NSIA Insurance Limited has announced a 24 percent growth in its Gross Written Premium (GWP) from N18 billion recorded in 2022 to N22.3 billion in 2023.
Dr. Adesegun Akin-Olugbade who disclosed this during a media briefing held at the company’s head office said for the financial year ended 31st, December 2023, the Insurance Service result of the company went up from N16.8 billion in 2022 to N19.8 billion, representing 18 percent growth.
The insurer’s non-life and Life business achieved double-digit growth of 19 percent and 17 percent respectively, from N9.5 billion and N7.3 billion in 2022 to N11.3 billion and N8.6 billion in 2023, despite the harsh economy.
“We were able to successfully navigate the stormy macroeconomic situation in 2023 by deploying cost optimization initiatives and leveraging our technical and management expertise to deliver Profit Before Tax of N3.2 billion and Profit After Tax of N3.1 billion indicating a growth rate of 344 percent and 400 percent respectively.
“Our positive performance was also reflected in other key metrics such as Return on Equity (ROE), which improved from 5 percent in 2022 to 19 percent in 2023, and Return on Asset (ROA), which improved from 3 percent to 9 percent. Our proud moments are all the opportunities presented to us to fulfill our obligations to our esteemed customers.”
The company said it made a claims payment of N7.8 billion in 2023 and over the past five years, paid over N27 billion as claims to policyholders in a determined move to fulfill its obligations to its esteemed customers.
Dr. Akin-Olugbade noted that the vast opportunities in the retail insurance segment remain untapped.
“We are steadily increasing our footprint in the retail sector as we are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home,” he stated.
Speaking on claims payment, the Managing Director/CEO, of the company, Moruf Apampa, said the company has demonstrated to the public, the Brokers, and agents that whenever an incident happens they have the resources to deliver claims payment on time.
He reiterated, “We’ve developed capacity so that claims payment is concluded within 48 hours of the claims incident.”
Apampa said the company is leveraging technology to drive its businesses, adding that the firm is developing its app to boost its business, pointing out that the company has concluded plans to increase the number of agents from 300 to 3,000 in the next three years.
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