By Rosemary Onuoha

Standard Alliance Life Assurance Ltd has announced that it achieved a gross premium income of N5.809 billion during the 2010 business year.

In a statement made available to Vanguard, the amount revealed that the sum of N4.155billion represent performance in Retail and Deposit Administration production, while N1.653billion accounts for Gross Life premium production (Group and Individual Life Businesses) representing 13.3 per cent growth over 2009 results.

Also, the company recorded a total pay-out of N4.7 billion to concerned policyholders and claim beneficiaries during the same year as against the N5.25billion it paid in 2009. This shows a decline of 10.4 per cent due to the company’s efficiency in its claims and benefit payment to policyholders.

These formed part of the details given by the company’s Chairman, Olorogun O’tega Emerhor, during its 2010 Annual General Meeting held in Lagos last Tuesday.

Giving further details to the owners of the company at the meeting, Emerhor said revenue from investment-linked products witnessed a decline in growth from N4.590 billion in 2009 to N4.155 billion in 2010, representing a 9.48 per cent reduction between the performances recorded in 2009 and 2010.

According to him, this reduction was as a result of Management’s strategy to have balanced mixed product sales.

However, Emerhor said that Profit before Taxation and exceptional item increased from N251million in 2009 to N689.8million in 2010, representing 174.95 per cent growth over the result achieved in 2009.

The Chairman explained that “the provision for exceptional item was as a result of an impairment provision of N1.845 billion made in the year in respect of investment in our associate company.”