Royal Exchange Plc has announced a Gross Written Premium of N14.21 billion from its business activities as at end of December 31, 2019.
Making this announcement, at the 51st virtual Annual General Meeting of the company held in Lagos, the Chairman of the company, Mr. Kenny E. Odogwu, said net premium income for the period amounted to N8.72 billion, while net underwriting income was N9.19 billion, after the addition of fees and commission income, which was N479.6 million.
He said a further analysis of the company’s operating results showed that total assets of the group stood at N32.1 billion as at December 31, 2019, with net claims paid to policyholders for the period under review amounted to N3.17 billion.
He said Royal Exchange with interest in general insurance, life insurance, finance, healthcare as well as micro finance banking, was seeking to take advantage of synergies, as a financial conglomerate in its new drive for growth.
Addressing the shareholders, Director of Royal Exchange, Alhaji, Rufai Mohammed, who stood in for the chairman told shareholders that the future of the company was bright.
According to him, the present management has done very well in growing the business and bringing stability in her operations.
“As always, Royal Exchange will continue to stay abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position,” he said.
According to him, the group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders.
“This we believe will reposition our great company as not only a major industry player, but as potential game changer,” he added.
Speaking further, he added that the group was able to grow its top-line figures by participating in large-ticket financial transactions, as well as playing in the retail insurance market-a key growth driver of the future of the company.
“And we envision a portfolio rebalancing, whereby retail insurance market contributes 40-50 percent of our revenues seeing that we have a largely untapped market” the Royal Exchange Chairman stated.
Continuing, he said “For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus would be on achieving sustainable growth for our company through deepening of our revenue base, improving service delivery support system and at the same time keeping a lid on our group-wide costs.”