As of the end of the 2022 fiscal year, an underwriting company, Prestige Assurance Plc, reported a gross premium written (GPW) of N12.4 billion, up 34% from the N9.27 billion recorded in 2021.
Funmi Oyetunji, the company’s chairman, said the underwriter has shown resiliency by boosting the top line despite the difficult financial environment while speaking at the company’s annual general meeting. Oyetunji added that the net premium earned during the reviewed period was N5.4 billion, an increase of 18% from N4.59 billion in 2021.
“Shareholders should be assured that top-line growth, as well as margin progression, remains a priority given their importance to value creation,” she stated.
The chairman reaffirmed his faith in the capabilities of the business to provide shareholders with excellent returns.
She explained: “We have put in place appropriate strategies to respond to the possible scenarios in 2023 and hope to continue to make progress in our quest to be one of the leading insurance companies in the country.”
“Our staff remain resourceful, motivated, and resolute, as we strive to be competitive in remunerating them to continue to attract the required talent to best execute our strategic objectives.”
Rajesh Kamble, the company’s managing director and chief executive officer, declared that despite the difficult business environment, the company remained committed to accelerating wealth creation for shareholders.
“Although the operating environment was very daunting within the year due to the country’s preparation for the general election and other economic factors, the management and board of our company pursued vigorously its commitment to achieve its budget as well as protect the company’s capital with prudence through its focus on the organization going concerned.”
“The company’s growth was driven by an expansion in capacity and revamping our products to meet the customer’s needs,” he concluded.
