GREAT NIGERIA INSURANCE PROFIT UP 199% TO N903 MILLION
Great Nigeria Insurance plc has posted a profit after tax of N903 million in its 2012 financial year, indicating a 199 percent growth from N399 million posted the same period in 2011.
This is contained in the Company’s IFRS compliant account recently approved by the industry regulator, the National Insurance Commission (NAICOM).
It is also remarkable when it is considered against the backdrop of the challenging business climate experienced in year 2012 and the need for strict compliance with the international Financial Reporting Standards [IFRS] which had only taken off that year.
Great Nigeria Insurance plc’s gross premium as at 31st 2012 stood at N2.88 billion as against the turnover of N2.4 billion in 2011, showing a 16.5 percent comparative increase.
Meanwhile, the total assets also experienced similar growth of 13.8 percent at N8.432 billion as against the 2011 figure of N7.265billion.
Noteworthy also, is the fact that within the same period under review, the Company paid out N833,122 million as claim to its various customers.
In the same vein the retail products of the Company which are sold under its eBusiness platform has also started growing; one of which is Fireproof to cover against possible loss of properties through fire, another is Great Savers Delight; which is a savings investment scheme, Motorflex is an improved version of third party motor insurance policy and GNI Personal Accident Insurance product is for injuries sustained in accidents.
Only few weeks back the Company paid N1.6m Insurance claim to a fire victim customer; Victor Okosieme after he had purchased a Fireproof Insurance product from the Company with a premium of N4,000.
Commenting on this Company’s performance, the Managing Director/CEO of the Company, Cecilia Osipitan revealed that ‘this is a testimony to the process re-engineering and customer centric focus of the organisation and the consistent human capital development of our staff’. She added further that the Company had ensured that strict compliances to ‘business ethics was paramount to the sustainability of all our goals’.