NIGER Insurance Plc has recorded Gross Premium Income (GPI) of N5.1 billion for the operating year ended December 2016.
Chairman of the company, Yusuf Abubakar, who disclosed this at the firm’s 47th Annual General Meeting (AGM) in Lagos, said that gross premium written for the period stood at N5.96 billion and operating profit N99.05 billion.The company’s net operating profit after tax was N42.13 billion and total assets N22.51 billion.
Abubakar said that the company had restructured its investment by reclassifying some investment properties to non-current assets held for sale, adding that as a result, investment properties valued at N6.39 billion has been earmarked for disposal in 2017.
According to him, the main objectives of the decision are to fully comply with regulations, engender liquidity and grow investment income thereby creating more value for shareholders.
Managing Director of the company, Dauda Adedeji, said the management has implemented wide range strategic measures as parts of efforts to reposition the company for improved performance. These, according to him, include: A robust and integrated marketing approach; business development/research and statistics; and information communication and technology.
He noted that despite the uncertainties surrounding the socio and macro-economic environment, his strong confidence and reliability on the firm’s diversified product portfolio and robust asset base remained undeterred.
“I also have confidence on the quality of our management team and the support of our stakeholders that give us strength and resilience to navigate the storms of uncertainty in our operations,” he stated.