African Alliance Insurance, has recorded a 45 per cent jump in its gross premium written to N7.5 billion for the year ended December 31, 2019 from N5.17 billion in 2018. The firm also grew its underwriting income from N5.11 billion to N6.94 billion representing a 36 per cent growth year-on-year while customer claims increased by eight per cent from N8.78 billion to N9.48 billion.
Speaking on the results, Managing Director/CEO, African Alliance Plc, Funmi Omo said: “The financials show a marked progress in our strategy to expand our retail presence and aggressively grow our market share despite suspending our largest line of business, annuity.”
“Our commitment to customer satisfaction is also clearly exemplified by our claims payment in the year 2019. For us, the customer is our life blood and we will always bend back to satisfy them every time they call on us,” she added.
Omo assured stakeholders that the company has put in place a virile business continuity plan (BCP) as a way of telling its shareholders and investors that it is indeed here for the long term while its investment portfolio is now being looked after by a smart team of experts with demonstrated accomplishments in the financial services.
“Internally, we have instituted a paperless policy that has seen our use of paper drop to a negligible minimum. We have put our sales team through various training and retraining. These are already yielding fruits as evidenced by the increased premium year on year. We are easily one of the most visible and engaging brand amongst our peers in the digital space. Indeed, we are not relenting in our drive to ensure we remain true to our commitment to be with the customer for life,” she said.