By Ikeoye Oyetoro
Goldlink Insurance Plc has announced a gross premium earning of N 4 billion as at the end of the nine months ended, September 30, 2010 just as the company settled N 775 million claims in the third quarter of last year.

According to a statement released by the company, the underwriting firm recorded a growth of 21 per cent in gross premium as it rose to N 3.85 billion in 2010 from N 3.12 billion in the corresponding period of 2009.

The company also grew its Profit After Tax by five per cent from N 678.2 million in 2009 to N 709.7 million in 2010. Goldlink is one of the very few insurance companies to declare a dividend in 2010. This impressive performance is in spite of the very challenging environment in which the insurance industry operated during the period.

The industry regulator recently introduced new financial reporting guidelines that many insurers are still battling to grapple with; rate cutting remained a challenge, premiums are dwindling while claims and other costs keep rising.

In a related development, the notable underwriting company disclosed that it settled claims worth over N 755 million within the same period. The financials for the period show that over N 512 million was paid as claims under General Insurance while the Life Portfolio of the company paid N 243.4 million claims. Under the General Insurance business line, Motor Insurance gulped N 232.6 million; Fire Insurance, N 76 million; while General Accident and Marine Insurance settled N 137.3 and N 65.9 million claims respectively.

The Chief Executive Officer of the company, Mr. Femi Okunniyi noted that the company has been making profit without neglecting its duty to clients who have suffered one loss or another. “Prompt claims settlement is our culture in Goldlink. It is the singular most important test for any insurer. The quality of an insurer and its products is not in the beauty of its offices or the elegance of its marketing apparatus; it is reflected more in its handling of genuine claims when they arise”, he retorted.

Mr Okunniyi said the value placed on the insured in Goldlink necessitated Management’s standing order to all its functionaries across the branches to attach equal urgency and importance to marketing for new businesses as well as to settlement of claims on existing accounts.

According to him, ‘a client retained is worth more than ten not yet gained’. He assured brokers, clients and other stakeholders that the underwriting company is being re-engineered for better service and more innovative products which will better meet the needs of the insuring public and endear insurance to them.

Goldlink is expanding its branch network and improving its processes. The company recently opened a branch in Abeokuta, the Ogun state capital.

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