Insurance PHB Limited has announced gross revenues of N2.687 billion for the company as against N2.148 billion in 2008 inspite the hostile operative business environment in 2009.

The Managing Director and Chief Executive Officer of Insurance PHB Limited, Mr. Anselem Igbo said this was possible due to improved underwriting results of the company’s motor, oil and gas and marine businesses.

According to him, improved risk portfolio management, the company’s very robust reinsurance treaty arrangement, systematic over_head management, vibrant aggressive youthful management and workforce of the underwriting firm also impacted positively on the results, adding that the trend was definitely expected to continue in the company’s operations.

Also, an analysis of the approved financial report shows that there was also reduction in claims incurred from N602 million in 2008, to N536 million in 2009 and also a shift from loss of N449 million in 2008 to N375 million profits before tax in 2009 saying this is as a result of strict adherence to NAICOM’s regulatory directives and disciplined management of resources .

Igbo noted that the company has put things in place that are being applied in its operations in 2010, to ensure further improved results by the end of 2010 financial year saying the company in the area of products development is further expanding its frontiers in the marketing of its retail products especially by expanding its market across the country.

The Managing Director while reviewing the company’s operations in 2009 said the company has already started enjoying the benefits of its recently launched insurance software as the new infrastructure has imparted on turn_around time, quality service delivery and errorless documentation adding that the impact will further increase financial results in the coming year.

He also said that the company is aware of the importance of the recently launched campaign on NAICOM compulsory insurance across the country and Insurance PHB intends to leverage on this campaign to market the policies and increase its market share.

“It is in line with this that the company will soon open up online third party insurance where vehicle owners can obtain third party insurance easily at locations close to them and will also have the opportunity of possessing genuine third party insurance as against non genuine ones available to them.