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Finsurance targets N2bn income 2009

By Patience Saghana
The management of Fin Insurance Company Limited (Finsurance) says it is targeting a gross premium income of about N2 billion at the end of 2009 financial year.

In a statement made available to journalists in Lagos, the insurance firm stated that it has put strategies in place to achieve this set target.

According to the company’s management, the recently concluded re-engineering of operation through which top level professionals were engaged, was aimed at a total transformation of the underwriting firm and to reposition  it for quality service delivery. It was added that the entire branch network of the organisation is presently driven by high-tech Information Communication Technology (ICT) infrastructure deployed to drive the process and ensure prompt claims settlement.

The new management team led by Alhaji Muktari Auwalu as the Chief Executive Officer, also hinted that the company is awaiting the nod of the regulatory authority to flag off its life business unit. It was pointed out that the new products designed to meet specific needs of its customers are in the life category and will be rolled out into the market as soon as the blessing of the National Insurance Commission (NAICOM) is received.

On the recent crisis rocking the banking sub sector, management of Finsurance assured its customers that the issue has no negative effect on the underwriting outfit. He therefore urged the numerous customers of the underwriting outfit to continue having trust and confidence in the company, noting that Finsurance would always strategise on how to provide them with service second to none in the industry.

Fin Insurance Company was formerly owned by the Bauchi State Government until the insurance industry consolidation which ended in 2007.The company’s corporate insignia was changed to reflect the new ownership, Fin Bank Plc who acquired about 79 percent equity of the company. Since then has been recording steady growth in premium income generation and profitability.

The 20 years old company has N3billion capital base and another N3billion excess liquidity making it one of the most liquid under writing firms in the country and currently operates from 13 branch locations strategically spread across the country.

Plans are also in pipeline to embark on further branch expansion that would ensure the company’s presence in all the 36 state capitals, while the corporate office of the company was relocated from Bauchi to the Federal Capital City of Abuja for strategic reasons shortly after the capitalization exercise. The company is also planning to take advantage of the expansive branch network of her parent company to advance bancassurance practice and generate more premiums.


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