The NSIA Insurance announced an increase in its profit after tax by 67 per cent for the year ended December 31, 2018, from N402.35million in 2017, compared to N670.45million in 2018.
According to the company statement,it equally grew its profit before tax by 39 per cent, from N640.75 million in 2017, to N892.29 million in 2018.
Announcing this to shareholders at the Annual General Meeting of the company held in Lagos, the Nsia Insurance Chairman, Ituah Ighodalo, said during the year under review, the company grew its total revenue by 27 per cent, from N5.46 billion in 2017, to N6.91 billion in 2018, while total assets for the period increased by 15 per cent to N17.92 billion, compared to the N15.57 billion reported for the year ended December 31, 2017
Ighodalo further revealed that, the company grew its gross premium income by 16 per cent, to N6.3 billion in 2018, from N5.48 billion reported in 2017, while the Net Premium Income improved by 25 per cent to N3.16bn in 2018 from N2.54bn reported for the year ended December 31, 2017.
He also noted that there was improvement of 75 per cent in the earnings per share of the company, from four kobo in 2017, to seven kobo in 2018.
Ighodalo, said NSIA Insurance, had made good its promise of maximising the returns of its Shareholders’ investments in the business, lending credence to the company’s values of integrity, care, innovation and professionalism.
Also commenting on the report, Nsia Insurance Managing Director, Ebelechukwu Nwachukwu, said the board and management of the company was pleased to have met the set goals for the financial year of 2018 and now expects to significantly grow the company’s income for better competitive edge.
“We look forward to growing capacity by 20percent before the end of 2019 even as we plan for a 25 percent growth in 2020.
She added that, “Our primary objective is to continually grow our business, satisfy our customers and maximise returns on investments for our stakeholders”
Nwachukwu said, Nsia Insurance is a company that places high value on integrity and professionalism, has made paying claims promptly part of its commitment to customers.
“Proof of this is the payment of N2.8 billion in Claims settlement to our clients in 2017 and over N1.3 billion in 2018,” she said.
Giving analysis of the company’s claims payment in 2018 by classes of business, Nwachukwu, said a total of N105 million was paid in on General Accident Insurance policies, N260 million on Motor Insurance policies and N12 million on Engineering Insurance policies.
She stated further that a total of N75 million was paid to policy holders for fire insurance while N150 million was paid on marine policies. Claims paid on oil and gas insurance policies according to her was N67 million.