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Crusader Insurance generates N4.6bn income in 2008

Patience Saghana
Crusader Nigeria  Plc has generated a gross premium income of N4.6bn in the financial year ended December 31, 2008.
The group’s 2008 financial statement shows a  45 per cent increase in its revenue, from N3.17bn in 2007 to N4.6bn last year while its asset was grown from N13.02bn in 2007 to N14.14bn as at December 31, 2008.

Directors of the company have recommended that a bonus share of 1 for every 10 shares held be allotted to existing shareholders subject to the approval of shareholders at the 39th Annual General Meeting of the company holding in Lagos later this month.

The management of the company is determined to take the company to greater heights inspite of the challenges in business environment.
Crusader General Insurance Limited, the general risks underwriting subsidiary of Crusader Nigeria Plc, paid out N196.18m as claims to various customers in the first six months of this year.

The payout, according to the company, goes a long way to confirm the company’s determination to ensure that all promises made to its stakeholders are fulfilled and to make sure that its customers are not left to suffer unnecessarily when the unfortunate happens.
A breakdown of the claims payout given by the company confirmed that Crusader General also paid out N104.84m with regard to its motor insurance operations while N1.7m claims were settled to engineering insurance clients.

The firm further stated that general accident accounted for N40.31m out of the claims while another N18.23m was paid out with respect to its fire and special peril insurance.

According to its Managing Director, Mr. Nimbe Oviosu, N10m claims were paid in the area of marine hull in addition to another N21.11m that was paid with respect to marine cargo business.

Crusader Nigeria started insurance business in Nigeria in 1958 as a foreign office of Crusader Insurance Company Limited, Reigate, United Kingdom. It was transacting only life insurance and pension business.

It was incorporated as a Nigerian company as Crusader Nigeria Insurance Company Limited in 1970 and listed its shares on the floor of the Nigerian Stock Exchange (NSE) in 1990.

It veered into non-life insurance business in 1995.
After scaling through the recapitalisation hurdle set for insurers by Federal Government four years ago, Crusader Insurance Plc transformed to a financial conglomerate with interest in the various sub-sectors of the country’s finance industry.


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