By Dipo Olowookere
Shareholders of Allianz Nigeria Insurance Plc have been assured that all efforts would be made to continue to give them value for their money.
This assurance was given by Chairman of the insurer, Mr Fola Adeola, at the company’s 20th Annual General Meeting (AGM) held at the Federal Palace Hotel, Lagos on Friday, July 19, 2019.
In his address to shareholders at the meeting, Mr Adeola said he was impressed with the company’s performance in the 2018 financial year despite the challenges experienced in the year.
According to him, “I am delighted to report that Allianz Plc has had another strong year. Our company delivered a gross written premium of N10 billion; a 31 percent growth when compared to the N7.7 billion written in 2017.”
He said further that, “Allianz Group also completed its acquisition of Ensure Insurance company, making Allianz Plc part of the world’s leading insurance and asset management firms.”
“Acknowledging the dense competitive environment we operate in, our focus for the future is simply innovation. This will encompass innovation in processes, ensuring simplicity in all areas of the company.
“Although our name has changed, our underlying values and principles, which have constantly produced excellent results, are still the same,” he said.
According to him, “By continuously watching our expenses and creating initiatives that deviate from main stream line of businesses, we will continue to create value for all our stakeholders.”
“We plan to explore other segments of the economy like cement and construction while deepening our stance in the marine and retail markets,” the former banker told the shareholders at the meeting.
He further said, “Going into 2019 with a new name and significant increase in brand visibility, we are being recognised both locally as a force to reckon with,” promising that, “We will continue to deliver strategic progress by leveraging our service delivery, financial strength, technological excellence and remarkable people. We are confident that the future is ours.”
A review of the firm’s results in 2018 by Business Post showed that Allianz Nigeria Insurance grew its gross premium income to N9.8 billion from N6.7 billion, while the net premium earned was N3.7 billion in 2018 against N2.1 billion in 2017.
In the year under review, the company posted a profit before tax of N557.9 million against the loss before tax of N60.6 million. However, the firm recorded a loss after tax of N888.6 million in contrast to a loss after tax of N834.1 million in 2017.
This was attributed to the National Insurance Commission (NAICOM)’s issuance and subsequent cancellation of the Tier-Based reclassification of insurance companies.
