January 27, 2014

GNI achieves PAT of N900m in 2012

Great Nigeria Insurance Plc has declared a profit after tax of N903 million in its 2012 financial year, according to the approval that was recently received from the industry regulatory authority; National Insurance Commission, NAICOM.

In a statement, the company said that it is a commendable achievement when compared to the previous year PAT result which stood at N399 million, adding that the 2012 performance represents 119 per cent leap for an insurance company.

The statement maintained that it is also remarkable when it is considered against the backdrop of the challenging business climate experienced in year 2012 and the need for strict compliance with the International Financial Reporting Standards, IFRS, which had only taken off that year.

According to the statement, the result also showed a sustained growth by the Cecilia Osipitan led organisation when appraised by business analysts since the approval of the result was released and have been commenting positively on it; that the result showed an efficiently managed company that was able to make this profit with this level of gross premium income.

GNI’s gross premium as at 31st December, 2012 stood at N2,881,139 billion as against the turnover of N2,403,889 billion of 2011, this shows a 16.5 per cent comparative increase.

Meanwhile, the total assets also experienced similar growth of 13.8 per cent at N8.432 billion as against the 2011 figure of N7.265 billion.

Noteworthy also, is the fact that within the same period of year 2012, the company paid out N833,122 million as claim to its various customers.

In the same vein the retail products of the company which are sold under its eBusiness platform has also started growing; one of which is Fireproof to cover against possible loss of properties through fire, another is Great Savers Delight; which is a savings investment scheme, Motorflex is an improved version of third party motor insurance policy and GNI Personal Accident Insurance product is for injuries sustained in accidents. Only few weeks back the company paid N1.6 million insurance claim to a fire victim customer; Victor Okosieme after he had purchased a Fireproof Insurance product from the Company with a premium of N4,000.

Commenting on the company’s performance, the Managing Director/CEO, Mrs. Cecilia Osipitan said “This is a testimony to the process re-engineering and customer centric focus of the organisation and the consistent human capital development of our staff.” She said that the company had ensured that strict compliances to ‘business ethics was paramount to the sustainability of all our goals.’

She revealed further that the company has initiated series of plans which includes changes in the company’s IT software, adding that a new software has been purchased with staff undergoing both local and international trainings to guarantee positive turnaround time impact.