By Esther Onyegbula
Niger Insurance recorded an underwriting profit of N3.4 billion in 2009 against N2.4 billion in 2008, showing a growth of over 40 percent. The company also posted a premium income of N6.6 billion, representing 25 percent increase from the 2008 financial year.
The growth in profit shows that in spite of the global meltdown and its financial implication; the company has been able to maintain an effective financial management through its exceptional ethical practices which is a distinct quality of an underwriting company.
The board of directors is very confident that given the strategies it has put in place, both in human and capital development, the result will no doubt improve this financial year; hence assuring shareholders of a successful business year.
In the 2009 financial year, Niger Insurance paid out claims worth N1 billion in claims to its numerous policy holders, including individuals and corporate institutions that suffered losses during the period. This payment is a 15 percent increase from the previous operational year, 2008.
Dr Justus Clinton Uranta, Managing Director/ Chief Executive Officer of the companyÂ noted,Â â€œIt has successfully maintained its core operations of risk bearing and claim settlement due to our financial stability and operational efficiency; hence securing customers loyalty at all timesâ€.
Uranta disclosed this during a press conference in Lagos last weekend.
According to him, â€œThe current global meltdown is a reality that all individuals and businesses alike have had to face, insurance companies inclusive. Despite this situation, Niger Insurance has successfully maintained its core operations of risk bearing and claims settlement through our financial stability and operational efficiency.â€
He further pointed out that the company is currently undergoing a corporate transformation and re-engineering to enable its consistency in genuine claims to its valued customers through its new scheme â€˜Niger Enterprise Strategy transformationâ€™ (NEST) .
The key elements of the programme include networking through strategic partnership, integrity as the hallmark of corporate stewardship, global competitive outlook, empowerment to build a successful future and reliability for execellent service delivery.
The companyâ€™s vision he said, is to become the insurance company of the first choice in Nigeria, noted for high level transparency, efficiency, capacity and superlative customer service.â€
Mr Andrew Nwaujo, Executive Director Technical said that â€œNiger Insurance Plc will continue to add real and genuine value to its customers needs while maintaining and enhancing the companyâ€™s clienteleâ€.