Royal Exchange plc, one of the insurance and financial services group in Nigeria, said it grew its gross written premium in the first nine months of 2016 business year by 22 percent from N 8.87 billion in September 2015 to N10.82 billion as at September, 2016.
The insurance group, also said its Gross Premium Income witnessed an increase of 15 percent over the corresponding period in 2015, with the 2016 amount standing at N9.38 billion, compared to N8.19 billion achieved the same period in 2015.
However, net claims paid to Royal Exchange clients grew marginally by 4 percent from N2.43 billion to N2.52 billion for the third quarter.
Net Income for the period amounted to N2.67 billion, with a modest growth of 12 percent over that of 2015, which stood at N2.36 billion.
Profit Before Tax (PBT) grew to N274.60 million as at third quarter, 2016 from N111.34 million achieved in the corresponding period in 2015, resulting in a growth rate of 14 percent.
Speaking on the third quarter results, which according to the Group Managing Director of the company Alhaji Auwalu Muktari, have been announced on the floor of the Nigerian Stock Exchange (NSE), he said despite the prevailing economic recession in the country, Royal Exchange was able to grow its business portfolio by focusing on the ever-growing retail insurance market as well as participating in large-ticket corporate transaction.
According to Muktari, Royal Exchange Plc, witnessed growth along most of its performance indicators because the company focused more on its core business of insurance and implemented a cost optimisation strategy across all the subsidiaries of the group, which resulted in profitability and growth across the Group.
He further added that the results recently released have shown that by focusing on the Group’s growth objectives set out at the beginning of the year, Royal Exchange, will be able to continually grow its business portfolio and provide substantial returns to its shareholders.
Muktari further opined that Royal Exchange shall continue to focus its efforts on aggressive sales of its various product and service offerings as well as sustain its cost optimisation strategy with a view to meeting the group’s 2016 forecast”.
Speaking further, he said that the Board and Management of the company are optimistic that the fourth quarter will also be a period of growth for the company, especially if the public sector (federal and state governments) are able to finalise the insurance of their assets.
Royal Exchange, a premier insurance company in Nigeria, started operations in 1921 and has continued to be driven by innovation and determination to offer services that are of exceptional value to its customers.