THE Royal Exchange Group grossed premium income of N10.79 billion in 2015. Kenneth Odogwu, chairman of the company, disclosed this at the firm’s annual general meeting, AGM, in Lagos. He said the result showed an increase of 14 percent from the company’s performance last year, noting the company recorded N9.43 billion gross premiums in 2014.
He said the firm’s net premium income peaked at N8.08 billion, profit/loss for the period (N1.29 billion) and total assets stood at N 26.53 billion. According to him, the firm’s net claims rose N3.04 billion, as against N2.43 billion recorded in 2014, while underwriting expenses decreased by four per cent from N2.74 billion in 2014 to N2.64 billion last year.
Also, management expenses stood at N3.27 billion as against N3.09 billion in the previous year, adding that an increase in reserve of N1.2 billion was made by the group for the insurance and investment liabilities of the life subsidiary within the period under review.
Gbenga Idowu, a shareholder of the company, commending the company’s result for the period under review, congratulated the board for a job well done and for enabling the subsidiaries to make profits. He also commended the firm for looking into the future through investment in information technology that would help drive its operations.
T .O Adegboyega, another shareholder, urged the firm to intensify efforts in growing its investment income. He lauded the board for controlling its expenses and called on the management to pay attention to directors’ allowances and the consultancy fees.
Nona Awo, shareholder, lauded the firm for its donations and urged the management to consider merging the life and non life firms to improve profitability.
— Oct 10, 2016 @ 01:00 GMT