Royal Exchange posts N12.8bn gross written premium
Royal Exchange Plc, an insurance and financial services company, has said it generated a gross written premium of N12.8bn from its business activities in the year ended December 31, 2017, representing an increase in revenue when compared to N12.5bn in 2016.
The company said its net premium income for the 2017 financial year amounted to N7.1bn, while underwriting profit amounted to N7.6bn in the financial year under review.
The total assets of the group grew by five per cent from N31.7bn in 2016 to N33.3bn as of December 31, 2017.
Net claims paid for the period under review dropped by four per cent to N3.4bn from N3.6bn in 2016, while net income before management expenses decline to N2.4bn from the N2.7bn that was generated in 2016.
The Group Managing Director of the company, Alhaji Auwalu Muktari, stated that despite the very harsh operating environment, the group was able to grow its figures by participating in large-ticket financial transactions, as well as playing in the retail insurance market, which he said would be a key growth driver in the years ahead.
Muktari said, “Royal Exchange Plc envisions a situation where the retail insurance market should be able to contribute between 50-60 per cent of our revenues in the future, as the retail market is the future of insurance in Nigeria, considering the population of the country.”
He stated that with the recent approval from the National Insurance Commission to undertake agricultural insurance, the company had entered into strategic alliances with various stakeholders in the agricultural space to drive insurance within the sector.