Prestige Assurance Plc says its gross written premium rose to N4.79bn in 2018 financial period.
The Acting Chairman of the company, Muftau Oyegunle, disclosed this during the company’s 49th annual general meeting in Lagos.
Despite the challenging conditions in the insurance industry in 2018, he said, it was able to underwrite healthy business volumes.
The acting chairman said, “Your company’s gross written premium rose from N3.8bn to N4.79bn, an increase of approximately 26 per cent year on year.”
Oyegunle added that it was no longer news that the insurance regulator had increased the minimum capital requirement of the insurance companies.
He said, “Meeting this recapitalisation imperative is critical for our business.
“To this end, your board is examining the various options available to ensure that we meet the new requirements and remain a significant participant in the sector.”
The Managing Director of the company, Dr Balla Swamy, said its pre-tax profit decreased to N645m from N698m in 2018 due to unprecedented claims paid.
“The underwriting result along with income from investments even in this tight insurance and investment market has exhibited positive growth,” he said.
Swamy said the company’s total asset had gone up to N13bn in 2018 from N11.8bn in 2017.
The managing director said that it was looking for more effective ways to diversify its portfolio mix that would eventually protect the quality of its business.
He said it was also looking at sharpening strategy with a more focused approach to calculating risks and aligning it with premium.