African Alliance grows premium by 45%

African Alliance Insurance Plc has posted a 45 per cent boost in its Gross Premium Written (GWP) from N5.17 billion recorded in 2018 to N7.5 billion in 2019.

The was contained  in the company’s unaudited financial statement for the period ended December 31, 2019.

According to the financial statement, the firm also grew its underwriting income from N5.11 billion to N6.94 billion, indicating a 36 per cent growth year-on-year while customer claims increased by 8 per cent year-on-year from N8.78 billion to N9.48 billion.

Commenting on the company’s performance, the Managing Director/CEO, Funmi Omo, said: “The financials show a marked progress in our strategy to expand our retail presence and aggressively grow our market share despite suspending our largest line of business; annuity.

“Our commitment to customer satisfaction is also clearly exemplified by our claims payment in the year 2019. For us, the customer is our life and we will always bend back to satisfy them every time they call on us.”

Speaking on the sustainability of the business as a going concern, Omo assuaged the fears of all stakeholders pointing to the various innovations that have taken place within the company over the past year.

“We have put in place a virile Business Continuity Plan (BCP) as a way of telling our shareholders and investors that we are indeed here for the long term while our investment portfolio is now being looked after by a smart team of experts with demonstrated accomplishments in the financial services.

“Internally, we have instituted a paperless policy that has seen our use of paper drop to a negligible minimum. We have put our sales team through various training and retraining; these are already yielding fruits as evidenced by the increased premium year on year. We are easily one of the most visible and engaging brand amongst our peers in the digital space. Indeed, we are not relenting in our drive to ensure we remain true to our commitment to be with the customer for life”, she stated.

On recapitalisation plans, it would be recalled that the 60-year-old firm at its 50th Annual general Meeting (AGM) held recently, had identified a combination of tactics including share restructuring, private placements and capital injection among others, to meet the minimum capital requirements as stipulated by the National Insurance Commission.