Royal Exchange General Insurance Company (REGIC) has announced a Gross Written Premium of N10.58billion for the financial year ended December 31, 2019.
This disclosure was made by the Company’s Chairman, Alhaji R. M. Gwarzo, at the it’s virtual Annual General Meeting, held in Lagos recently.
The Chairman also stated that the company was on the path of profitability and sustained growth.
He disclosed that the company’s gross premium income for the 2019 financial year stood at N10.86 billion while total net claims paid to policy holders stood at N1.11billion. Also, underwriting profit was N1.14 billion in the period under review.
He said total assets for the company for the year under review was N21.94 billion with shareholders’ funds standing at N9.61 billion. Its profit before tax stood at N974.6 million, just as profit after tax of N654.7million was reported for the 2019 financial year.
The Managing Director/Chief Executive REGIC, Mr. Benjamin Agili, who spoke to the media after the meeting, revealed that despite the harsh operating environment, the company was able to grow its topline figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions, its renewed focus on the retail markets which shall be a growth driver in the future and agriculture insurance, which is beginning to gain attraction in the insurance market in Nigeria.
His words:“We are expanding our strategic focus to these three main areas: – digital insurance, retail insurance market and agriculture insurance as farming is a key economic activity in Nigeria”.
The M.D. further stated that his Company, Royal Exchange General, with its approved 2019 financials was poised to surpass the NAICOM’s directive on on recapitalisation.
Agili explained to the media that plans were on top gear to ensure that REGIC is well capitalised and able to take advantage of the opportunities that will present itself in the insurance market in Nigeria