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Oasis Insurance promises better returns to shareholders

By Peter Egwuatu

Despite the challenges being faced by operators in the financial service sector, the management of Oasis Insurance Plc, has promised its shareholders of better returns in the years ahead.

The company in a statement made available to newsmen in Lagos stressed that rewarding shareholders is part of its policy adding that it will not abandon it mid way.

The company, which presented its second quarter result to the Nigerian Stock Exchange (NSE), last week said the improvement in its performance is an indication of better things to come.

A look at the result showed that it recorded a profit after tax of N102 million for the six months ended June 31, 2010 as against N76.3 million in 2009.

Chairman of the company, Chief Samuel Adegbite, in the statement said the performance was good in all respects, taking into consideration the enormous challenges in the operating environment.

He said: “For many of the recapitalised insurance companies, including, Oasis Insurance Plc, the road to final recapitalisation approval process was tortuous. Our company recapitalised and was re-licensed as a General Business insurer in 2007.”

According to Adegbite, “trading under this environment, our company was able to make a premium income of N895 million as against N558.4 million for 2009, aided by a fairly good investment income.

On the future of the company, he said: “The opportunity to grow the company to the highest and desired enviable level stares your board and management in the face and is hinged on being adequately capitalised to underwrite the abounding risks and taking investment opportunities as they come.

“To engender this envisaged rapid growth, we have to be steps above competition and drive competition towards achieving needed capital for this purpose, your company shall be seeking your approval to offer share by way of rights issue and initial public offering. I encourage you to support your company all the way in this necessary course of action.”


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