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SA Insurance records N24bn balance sheet result

By Ifeanyi Ugwuadu
An early shot at the capital market just before the burst has shot SA Insurance to the list of most capitalised underwriters in the country. Current results released to shareholders last week shows a 264% growth in shareholders’ funds at N24billion from N6.3billion position in 2007.

Total assets also rose 228% at N24billion during the year under review from N7.4billion (approx) in 2007. Total investments shot up immensely at N19billion during the 2008 financial year.

Dividends totaling N600million was paid out to shareholders.  The figure represents 10k or N175million per share to preference shareholders and 5k per share or N425million payable to ordinary shareholders.

The company also grew its premium income by 42% at N3billion in 2008 compared to about N2billion recorded the previous year. Pretax position was N1.1billion or 188% higher than the N444.5million achieved in 2007.

Chairman of the board, Alhaji Aliyu Sa’ad said in spite of the downturn in the economy, the 2009 results will be better based on new opportunities in innovation, new products offering and IT infrastructure upgrade.
“With the conclusion of the public offer and the injection of over N18billion into our our operations and the capitalisation of the subsidiaries, we are very hopeful that future results will be more rewarding”, board chairman said Thursday in Lagos.

Sa’ad informed shareholders that the board was committed to providing strong oversight on the operations of the company. “We are committed to promoting best practices and also resolved to put in place a strong corporate governance structure.”

Outgoing group CEO, Mr Bode Akinboye said future success of the company has been laid and will be captured in retailing insurance through expanded outlets. The expansion drive is aimed at capturing more marker share through innovative products, he stated.
He said it was easier to build a stronger company as the company has demonstrated a strong earning power and better returns on investment.

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