GNI posts N2.8bn premium income

Mr Olatokunbo Talabi, the Chairman of Great Nigeria Insurance (GNI), on Wednesday said the company recorded N2.8 billion gross premium income in the financial year ended Dec. 31, 2012.

Talabi disclosed this at the company’s 48th Annual General Meeting in Lagos where he presented the company’s 2011 and 2012 annual reports and accounts.

According to him, the N2.8 billion income shows 16.5 per cent increase over the N2.4 billion recorded in 2011.

“In 2012, the company ensured full compliance with the International Financial Reporting Standards (IFRS) deadline.

“The underwriting profit in 2012 stood at N1.24 billion as against N846 million recorded in 2011.

“The total assets also experienced similar growth of 13.8 per cent at N8.43 billion as against the 2011 figure of N7.26 billion.

“Similarly, shareholders funds improved by 25 per cent from N4.39 billion as at Dec., 31, 2011 to N5.35 billion by Dec. 2012,” Talabi said.

The GNI chairman said that the company would maintain sound fiscal discipline to continue to enhance its profitability.

He said that the company would also continue to monitor its capital adequacy level to sustain its competitiveness in the industry.

Talabi said that staff training and improved working environment would continue to be top in its management decisions.

Mrs Cecilia Osipitan, GNI Managing Director, said that the company would continue to fine-tune its claims settlement process to ensure prompt payment.

According to her, claims payment has continued to win customers for the company and improve its perception by various stakeholders.

She said that the company had relocated its branch offices in Kaduna, Kano, Ado-Ekiti and Osogbo and was rehabilitating existing ones.

Osipitan said that the company had acquired a new software and was training some of its staff on its usage.

The high point of the occasion was the announcement of new members of board of directors following the divestment of Wema Bank from the company.

Some of the shareholders expressed displeasure that the company did not to pay dividend in 2011 and 2012 financial year.

Mr Solomon Akinsanya, a shareholder, advised the board and management to ensure that dividend would be paid in 2013.

He said that the board should also ensure that 2013 annual general meeting would be held on time. (NAN)