Royal Exchange Plc has promised its teeming shareholders and investors good returns on Investment having position itself for increased market share.
The insurer believes that taking advantage of growth initiatives available in the industry while leveraging on technology will expand its revenue base and stronger bottom-line.
The chairman, Royal Exchange Plc, Mr. Kenny Ezeanwani Odogwu, who disclosed the future plan of the company at its 49th Annual General Meeting held in Lagos said, Royal Exchange continues to stay abreast with many of the initiatives aimed at growing its market share and attain market leadership position.
Odogwu said the group is presently streamlining major components of her businesses, service delivery, processes and operations to deliver superior returns in the medium term to shareholders through a digital transformation process the firm embarked upon recently.
To him, “This, we believe, will reposition our great company as not only a major industry player but as a potential game changer. To sum it up, your board is confident about the future of our company irrespective of the current challenges besetting the company in the short term.”
On the Company’s agricultural insurance initiatives, he said “we are looking at ensuring our partnerships with government agencies, such as NIRSAL, as well as deepening our working relationships with relevant state governments and groups across the country to ensure we take full advantage of the opportunities that arise in the agriculture space.”
The Group Managing Director/CEO of the Company, Alhaji Auwalu Muktari, said the board and management has very high expectation for 2018.
“We remain resolute to bring in our best to the table even though various analysts’ expectations for economic growth remain modest. The focus would be on achieving long-term sustainable growth for our company through the deepening of our revenue base, improving service delivery support systems and at same time keeping a lid on our group-wide costs,” he pointed out.
Royal Exchange Plc, in its 2017 financial year, generated a Gross Written Premium of N12.8 billion as against the figure in 2016, which stood at N12.5billion.
Net Premium Income for the period amounted to N7.1billion, while underwriting profit amounted to N7.6billion in the financial year under review.
A further analysis of the operating results showed that the Total Assets of the group witnessed a marginal growth of 5 per cent, from N31.7billion in 2016 to N33.3billion as at December 31, 2017.
Net claims paid for the period under review amounted to N3.4billion, underscoring the company’s commitment to its clientele.
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