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Crystalife Assurance plans diversification of product offerings

By RITA OBODOECHINA

The board of Crystalife Assurance Plc said it will seek to improve its industry presence by diversifying its product offerings and optimally deploying delivery channels.

The chairman of the company, Mr. Kehinde Durosinmi-Etti disclosed this to shareholders during the company’s 14th annual general meeting held in Lagos.

Durosinmi-Etti said that in terms of brand image and operational efficiency, the company will always seek improvement in all its spheres of operation, required investments in people, technology and process will be given optimum attention.

He noted that the company would implement a risk based operational approach with the objective for an efficient management of all processes.

Speaking on the financial performance of the company, he said the company recorded a relatively good performance in the year ended December 2011.

According to him, gross premium income stood at N2.6 billion, which was a 24 per cent growth from N2.1billion reported in 2010. He said its life fund grew by 28 per cent from N1.13 billion in the previous year to N1.44 billion, resulting in actuarial valuation surplus of N788 million.

Accrued shareholders portion of this surplus of 44 percent increased the share holder’s fund from N3.00 billion in 2010 to N3.2 billion in 2011, while investment portfolio grew from N3.7 billion to N4.1billion, recording a profit before tax of N225 million.

The company further declared a final dividend of 2kobo per ordinary which will be paid within a month’s time.

According to the Chairman, “In 2012, an estimated industry Gross premium of about N250 billion appears realistic, as the success of the MDRI should significantly drive volume in that year and in subsequent years. This development will engender the creation of additional jobs across the industry through the agency network system, expectedly this should increase market penetration and create a wider outreach for the desired consciousness about insurance in Nigeria”


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