Royal Exchange General Insurance Company (REGIC) said on Tuesday that it posted a Gross Written Premium (GWP) of N14.20 billion 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 percent growth when compared to the figure recorded in 2021.
Chioke said that the total net claims paid to its policyholders for the year under review stood at N1.97 billion, representing a 43 percent increase against the figure recorded in 2021.
He said the insurance company’s underwriting profit increased marginally by six percent from N1.70 billion in 2021 to N1.81 billion for the period under review.
The chairman said that the underwriter’s total assets for the year under review was N32.30 billion, while its shareholders’ funds stood at N14.22 billion at the end of the 2022 financial year.
According to him, the insurance firm’s profit before tax and profit after tax in 2022 stood at N7 billion and N779 million, respectively.
He stated that the insurer’s accounts, which had been approved by the National Insurance Commission, (NAICOM) indicated that the company was on the path of profitability and sustained growth.
The chairman said, “This is 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 confidence that the insurer would deliver its mandate to be a leading player in the general insurance space by 2025, especially with its current management team in place.
He said the insurance firm would achieve 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, REGIC, said the company was able to grow its topline figures, despite operating in a harsh environment.
Nwachukwu, also the Chief Executive Officer, REGIC, said the company had maintained its leadership in key corporate accounts, participating in large-ticket insurance transactions and renewing its focus on the retail markets.
She explained that the retail market had continued to record growth, while agriculture insurance was beginning to gain contraction in the insurance market in Nigeria.
“Over the next 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 customers and offer them the products and services needed in the ways that they wanted.
REGIC is one of Nigeria’s leading insurance companies offering a full range of general and special risks insurance products to the insuring public.