Poised to stay as the leading insurer in Nigeria, Standard Alliance Insurance Group says it has settled N2.1 billion claims for the financial year ended 31st December, 2015, saying N886.5 million was paid under its non-life business, while N1.2 billion was paid in its Life businesses.
Bode Akinboye, Managing Director of the company, disclosed this at the firm’s 20th Annual General Meeting in Lagos. “A good part of the claims paid in 2015 were legacy claims outstanding as at December 2014. But we have made substantial pay down on those arrears and are now streamlining our claims processes for a shorter settlement span,” he stated.
The firm posted a Gross Premium Income of N5.4 billion within the period. The group equally recorded N1.23bn underwriting profits, while making Profit Before Tax (PBT) of N819 million.
Addressing shareholders at the meeting, the Chairman, Standard Alliance Insurance Plc, Johnson Chukwu noted that the insurer’s balance sheet assets stood at N11.79 billion, with approximately N4.65 billion of these being financed by shareholders’ equity funds.
According to him, the management staff and executives of the company have put in place efforts and commitments to put the group on a solid footing, he added that the combined market strengths of the life and general wings of the group will be harnessed in the immediate midterm for business growth and value generation for stakeholders.
Speaking further, he said the mandatory corporate governance change, under the National Insurance Commission (NAICOM) rules, which required that non-executive directors of insurance companies that have served up to the maximum length of nine years should vacate board members, affected the company as this directive led to the painful departure of Brigadier-General Dominic Oneya, immediate past chairman of SA, who occupied that position since December 2014.
To this end, Chukwu, who is now the new chairman said the approval of his appointment took effect from March 2016.
Promising that the group is well positioned to compete favourably in insurance market, he appreciated the company’s numerous customers for accepting SA brand, thanking its insurance brokers and its other business allies for their patronage.