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Royal Exchange Insurance posts N10bn premium for 2019

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 Royal Exchange General Insurance Company REGIC on Tuesday declared a Gross Written Premium GWP of N10 58 billion for the financial year ended Dec 31 2019 The company s Chairman Alhaji Rabiu Gwarzo made the declaration at the firm s 12th Annual General Meeting held virtually in Lagos Gwarzo explained that the financial results showed a Gross Premium Income of N10 86 billion while total net claims paid to policyholders stood at N1 11 billion The underwriting profit stood at N1 14 billion for the period under review Total assets for the company for the year under review was N21 94 billion with shareholders funds standing at N9 61 billion Profit before tax amounted to N974 6 million and profit after tax of N654 7 million was reported for the 2019 financial year The accounts which has been approved by the National Insurance Commission NAICOM show that the company is on the path of profitability and sustained growth All financial indices are positive for the company the chairman said The firm s Managing Director Chief Executive Officer Mr Benjamin Agili said that despite the harsh environmental condition the company was able to grow its top line figures and maintain its leadership in key corporate accounts Agili noted that the firm also participated in large ticket insurance transactions its renewed focus on the retail markets According to him the retail markets shall be a growth driver in the future and agriculture insurance which is beginning to gain traction in the insurance market in Nigeria We are expanding our strategic focus to three main areas namely Digital Insurance Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria he said In line with NAICOM s directive the managing director said the company s revised recapitalisation guidelines is poised to surpass the directive as indicated in its approved 2019 financials Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria REGIC will continue to reinvent itself to be more responsive to the needs of the customer offering them the products and services they need in ways that they want We are adopting a customer centric approach to all our businesses to ensure we are competitive in the market Edited By Abdulfatah Babatunde NAN
Royal Exchange Insurance posts N10bn premium for 2019

Exchange General Insurance Company

Royal Exchange General Insurance Company (REGIC), on Tuesday, declared a Gross Written Premium (GWP) of N10.58 billion for the financial year ended Dec. 31, 2019.

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The company’s Chairman, Alhaji Rabiu Gwarzo, made the declaration at the firm’s 12th Annual General Meeting held virtually in Lagos.

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Gwarzo explained that the financial results showed a Gross Premium Income of N10.86 billion while total net claims paid to policyholders stood at N1.11 billion.

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The underwriting profit stood at N1.14 billion for the period under review.

“Total assets for the company for the year under review was N21.94 billion with shareholders’ funds, standing at N9.61 billion.

“Profit before tax amounted to N974.6 million and profit after tax of N654.7 million was reported for the 2019 financial year.

“The accounts, which has been approved by the National Insurance Commission (NAICOM), show that the company is on the path of profitability and sustained growth.

“All financial indices are positive for the company,’’ the chairman said.

The firm’s Managing Director/Chief Executive Officer, Mr Benjamin Agili, said that despite the harsh environmental condition, the company was able to grow its top-line figures and maintain its leadership in key corporate accounts.

Agili noted that the firm also participated in large-ticket insurance transactions, its renewed focus on the retail markets.

According to him, the retail markets shall be a growth driver in the future and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

“We are expanding our strategic focus to three main areas, namely: Digital Insurance, Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria,’’ he said.

In line with NAICOM’s directive, the managing director said the company’s revised recapitalisation guidelines is poised to surpass the directive, as indicated in its approved 2019 financials.

Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria.

REGIC will continue to reinvent itself to be more responsive to the needs of the customer, offering them the products and services they need, in ways that they want.

“We are adopting a customer-centric approach to all our businesses to ensure we are competitive in the market.


Edited By: Abdulfatah Babatunde (NAN)

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