Ebere Nwoji
New management of International Energy Insurance (IEI) Plc, has said that following recent 100 percent equity investment in the firm by Norrenberger Group, the company is now well positioned to play a dominant role in the Nigerian insurance sector.
Norrenberger Group recently took over the hitherto ailing International Energy Insurance by making full investment in the shares of the company.
IEI Managing Director, Supo Sogelola, said with the new investors injecting fresh funds into the firm it has expended a whooping N1.3 billion on clearing all its outstanding liabilities in terms of claims, taxation, pension, staff salaries and commission to brokers.
He however said the firm was yet to pay its outstanding foreign currency-denominated liabilities because of exchange rate fluctuation.
He however said the company was already compiling the currency-denominated liabilities for settlement in due course.
Sogelola noted that IEI capital base would rise to N5 billion from the projected N7.3 billion, after getting NAICOM approval of its shareholding allotment.
“For 2023 business year, the company is projecting premium income of N5.3 billion and profit in excess of 10 per cent, given its market potential and other favourable indices, ”he said.
The IEI boss said that the new management team had developed a five-year growth plan and a focus to recapture the market innovatively.
Acording to Sogelola, the insurer is bringing innovation, value added services, business expansion, manpower development and brand equity into the market, to reclaim its position in the sector.
“We will focus on high net worth individuals and medium net worth individuals in terms of personal products.
“While our alternative channels will address the needs of SMEs, MSMEs and co-operatives to effectively address the issue and opportunity of insurance penetration in the country.
“We shall delight brokers by the quality of our innovative products and services and also retool our retail services because retail business has sustained the company over the years.” he said.
Emphasising on the strength of the IEI brand reclaiming its pride of place in the sector, Sogelola listed 8-point market advantage of the company as :one ownership via Norrenberger Group, one Focus, one direction, stronger and better organisation, strong relationship with brokers, robust tech core application for seamless service delivery, innovative product and service strategy expansion of retail outlets.
