By Rosemary Onuoha

PRESTIGE Assurance Plc has revealed plans to boost its gross premium income to N9 billion by the year 2021.

Managing Director/Chief Executive Officer of the company, Dr. Balla Swamy, said this on the floor of the Nigerian Stock Exchange (NSE) at the presentation of the company’s fact behind the figures.

FROM LEFT: HEAD, INTERNATIONAL PRIMARY MARKET, NIGERIAN STOCK EXCHANGE (NSE), TEMI ONIFADE; GENERAL COUNSEL/HEAD OF REGULATIONS, MS. TINUADE AWE, REPRESENTATIVE OF CEO, NSE, MR. OSCAR ONYEMA; MD, PRESTIGE ASSURANCE PLC, DR. BALLA SWAMY; CHIEF DEALER/COO, HEDGE SECURITIES & INVESTMENT LTD, SAM WILLE NDATA; EXECUTIVE DIRECTOR, RISKS & OPERATIONS, PRESTIGE ASSURANCE, MR. SARBESWAR SAHOO; CHIEF FINANCE OFFICER, MR. OLUWADARE EMMANUEL, DURING PRESTIGE ASSURANCE PRESENTATION OF FACTS BEHIND THE FIGURES AT NSE IN LAGOS.

Swamy said that gross premium income is expected to grow from N3.4 billion in 2017; N5.2billion in 2018; N6.6 billion in 2019; N7.5billion in 2020 and N9billion at the end of 2021.

He added that despite the harsh economic conditions faced with acute shortage of foreign exchange, forex, its firm still strived to record significant profit in 2016 when compared to 2015.

According to him, the net premium of the company is projected to grow by 45 percent in 2017 and 60 percent by the end of 2021, while profit before tax will grow from N877million in 2017 to N3.078 billion by the end of 2021. Profit after tax will also grow from N567million in 2017 to N2.093 billion by the end of 2021.

On risk retention, he said the company’s risk retention went up by 42 percent as at third quarter ended September 2017 when compared to the 43 percent growth of 2016.

Swamy called on federal government to facilitate ease of doing business, at least by amending the companies’ income Tax Act in relation to computation of insurance taxation, easy entry of foreign investment and provision of suitable environment that guarantees return on investment (ROI).