Prestige Assurance targets 15% Premium in 2015


The Managing Director of Prestige Assurance Plc Dr Balla Swamy said they are expecting to grow their premium income by 15 percent from N2.6 billion that was recorded in 2014 to N3 billion by the end of 2015 financial year.

Dr Swamy disclosed this when the company paid a courtesy visit to the Nigerian Stock Exchange (NSE) and rang the closing gong.

While the market still awaits the company third quarter report for the period ended September 30, 2015.

Dr Swamy said they paid a total of N2.89 billion claims in third quarter of 2015, to all customers against possible eventuality, with fire claims representing 54 percent out of the 774 numbers of claims that was paid during the period.

He said the company has also successfully handled the Dana Aviation claims payment by negotiation and compromising all claims with Foreign Reinsurer, making payment of $23 million, while Prestige and other local co-insurers paid $10 million.

Pointing out that as at the end of December 31, 2014, the solvency margin of the company increased from N4.69 billion in 2013 to N6.14 billion, which bears testimony to the company strength and capacity to meet its future obligations.

In support of the local content in Nigeria, he said the company is finalizing Reinsurance program for oil and energy treaty to the tune of $10 million covering Nigerian oil and energy risks both on shore and off shore and $5 million for Aviation.

Adding that in preparatory to improving its profitability, they engaged in process re-engineering whereby they no longer underwrite the Foreign Facultative business in compliance with the National Insurance Commission (NAICOM) No Premium No Policy and concentrate on domestic business thereby establishing the Strategic Business Unit (SBU) in order to create a platform to compete favourably with its counterparts.

Dr Swamy said they have map out strategist in attaining its vision of becoming one of the top three insurance company in Nigeria.

These includes, going into e-business through introduction of e-insurance policies, while two more products is to be launched before the end of the year. Also for easy access to customers, they are embarking on opening more branches in Apapa and Ikeja in addition to its existing four branches.

The visit was also an opportunity for the company to introduce its new chairman Mr Hassan Usman, who solicited the support of stockbrokers as the company celebrates its 23 years of been listed on the exchange and having operated for 63 year in Nigeria.

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