Prestige Assurance Plc held its 54th Annual General Meeting (AGM) in Lagos, where Chairman Mrs. Funmi Oyetunji addressed key issues, including the conversion from IFRS 4 to 17 and the extension of the share floating deadline to August 2025.

Mrs. Oyetunji assured shareholders of the company’s commitment to sustaining its current performance, citing positive results from the first and second quarters of 2024. “We are focused on maintaining our momentum and ensuring long-term growth for our shareholders,” she stated.

Despite paying a penalty of N16 million for late submission of quarterly results, the company approved a dividend of 2 kobo per share, payable on Friday, August 9, 2024.

Mrs. Oyetunji emphasized that the N16 million penalty incurred for late submission of quarterly results was avoidable.

As a result, management will be held accountable, and the penalty will be borne by them, ensuring accountability and responsible governance

The company’s low dividend payout of 2 kobo per share is a strategic move to prepare for potential recapitalization requirements from NAICOM. This prudent approach ensures Prestige Assurance’s financial readiness for future regulatory demands.

Prestige Assurance is proactively addressing NAICOM’s recapitalization requirements, exploring two scenarios: N10 billion and N25 billion. If the regulator sets the threshold at N10 billion, the company is well-positioned to comply.

However, if the requirement is N25 billion, Prestige Assurance will explore alternative options, including private placement, rights issue, or public offers.

“We are proactive in addressing the recapitalization requirements and are confident in our ability to meet the necessary standards,”  Mrs. Oyetunji added, noting that the company is engaging with regulators and industry stakeholders to ensure a smooth

Shareholders expressed confidence in the company’s management and strategic plans, looking forward to a brighter future for Prestige Assurance Plc.