Niger Insurance plc in the 2012 financial year posted a 32 per cent growth in written gross premium, moving from N7.81 billion in 2011 to N10.33 billion in the review period.

Its profit before tax stood at N703.49 million while retained profit to reserves closed at N776.29 million.

Shareholders of the underwriting firm got a dividend payout of 3kobo, eulogizing the board for sustaining its dividend tradition despite challenges in the business environment.

Consequently, Niger Insurance is looking into future having commenced discussion with a potential foreign partner that is expected to bring in additional capital, expertise and advanced technology to drive its growth plans.

Chairman of the Company, Bala Zakariya’u who disclosed this at its 43rd Annual General Meeting held in Kaduna said this is part of the reason to increase its authorised share capital from N4.3 billion to N6 billion by the addition of N3.4 billion ordinary shares of 50 kobo each, where it secured the shareholders nod.

He said that Niger Insurance during the year under review also increased its investment income by 27 per cent, from N1.18 billion in 2011 to N1.51 billion at the end of 2012. This is as other comprehensive income grew by 620 per cent to N518.09 million from N71.95 million.

The company’s total assets also appreciated reasonably at 12 per cent, from N19.96 billion in 2011 to N22.29 billion.

Zakariya’u further stated that the company in the review year embarked on a wide range of measures designed to strengthen the company’s position in the industry and with a view to sustain good returns to the shareholders.

“The varying forms of instability in the macroeconomic environment, shrinking market opportunities caused by price wars in the industry, compelled the re-engineering initiative, which was led by the board during the year.”

“It incorporates and highlighted basic commitment to profitability by all, through an integrated market approach, cost containment, the creation of new orientation and development of the Niger Insurance identity.”

According to him, the company has segmented its products distribution outlets into corporate retail and special markets, in the context to be market driven and customer focused, rather than the discarded class delineation only, programme.

Zakariya’u assured that the new management is determined to develop enterprise-wide architecture to achieve ICT-enabled business environment for  sustained growth.

Kola Adedeji, Managing Director of the company said the Niger Insurance would continue to enhance its workforce through continuous training for increased consumer value. “Our employees are critical success factors. We have therefore adopted an integral human resources management approach which will develop our human capital to focus on continuous learning and improve their creativity, the main objective being to ensure that each employee is given adequate opportunity to add value to the company’s business processes, Adedeji noted.