By Akunne Chika
In spite of the scourging heat of the global financial meltdown, Prestige Assurance Plc recorded 33.47 percent rise in its net premium income for the financial year ended December 2008.
The company net premium income increase to N1.58billin in the year under review from N1.181billion generated in 2007 just as the company gross premium income rose to N3.01billion in 2008 from N2.261billion posted in 2007, an increase ofÂ 33.07 percent.
At the 39th annual general meeting of the company in Lagos, Chief C.S Sankey, theÂ companyâ€™s chairman beieve that the effort of the National Insurance Commission would would help to foster growth in the sector even at this critical period of financial crisis.
According to him, â€œWe believe that the various initiatives of the regulators coupled with the on-going efforts of the government to foster growth of the Nigeria economy will positively impact on the insurance industryâ€
He said, â€œWith the enormous potentials of the Nigerian insurance market, and the better capitalisation of insurance firms. It is believed that the increases capacity of insurers will translate to higher premium growth and deeper industry penetrationâ€
Despite the harsh operating environment, Prestige Chairman stated, â€œlt is my pleasure to inform you that the Board and Management have worked assiduously to still keep your Company on track of sustained profitability.
The company profit before tax also recorded significant increase toN1billion in 2008 from N901.57million in 2007 whilst its profit after tax moved up by 11.53 percent; to N711.65million in 2008 from N638.1million in 2007.
â€œWe, as a Company, will continue to adequately reward our Shareholders as we are fully prepared to deliver on our promises of good returns on your investments, said Sankey.
He assured that theÂ companyâ€™s management would continue to do all that wasnecessary to attract the best professionals from within and outside the Insurance Industry to complement the excellent work of the existing staff so as to deliver quality service that would add value to Shareholders of this Company.
He said, â€œ Prestige Assurance has planned to construct a new building of five storeys at the back of the head office for-future operational requirements and improving upon the asset base of the Companyâ€.