By Agnes Afolabi
Royal Exchange General Insurance Company (REGIC) has declared a Gross Written Premium (GWP) of N14.20billion for the financial year ended Dec. 31, 2022.
Mr Ike Chioke, Chairman, Board of Directors, REGIC, said at the company’s 15th Annual General Meeting held in Lagos, that the result reflected a 10 per cent growth, compared to the figure recorded in 2021.
Chioke stated that the total net claims paid to its policy holders for the year under review stood at N1.97billion, representing a 43 per cent increase in paid claims, compared to 2021.
He said the insurance company’s underwriting profit increased marginally by 6 per cent from N1.70billion in 2021 to N1.81billion for the period under review.
The chairman noted that the underwriter’s total assets for the year under review was N32.30billion, while its shareholders funds stood at N14.22billion at the end of the 2022 financial year.
According to him, the insurance firm’s Profit Before Tax (PBT) amounted to N.7billion, while it recorded N779million as its Profit After Tax of N779million for its 2022 financials.
Chioke explained that this figure represented a 68 per cent growth from the figure reported in its 2021 financial year.
He stated that the insurers’ accounts, which have been approved by the National Insurance Commission, (NAICOM) indicated that the company is on the path of profitability and sustained growth.
The chairman said, this was so, as all the insurer’s financial indices are positive for the company and its future results will position the firm as a profitable enterprise in the insurance industry in Nigeria.
“During the year under review, the company consolidated on its plans and strategies, deploying resources to ensure we remain on the right path towards growth and profitability.
“Going forward, we will continue to invest in our people, facilities and ICT infrastructure to deepen market penetration in the direct and retail segments.
“We will also enhance our product offerings in the market, grow our Agric portfolio and leverage business analytics for strategy and decision making,”he said.
Chioke expressed confident that the insurer would deliver its mandate of being a leading player in the general insurance space by 2025, with its current management team in place.
He said the insurance firm would do this by being a trusted and innovative provider of insurance and risk management services to its customers.
In her address, Mrs Ebelechukwu Nwachukwu, Managing Director/Chief Executive Officer, REGIC, said the company was able to grow its topline figures, despite operating in a harsh environment.
Nwachukwu said the firm also maintained its leadership in key corporate accounts, participated in large-ticket insurance transactions and renewed its focus on the retail markets.
She explained that the retail market has continued to be a growth market, while the agriculture insurance was beginning to gain traction in the insurance market in Nigeria.
“Over the next one year, the insurance market will witness a great rebound of the Royal Exchange brand.
“The company is ready to launch bold and strategic initiatives that will enhance our service offerings, improve brand visibility and make it one of the best places to work, in line with our vision statement.
“Our digital transformation project has reached advanced levels and within the next 12 months, all our processes and functions will be fully tech-driven.
“Our customers will be able to engage us digitally from anywhere in the world without hitches,” she said.
According to her, the firm seeks to innovate and lead across key market segments, while ensuring that it operates within regulatory boundaries.
The managing director said, the company under her leadership, would adopt a customer-centric approach to all its businesses to ensure its competitiveness in the market.
Nwachukwu said the underwriter would continue to reinvent itself to be more responsive to the needs of its customer and offer them the products and services that they need in the ways that they want.
REGIC is one of Nigeria’s leading insurance companies offering a full range of general and special risks insurance products to the insuring public.
