By Patience Saghana
National Insurance Commission (NAICOM) has approved a total of 15 new products for Capital Express Assurance Limited for deployment into the market in 2011.
This is coming on the determination of the firm to expand its retail market that will subsequently increase premium earnings and deepen penetration.
Babatunde Ademola Adenuga, Chairman of the company who disclosed this at its Annual General Meeting in Lagos said customers needs are key to its success, that is why management is working very had to come up with tailor made products that will excite consumers.
“Our strategy is to focus on retail business and develop more risk based savings products that will continue to enhance quality of life of our niche market”.
Adenuga stated that this is the time to concentrate on critical elements such as distribution, unit cost of products and benefits delivery to enhance the value to customers, as well as returns to shareholders for sustainable long-term growth.
Anthony Aletor, group managing director, reviewing the company performance in 2009 said last three years has been quite tasking for organizations. He observed that while the business environment in 2009 was not different from 2008 in terms of opportunities, the year presented additional challenges, which emanated as result of the regulators attempt to correct the mistakes of the past.
This situation he noted affected the company’s performance resulting to a gross revenue of N1.08 billion in 2009 as against N2.08 billion in2008 while the total asset base represents N5.5 billion compared to N5.8 billion in 2008.
Total net claims incurred less recoveries was N583.6 million as against N717.8 million in 2008 and this he noted represents maturities and surrenders. On death benefits, there was a significant decrease following the ability of the company to manage acquired businesses during the last recapitalisation exercise.
On retail operation Aletor said the company generated N312.8 billion in the review year and so is poised to use retail business as the bedrock of its future operations and so management has embarked upon massive expansion and staffing of its agency operations by opening new zonal offices in Abuja, North, South-South, South East-East and South-West.