By Rosemary Onuoha
Royal Exchange General Insurance Company, REGIC, has posted a Gross Written Premium of N10.58 billion for the financial year ended December 2019.
Chairman of the company, Alhaji Rabiu Gwarzo, disclosed this at the company’s 12th annual general meeting, which held virtually recently.
Gwarzo also stated that the accounts show that the company is on the path of profitability and sustained growth, as all financial indices were positive for the company.
A further review of the results show a gross premium income of N10.86 billion while total net claims paid to policyholders stood at N1.11billion and underwriting profit was N1.14 billion for the period under review.
Total assets for the company for the year under review was N21.94 billion with shareholders funds standing at N9.61 billion, profit before tax amounted to N974.6 million and a profit after tax of N654.7 million was reported for the 2019 financial year.
Speaking on the performance of the company, Managing Director/Chief Executive, Mr. Benjamin Agili said that despite the very harsh operating environment, the company was able to grow its top line figures and maintain its leadership in key corporate accounts.
He said: We participated in large-ticket insurance transactions. There is a renewed focus on the retail markets – which shall be a growth driver in the future – and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.
“We are expanding our strategic focus to these three main areas: – digital insurance, the retail insurance market and; agriculture insurance – as farming is a key economic activity in Nigeria”.
Speaking further on the firm’s recapitalization plans, Agili said that Royal Exchange General, with its approved 2019 financials is poised to surpass the NAICOM directive and plans are in top gear to ensure that REGIC is well-capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria.
Agili said: “REGIC will continue to reinvent itself to be more responsive to the needs of the customer, offering them the products and services they need, in ways that they want. We are adopting a customer-centric approach to all our businesses to ensure we are competitive in the market.”
On agriculture insurance, Agili said that it is a key focus area for the company in the years to come and it is vital that knowledge, penetration and understanding about the values and usefulness of insurance in agriculture is promoted.
“Recall that REGIC was among the first three insurance companies to obtain NAICOM approval for Weather Index Insurance (WII).
“We have also recently obtained approval for livestock, poultry and fish farming insurance which is already being taken up by livestock farmers in the country.”