NSIA Insurance Announces 67% Growth in Profit

NSIA Insurance Logo

Ebere Nwoji

NSIA Insurance,  has announced  67 percent increase in its Profit After Tax (PAT) ,  from N670.45m reported in 2018 to N781.87m in 2019.
The company, also recorded  75 percent improvement in its earnings per share  from 7k in 2018 to 9k in 2019.
NSIA Insurance, announced this in its  teleconferencing Annual General Meeting  for the year 2019 held recently.

Addressing Shareholders at the meeting, the Chairman of the company’s board,  Ituah Ighodalo, said  NSIA Insurance,  had made good its promise of maximising the returns of its shareholders’ investments in the business, lending credence to the company’s values of integrity, care, innovation and professionalism.

“As a company that places high value on integrity and professionalism, paying Claims promptly is part of the commitment of NSIA Insurance to their clients. Proof of this is the growth in Claims payout of 25.8 from N2.28bn in 2018 to N2.87bn in 2019.

He said total assets for the year ended 2019 increased by 8.4 percent from N17.92bn reported for the year ended December 31, 2018, to N19.43bn.
Shareholders’ Fund in 2019 grew from N10.9bn in 2018 to N11.84bn showing  8.7 percent  year on year growth.

He said the company, during the period under review, grew its Gross premium income  by 32.9 percent from N6.91bn in 2018 to N9.19bn in 2019.
Adding that  Net Premium Income improved by 25 percent from  N3.16bn reported for the year ended December 31, 2018, to N5.06bn in 2019.

Also speaking, Managing Director of the company, Ebelechukwu Nwachukwu, said “We are pleased to have met the set goals for the financial year of 2019 and we expect to significantly grow our income for better competitive edge. We look forward to growing capacity by 25 percent before the end of 2020 even as we plan for a 30 percent growth

in 2020, “ur primary objective is to continually grow our business, satisfy our customers and maximise  return on investments for our stakeholders.”
Resolutions adopted by the shareholders at the meeting  include the acceptance of the Audited Financial Statements, the re – appointment of Ernst & Young as its Independent Auditors and the appointment of Directors in place of those retiring.
Prior to the AGM, NSIA Insurance welcomed Mr. Apollos Ikpobe, Mrs. Hélène Konian, and Mrs. Mansan Diagou Ehilé as Non- Executive Directors.

NSIA Insurance Limited is a composite insurance company driven by Integrity, Care, Innovation and Professionalism, with its Head Office in Lagos, strong regional presence in Abuja and a large network in strategic states across the country.  NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment and lifestyle needs of its corporate, commercial and individual customers.

NSIA Insurance Limited (Nigeria) is part of NSIA Participations which is currently present in 12 African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal and Togo