African Alliance records N7.11bn gross premium income

During the 53rd and 54th annual general meeting of African Alliance Insurance Plc in Lagos, the Chairman of the company, Ogwemoh Sylva, shared key financial highlights from the December 2022 financial period.

Notably, the company reported a rise in its gross premium income, reaching N7.11 billion, up from N7.03 billion in the same period in 2021.

Sylva also disclosed that African Alliance Insurance Plc paid out N4.26 billion in annuity claims during the period under review. This substantial payout reflects the company’s commitment to fulfilling its obligations to policyholders.

In terms of gross premium written, the group recorded N6.81 billion as of the end of December 2022, matching the company’s figure, which saw an increase from N6.16 billion in 2021. This growth is indicative of the company’s expanding business activities and its ability to attract and retain clients.

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Furthermore, the company experienced a significant growth in net premium income, which appreciated from N5.59 billion in 2021 to N6.89 billion in the reviewed year, marking a growth of 23.28 percent. This increase in net premium income is a positive indicator of the company’s financial health and efficiency in underwriting practices.informationguidenigeria

The group’s total assets also saw a notable increase, growing by 28.58 percent to N53.47 billion at the end of December 2022, compared to N41.59 billion recorded in the previous year. This growth in assets demonstrates the company’s solid financial footing and its ability to manage and grow its asset base effectively.

Sylva assured shareholders and stakeholders that the board and management of African Alliance Insurance Plc are dedicated to maintaining strong risk management practices and robust corporate governance structures. This commitment is essential for the company’s continued growth and stability in the competitive insurance industry.JAMB Result

The chairman said, “Our optimism for the upcoming years is underpinned by a dedication to delivering on our strategic objectives and providing unparalleled customer experiences. We are resolute in our pursuit of excellence and look forward to the opportunities that lie ahead.”NYSC Portal

Speaking further, the Managing Director, Joyce Ojemudia, said the company experienced 10.66 per cent growth in gross premium written, totalling N6.81bn for the fiscal year.JAMB Portal

She said 11.5 per cent reduction in operating expenses was achieved through rigorous cost-cutting initiatives.

“We maintained an unwavering commitment to payment of claims throughout the period under review, underscoring our commitment to our customers,” she said.

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