assurance, Mr. Rajesh Kamble stated that despite the challenging business environment, they are committed to creating accelerated value for shareholders.
He said: “We remain committed to delivering superior returns to our shareholders whilst providing risk protections and wealth preservation services for our customers; giving the confidence to live in midst of uncertainties.
“Although the operating environment was very daunting with the year due to the country preparation for general elections and other economic factors, the Management and Board of our company pursued vigorously its commitment to achieve its budget as well as protect the company’s capital with prudence through its focus on the organisation going concern.
“The company growth was driven by an expansion in capacity and revamping our products to meet the customer’s needs. Most significant contribution was Fire at 42 percent of the total premium generated. The growth in Fire reflects the increased confidence in our capacity to underwrite large risks which stems from sustained growth in shareholders’ funds, a key focus of our strategy. In addition to Fire 42%, Oil & Gas 16%, Motor 13% and Marine & Aviation 12% contributed most significantly to the growth in 2022.
“During the year under review, we had a profit before tax of N143 million and our total assets grew to N22.209 billion as against N21.579 billion in 2021 financial year.”
Kamble said, “Our business performance continued to be hinged on six key themes like retail market, digital transformation, better customer experience, branding, partnership and creating/revamping our products.
“The results will be greater convenience for our customers, penetration of new markets, better economics for each product line, greater reliability and security.”
