Prestige Assurance Plc, said it has positioned itself for success in Nigeria’s vibrant financial market through introduction of new insurance products and adoption of processes that guarantee good returns on investment.
The company also said it is prepared to use the opportunities created by the global economic crisis, which it sees as a tremendous opportunity though to others a challenge, to widen its business horizon and deliver quality returns to its shareholders.
Prestige Assurance chairman, Hassan Usman, addressing shareholders at the 47th annual general meeting of the company held in Lagos recently, said during the 2016 financial year, the company’s board sought professional advice and resolved that pursuant to section 106 of the company’s and Allied matters Act Cap C20 laws of the federation, and Article of Association of the company, and subject to the confirmation of the court, the issued share capital of the company be reduced from N2,685,216000 toN1,908,705,000 by concealing and extinguishing 1,553,022,00 of the issued ordinary shares of 0.50 kobo each in the company each of which is fully paid up and the amount so reduced be applied in writing off the capital which is lost or unrepresented by available assets.
Usman, expressed confidence in the insurance sector saying the industry, has great potential which is currently being enhanced by the various initiatives being put in place by the sector regulator, the National Insurance Commission(NAICOM) and various trade associations in the industry to bring sanity to the industry and enthrone policies needed for businesses to thrive.
He however scored government low on poor attitude towards budgets.
He said: “At the macro level, while the federal government’s initiatives to address the challenges of infrastructure, security of lives and property are commendable, the situation where annual budget performance is below average is not a healthy development especially in an economy where the government is the single largest economic actor.
Setting agenda for government in this regard, Usman said: “We therefore urge the executive branch along with the legislature to address the structural impediments to budget implementation and achieve more effective budget performance”.
He announced to the shareholders that the company did not witness much changes in its financial performance as agree premium stood at N2,6142,264 billion while reinsurance expenses stood at 1,445,703.
According to him, result from operating activities of the company stood at N350,996 while profit before tax is N340,394 and profit after tax is N221,992,million.