Addressing shareholders at the 53rd yearly general meeting held in Lagos at the weekend, the Chairman of the company, Dr. Fidelis Ayebae said the company’s gross premium stood at N33.3 billion, reflecting an increase of 20 per cent over the previous year’s figure of N27.8 billion.
According to him, investment income increased by 37 per cent while the income for 2022 and 2021was N1.5 billion and N1.1 billion.
He pointed out that the gross claims incurred during the year was N12.3 billion; an increase of 7.9 per cent over that of the preceding period which stood at N11.6 billion.
Ayebae stated further that the gross claims ratio for 2021 stood at 42.0 per cent whereas that of 2022 was 37.4 per cent, decrease of 5 per cent.
He said the firms net claims paid for the year was N7.6 billion, while that of the preceding year was N5.5 billion; resulting into an increase of 38 per cent. The net claims ratio was 22 per cent for the year under review and 19.9 per cent for 2021; an increase of 2.1 per cent.
“The Group’s Profit before Tax (PBT) for the year under review was N5.5billion and N4.5 billion in 2021, an increase of 21 per cent. The parent company’s PBT was N5.5 billion for 2022 and N4.5 billion for 2021 an increase of same 21 per cent.
The position of the group financial assets increased by 32.6 per cent while total assets and total equity improved by 19.9 per cent and 18.7 per cent respectively.
The Parent Company also had the same percentage increase in Financial Assets and total equity. The total assets increased by 20 per cent.
The group’s EPS for the year under review was 1.08 while that of the previous year was 0.88; an increase of 0.28 per cent. The parent company’s EPS for 2022 and the preceding year has the same percentage increase.
The chairman said the management sent over 90% of the staff on various trainings, workshops and conferences during the year under review in line with the company’s policy of enhancing the knowledge of members of staff and improving their skills on the job.
“Good work tools and working environment were also provided for better performances. Also, deserving, members of staff were promoted during the year.
Its pertinent to appreciate two executive directors that retired in 2022 after decades of meritorious service to our great company, they are Messrs. Adebayo S.J and Odamah M.A., wishing the duo brilliant success in their future endeavors.”
