African Alliance Insurance Posts N7.109bn Gross Premium Income

Ebere Nwoji

 Life Insurance expert, African Alliance Insurance Plc, has announced a Gross Premium Income of N7.109 billion for the financial year ended December 31, 2022.

Speaking at the Company’s 53rd and 54th Annual General Meeting (AGM) in Lagos, the Chairman of the underwriting firm, Ogwemoh Sylva, disclosed that gross premium income of the life insurer grew from N7.030 billion in 2021 to N7.109 billion in 2022. 

According to him, the  group’s Gross premium written stood at N6.814billion as at the end of the period ended 31st December, 2022 while that of the company grew to N6,814 billion when compared to N6,158 billion achieved in 2021.

Ogwemoh, said the net premium income for the company appreciated from N5,588billion in 2021 to N6,889 billion in the year under review, indicating a growth of 23.28 percent.

On the Group’s assets, he said the group’s total assets grew to  N53.473 billion at the end of 31st December, 2022 when compared to N41. 587 billion recorded in 2021; indicating 28.58 percent increase.

“Our optimism for the upcoming years is underpinned by a dedication to delivering on our strategic objectives and providing unparalleled customer experiences. We are resolute in our pursuit of excellence and look forward to the opportunities that lie ahead, :he said.

Ogwemoh said the board and management of the company would continue  to sustain their unwavering commitment to sound risk management and the maintenance of robust corporate governance structures.

Also speaking, Managing Director/ CEO, of the company Joyce Ojemudia, said the company experienced a 10.66 percent growth in Gross Premium Written (GPW), culminating in a total of N6.81 billion for the fiscal year. She said there was a simultaneous notable 11.5 percent reduction in operating expenses  through rigorous cost-cutting initiatives.

He said, “We maintained an unwavering commitment to payment of claims throughout the period under review, underscoring our commitment to our customers. Claims exceeding N94 billion were paid, representing an increase of over N1.26 billion when compared to the preceding year.”

According to her,the  breakdown of claims paid shows that for Individual Life, the Company paid N1.856 billion, and for Group Life, the sum of N1,429,696,696.24 was disbursed. Claims on Takaful, stood at N714,905 million, Esusu N1,141 602,379.93 and Annuity N4,263,781,412.73.

Ojemudia, stated that even in the face of challenging economic situation in the country, the company has been able to put certain businesses in place because of the strategy put in place to hedge the effect of foreign exchange on the company’s operations. She said the Life Fund was meant to be invested, adding that for African Alliance, the fund was well invested and hedged.