By Cynthia Alo

African Alliance Insurance Plc has recorded 45 percent increase in Gross Premium Written (GPW) which rose to N7.5 billion for the year ended December 2019 from N5.17 billion recorded the previous year.

The company disclosed this in its unaudited financial statement for  the full year ended  December  31st 2019.

According to the financial statement, African Alliance grew its underwriting income from N5.11 billion to N6.94 billion representing 36 percent growth year-on-year,  while claims increased by eight percent year-on-year from N8.78 billion to N9.48 billion.

Commenting on the financials, Chief Executive Officer of the firm, Mrs. Funmi Omo said:  “The financials show marked progress in our strategy to expand our  retail presence and aggressively grow our market share despite suspending our largest line of business, annuity.

“Our commitment to customer satisfaction is also clearly exemplified by our claims payment in the year 2019. For us, the customer is our lifeblood and we will always bend back to satisfy them every time they call on us,” she added.

On the sustainability of the business, Omo allayed the fears of all stakeholders,  pointing to the various innovations that have taken place within the company over the past year.

She said: “We have put in place a virile Business Continuity Plan (BCP) as a way of telling our shareholders and investors that we are indeed here for the long term while our investment portfolio is now being looked after by a smart team of experts with demonstrated accomplishments in the financial services.

“Internally, we have instituted a paperless policy that has seen our use of paper drop to a negligible minimum. We have put our sales team through various training and retraining; these are already yielding fruits as evidenced by the increased premium year on year.

“We are easily one of the most visible and engaging brands amongst our peers in the digital space. Indeed, we are not relenting in our drive to ensure we remain true to our commitment to being with the customer for life.”

Vanguard