By Rosemary Onuoha
ROYAL Exchange Plc has secured the approval of the National Insurance Commission (NAICOM) to underwrite agric-business. The company said that the move is part of efforts to unlock new growth potentials that will increase consumer value and better returns on investment to its shareholders.
Speaking to shareholders at its 48th Annual General Meeting in Kano, Chairman of the company, Mr. Kenny Ezenwani Odogwu, said that the future of the company is bright, adding that the management has done very well in growing the business and bringing stability in her operations.
He stated: “Royal Exchange stays abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position.”
According to him, the Group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders. “This we believe will reposition our company as not only a major industry player, but as potential game changer, Odogwu said.
In the financial year ended December 2016, the Group recorded a 16 percent growth in gross written premium from N10.79 billion in 2015 to N12.52 billion in 2016, while total assets witnessed a growth of 19.4 percent, from N26.5 billion in 2015 to N31.67billion in 2016.
Group Managing Director, Alhaji Auwalu Muktari stated that Royal Exchange will strive to pay dividend next year having maximized available growth opportunities, including investment and underwriting during the year.