By Goddy Egene
Healthcare International Nigeria Limited (HINL), a healthcare insurance company, has recorded an increase of 37 per cent in profit before tax for the year ended December 31, 2010 despite the challenging operating environment.
The company posted profit before tax of N97 million, up from N71 million recorded in 2009. The profit was recorded from gross premium income of N2.23 billion in 2010, compared with N1.82 billion in 2009, showing a rise of 23 per cent.
According to the Chairman of the company, Mr. Olayinka Omilani, the firm recorded the significant improvement in its performance despite the tough operating environment.
He explained that the economy was also fraught with a lot of politicalnand financial uncertainties, which affected the business.
“As we are all aware, the business climate in the country in 2010 was not favourable and the political uncertainty prevented foreign capital from coming into the country whilst the ones here were being taken out for the fear of not knowing what become of the country.
The environment was especially tough for businesses like ours where we had to sell healthcare to companies and individuals in the year under review,” he said.
He noted that the performance of the company should be commended, considering the fact that the market had become highly competitive. He added that government had a lot of work to do in the area of upgrading the infrastructural facilities to boost the operation of businesses in Nigeria.
However, to improve its performance going forward, Omilani said that HINL was in the process of renewing its business operations with an aim of reducing its dependence on patronage such as the National Health Insurance Scheme.
“The NHIS which we have been focusing on is part of the formal sector and we want to refocus more on the informal sector which has over 75 per cent of the Nigerian population. With this in mind, we have initiated a three-year strategic plan for the company beginning from the current year,” Omilani said.
Meanwhile, the Managing Director/Chief Executive Officer of the company, Mr. Tosin Awosika, said that the healthcare management sector market was still largely underutilised in Nigeria, stressing that there were a lot of opportunities that are yet to be tapped by the industry.
“It is important to note that the market is still underserved, this is because there are over 70 per cent of the population residing outside the urban areas, thus it is essential that the healthcare schemes are taken to these people,”