ARM Life Insurance Plc has said that as part of its objectives to increase its market share in the insurance industry, it will drive its operations through product innovation and digital transformation.
The Chairman of the company, Mr Dapo Oshinusi, said this during the company’s 20th Annual General Meeting in Lagos.
He said,“We remain focused on the implementation of our strategic objectives. Some of the objectives are centred around product and service innovation to improve customer experience and to cater for their evolving needs; focus on digital transformation to improve operational efficiency and increasing distribution channels and market reach.”
Despite the challenges in the economy, Oshinusi said the company was convinced that there existed huge opportunities, which it would continue to explore to continuously increase shareholders’ value.
“As we progress in our quest for leadership in the retail segment of the market, we remain mindful of building a sustainable business that will continue to engender the trust of our clients and other stakeholders,” he stated.
While presenting the financial performance of the company, the chairman noted that despite the operating challenges of 2017, the company recorded another profitable year.
He said that its gross premium written increased by 31.5 per cent from N2.75bn in 2016 to N3.62bn in 2017.
The sustained focus on growing policyholders’ fund, particularly in the individual life segment, the disciplined risk management practices and investment management strategies enabled the company to return a profit before tax of N486.9m in 2017 from N123.2m in 2016, representing an increase of 295 per cent, he added.
Oshinusi said the total assets also increased by 27 per cent to N16.13bn in 2017 from N12.7bn in 2016, underscoring the success of the company’s investment management strategy and resulting in 18 per cent increase in shareholders’ equity to N3.23bn from N2.75bn in 2016.