By Michael Eboh
UnityKapital Assur ance Plc has announced plans to transform its operations through the deployment of world class Information Technology (IT) infrastructure and venture into insurance services that cater for the needs of the grassroots.
Speaking during the listing by introduction of its 12.35 billion ordinary shares of 50 kobo each at N2.50 per share on the Nigerian Stock Exchange (NSE), Managing Director of the company, Mr. Mohammed Kari noted that the transformation of the company would help in its drive towards nationwide branch expansion, taking its services to majority of the populace.
According to him, the transformation is parts of its intention to improve its market presence, fortify its management and staff skills to world-class standards among others.
He said, â€œWe are poised to transform the company into a totally IT-based company with first class services, interconnecting all parts of our country, with a nationwide branch network. We also hope tio be the leader in the development of human capital by the provision of continuous first training to our staff.
â€œWe will also continue to offer excellent servcies that exceed customersâ€™ expectations, using appropriate technology, highly motivated staff and customised products. This will guarantee enhanced patronage, brand loyalty and increased market share.â€
He disclosed that the company plans to venture into newer areas of insurance service provisions, like Bancassurance, Islamic insurance services and micro-insurance.
He noted that the company has concluded arrangements to launch its operations in 200 outlets across the country, early in the new year.
In its third quarter unaudited financial statement for the period ended, September 30, 2009, the company recorded underwriting profit of N624.69 million compared with N261.58 million recorded in its 2008 financial year, it recorded an investment income of N646.32 million compared to N645.33 million in 2008, and a sundry income of N4.06 million compared to N27.08 million in 2008.
It reported a profit before tax and exceptional item of N575.62 million compared to N193.29 million in 2008, and a profit after tax of N518.06 million as against N137.12 million in 2008.
The company is forecasting a gross premium of N2.31 billion, N2.89 billion and N3.61 billion for its 2010, 2011 and 2012 financial years respectively, profit before tax of N2.33 billion, N3.52 billion and N5.1 billion and a profit after tax of N1.86 billion, N2.81 billion and N4.08 billion in 2010, 2011 and 2012 respectively.
It is forecasting a gross premium of N1.56 billion for the current financial year, profit before tax of N767.49 million and a profit after tax of N613.99 million.