Royal Exchange Pays N2bn Claims To Policyholders

The Royal Exchange General Insurance Company (REGIC) paid N1.97billion as claims to Policyholders who suffered insured risks in its 2022 financial year.

The total net claims paid represented a 43 per cent growth in paid claims, when compared to the 2021 figure. Underwriting Profit increased marginally by 6 percent from N1.70billion in 2021 to N1.81billion for the period under review.

Similarly, its Gross Written Premium grew by 10 per cent to N14.20billion in 2022 financial year end.

Total Assets for the company within the year under review was N32.30billion with Shareholders Funds standing at N14.22billion at the end of the 2022 financial year. Profit before Tax (PBT) amounted to N.7billion, and a Profit after Tax of N779million was reported for the 2022 financial year, representing a 68 per cent growth from the figure reported for the 2021 financial year.

Speaking at the company’s 15th annual general meeting(AGM), in Victoria Island(VI), Lagos recently. Mr. Ike Chioke, said, during the year under review, the company carried on with consolidating its plans and strategies, deploying resources to ensure it remains on the right path towards growth and profitability.

Going forward, he said: “we will continue to invest in our people, facilities, and ICT infrastructure to deepen market penetration in the direct and retail segments, enhance our product offerings in the market, grow our Agric portfolio and leverage business analytics for strategy and decision making.”

He further added that, with the current management team in place, the company is confident of delivering its mandate of being a leading player in the general insurance space by 2025 by being a Trusted and Innovative provider of insurance and risk management services to our customers.

Also speaking after the general meeting, the managing director/chief executive, Mrs. Ebelechukwu Nwachukwu said, despite the very harsh operating environment, the company was able to grow its topline figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions, its renewed focus on the retail markets – which continues to be a growth market – and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

According to Mrs. Nwachukwu, “over the next 1 year, the insurance market will witness a great rebound of the Royal Exchange Brand. The company is ready to launch bold and strategic initiatives that will enhance our service offerings, reposition, and improve brand visibility and make the company one of the best places to work, in line with our vision statement.”

On digital transformation plans, the MD said: “our digital transformation project has reached advances levels and within the next 12 months, all our processes and functions will be fully tech-driven, and our customers will be able to engage us digitally from anywhere in the world without hitches. We seek to innovate and lead across key market segments, while ensuring we operate within regulatory boundaries.”