By Cynthia Alo

PRESTIGE Assurance Plc has recorded 140 percent increase in its Profit After Tax, PAT, for the financial year ended December 2017.

The company said its PAT rose by N531.8 million in 2017 from N221.9 million recorded in the corresponding period in 2016.

Addressing shareholders at the company’s annual general meeting in Lagos, Chairman of the company, Mr. Hassan Usman, said that gross premium increased by 46 percent to N3.8 billion from N2.6 billion in 2016.

He stated: “During the year under review, net premium income was N1.4 billion from N1.1 billion while investment income was N830.9 million from N417.8 million.”

Usman stated that the company’s profit is as a result of the various driven strategies it employed for the year under review.

“The strategies include the introduction of new products such as Salary Protection Shield, Mediclaim, digital insurance, travel insurance among others.

“Our company has positioned itself to succeed in a vibrant financial market and more importantly in insurance sector by introducing new products and processes that guaranteed good returns on investments, as such no stone will be left unturned to build financial supermarket that delivers quality services and generate profits to our loyal and esteemed shareholders. During the year under review, we launched two new products, the prestige Salary Protection Shield and the Mediclaim policy with both products showing success and potentials”.

He also noted that the company is set to expand its operation across the country with the opening of  Single-Man offices and a plan to open more branches so as to acquire the significant market share of the insurance industry.

Also speaking, Managing Director of the company, Dr. Balla Swamy, said that for the period under review, there was increasing competition especially with the entrance of foreign insurers into the market.

He disclosed that as part of its strategy, the company has settled its accumulated losses in 2018 financial year, thereby reinstating shareholders back to their equity positions.

Commenting on the future of the insurance industry, Swamy said, “The future of this industry largely depends on sound underwriting, prompt claims settlement, and proper funds management with innovative information technology.”