African Alliance Insurance Reaffirms Vow to Corporate Governance, Pays N8b Claims

By Dipo Olowookere

The management of one of the leading insurers in Nigeria, African Alliance Insurance Plc, has reiterated its commitment to continue to uphold its integrity and maintain the highest level of corporate governance as well as satisfying both its shareholders and customers.

In a statement issued on Wednesday in Lagos, Managing Director of African Alliance Insurance, Mrs Funmi Omo, disclosed that in 2017 alone, the insurance firm paid N8.69 billion in claims settlement, a 32.5 percent increase from the N6.56 billion paid in 2016.

According to her, the company also recorded a gross premium income of N6.29 billion last year, a testament to the firm’s commitment to give shareholders something to cheer about.

Mrs Omo, while reacting to recent media reports about the company’s commitment to shareholders and customers, stated that, “Our shareholders and customers have been satisfied with our level of transparency and commitment to them.

“Last year 2017, we paid N8 billion in claims settlement as a testament to our good faith and good will, and we specifically pledged to continue to uphold our integrity and maintain the highest level of corporate governance.”

The Managing Director also announced that recently, the company engaged the services of foremost accounting and auditing firm, Deloitte & Touche, to ensure that all remittances, policies and regulations were strictly adhered to.

She also affirmed that the company was prioritising technology and people to drive cost efficiency and provide the maximum value to stakeholders.

Mrs Omo stated that the moves were necessary in line with the company’s new strategy which highlights maintaining a high level of corporate governance as one of its strategic goals.

The new strategy was put in place shortly after the resumption of the Managing Director, Mrs Funmi Omo, in May 2017.

African Alliance Insurance Plc is the foremost life insurance business in Nigeria, re-positioning itself for the 21st-century business environment.

In line with its founding principle of innovation, the company has embarked on initiatives to provide the utmost value to shareholders, customers, employees and other stakeholders.

The insurance firm currently serves over 32,000 customers across 18 branches in the country.