African Alliance Insurance Plc’s gross premium income rose to N7.11bn at the end of the December 2022 financial period from N7.03bn in the corresponding period of 2021.
The Chairman of the company, Ogwemoh Sylva, disclosed this during its 53rd and 54th annual general meeting in Lagos.
He also disclosed that it paid N4.26bn annuity claims in the period under review.
The group’s gross premium written stood at N6.81bn as of the end of December 2022, while that of the company rose to N6.81bn when compared to N6.16bn achieved in the same period of 2021.
Net premium income for the company appreciated from N5.59bn in 2021 to N6.89bn in the year under review, showing a growth of 23.28 per cent.
The group’s total assets grew by N53.47bn at the end of December 2022 when compared to N41.59bn recorded in 2021; indicating 28.58 percent increase.
He assured that the board and management of the company would continue to sustain their commitment to sound risk management, and the maintenance of robust corporate governance structures.
The chairman said, “Our optimism for the upcoming years is underpinned by a dedication to delivering on our strategic objectives and providing unparalleled customer experiences. We are resolute in our pursuit of excellence and look forward to the opportunities that lie ahead.”
Speaking further, the Managing Director, Joyce Ojemudia, said the company experienced 10.66 per cent growth in gross premium written, totalling N6.81bn for the fiscal year.
She said 11.5 per cent reduction in operating expenses was achieved through rigorous cost-cutting initiatives.
“We maintained an unwavering commitment to payment of claims throughout the period under review, underscoring our commitment to our customers,” she said.
The breakdown of claims paid showed that for individual life, the company paid N1.86bn; for group life, N1.43bn was disbursed; claims on Takaful stood at N714.1m; Esusu was N1.14bn; while annuity was N4.26bn.