Cynthia Ezekwe
NSIA Insurance Limited, a composite insurance company has demonstrated its commitment to providing unparalleled customer service and promoting the financial security of its clients by disbursing N27 billion claims to its policyholders who suffered insured risks in the last five years.
Adesegun Akin-Olugbade, the chairman of NSIA Insurance Limited, in its recent Annual General Meeting(AGM) noted that the company recorded N7.8 billion claims in 2023, and reported N19.2 billion in the preceding 4 years, marking a cumulative N27 billion in 5 years.
The chairman reaffirmed the company’s commitment to providing unparalleled security to its customers, noting that the company was able to successfully navigate the stormy macroeconomic headwinds in 2023 by deploying cost optimisation initiatives and leveraging its technical and management expertise to deliver Profit Before Tax(PBT)of N3.2 billion and Profit After Tax (PAT) of N3.1 billion, indicating a growth rate of 344 per cent and 400 per cent respectively.
“The insurance service result also grew by 18 per cent to N19.8 billion from N16.8 billion in 2022. This growth permeated across the business lines with the Non-life and Life business achieving double-digit growth of 19 per cent and 17 per cent respectively, from N9.5 billion and N7.3 billion in 2022 to N11.3 billion and N8.6 billion in 2023. Our positive performance was also reflected in other key metrics such as Return on Equity (ROE) which improved from 5 per cent in 2022 to 19 per cent in 2023 and Return on Asset (ROA) which improved from 3 per cent to 9 per cent.”
Moruf Apampa, the company’s managing director/CEO, noted that the vast opportunities in the retail insurance segment remain untapped as the company is steadily increasing its footprint in the retail sector.
“We are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home,” he said.
Apampa stated that the company’s goal is to keep assisting individuals, organisations, associations, communities, and governments in mitigating financial losses and recovering from unforeseen events.
