Total Assets of NSIA Insurance Hits N28.6bn

The total assets of NSIA Insurance Limited rose to N28.6billion in its 2022 financial year, having expanded by 13per cent from N25.51billion 

Speaking at its recently held Annual General Meeting(AGM) in Lagos, the company’s chairperson, Dr. Adesegun Akin-Olugbade, said, the growth was driven by the company’s sound investment strategy which was bolstered by the increase in gross premium written.

An analysis of the company’s report showed an improvement in Gross premium income at 33% year-on-year growth from N12.68 billion to N16.82 billion in 2022, while the company achieved 210 percentage growth in its Profit After Tax (PAT) in 2022, translating to N873.47 million as against N281.92 million recorded in 2021.

The net effect in equity was a growth of 7 per cent from N13.64 billion to N14.59 billion in 2022, even as the company declared and approved a dividend payment of 2.2kobo for the year ended 31st December 2022, for each ordinary share held in the company, amounting to N396 million. 

However, the insurer has paid a cumulative dividend of N657 million to its shareholders in the past 3 years.

Akin-Olugbade disclosed that the insurer was pleased with its 2022 results while appreciating shareholders’ confidence in its capacity to continue to grow the business. 

To him, “we will continue to guarantee that the current growth trajectory is maintained in the 2023 financial year. While we expect a healthier economy, we will implement a strategy to maximize the inherent potential in the economy.”

On his part, the MD/CEO, Moruf Apampa, while reviewing the company’s performance for the year, said: “We remain adaptable and responsive to the unfolding trends, modifying our plans and operations in a manner that would ensure that we achieved our strategic objectives. 

“Despite a number of economic development obstacles in 2022, we made exceptional success across key metrics and major lines during the financial year. In 2022, we paid claims to the tune of N8.81bn as against N6.72bn paid in 2021 which represents a year-on-year growth of 31%.”