African Alliance discloses details of how many claims it pays

African Alliance Plc says it settled N6 billion worth of claims as at the end of third quarter 2019.

This was disclosed recently at a press conference in Lagos by the Managing Director and CEO, African Alliance, Funmi Omo, while reiterating the management’s commitment to sustaining the upward growth trajectory across all metrics.

She further explained that, “Ours is a business that has seen it all and survived it all. Our position in just two years compared to now is a testament to the unstinting leadership and guidance of our Board, the relentless drive of the executive management and a most committed and flexible staff who never shy away from challenges in any form”.

According to Omo, the firm’s premium income grew by 68 per cent from N3 billion at the end of third quarter 2018 to N5.12 billion at the end of third quarter 2019; while by the end of the third quarter, the firm paid claims of about N6 billion to keep up with its promises of maintaining customer amazement.

Also speaking, Olabisi Adekola, Executive Director, Finance, said that the firm’s all-round growth earned it a ‘stable outlook’ and Bb+ by Agusto, foremost financial ratings agency in Nigeria.

Adekola further said, “That Agusto rated us Bbb+ is a win for us, considering where we were. But we are not relenting, all hands are on deck to sustain this growth and earn a most elite rating consistent with the elite investments we have made in the business”.

Commenting on the company’s recapitalisation plans, Omo said: “NAICOM gave a ‘No Objection’ to our plans which means we are on course. Come June 2020, you will see how far we have come. We do not say we are with you for life for fun; we mean every word.”