African Alliance achieves a gross premium income of N7.11 billion
African Alliance Insurance Plc saw an increase in gross premium income, reaching N7.11 billion by the conclusion of the financial period in December 2022, compared to N7.03 billion in the corresponding period of 2021. Ogwemoh Sylva, the Chairman of the company, revealed this information during the 53rd and 54th annual general meeting held in Lagos.
Furthermore, Sylva disclosed that the company disbursed N4.26 billion in annuity claims during the reviewed period. The group's gross premium written amounted to N6.81 billion as of the end of December 2022, with the company's figure rising to N6.81 billion compared to N6.16 billion achieved in the same period of 2021.
The company experienced a notable increase in net premium income, rising from N5.59 billion in 2021 to N6.89 billion in the current year, reflecting a growth of 23.28 percent.
Furthermore, the group's total assets exhibited substantial growth, reaching N53.47 billion at the conclusion of December 2022, compared to the N41.59 billion recorded in 2021, indicating a significant 28.58 percent increase.
He gave assurance that both the board and management of the company would persist in upholding their dedication to effective risk management and the preservation of strong corporate governance frameworks.
The chairman expressed, "Our optimism for the upcoming years is grounded in our dedication to achieving our strategic objectives and delivering unparalleled customer experiences. We remain steadfast in our pursuit of excellence and eagerly anticipate the opportunities that lie ahead."
Expanding on this, the Managing Director, Joyce Ojemudia, revealed that the company achieved a 10.66 percent growth in gross premium written, reaching a total of N6.81 billion for the fiscal year. She highlighted a commendable 11.5 percent reduction in operating expenses achieved through rigorous cost-cutting initiatives.
Ojemudia emphasized, "We maintained an unwavering commitment to the payment of claims throughout the period under review, underscoring our dedication to our customers." The breakdown of claims paid indicates N1.86 billion for individual life, N1.43 billion for group life, N714.1 million for Takaful, N1.14 billion for Esusu, and N4.26 billion for annuity.
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