Prestige Assurance grows gross premium by 34%

Prestige Assurance Plc grew its gross premium written by 34 per cent to N12.4bn as of the end of 2022 financial year, from N9.27bn recorded in 2021.

The Chairman of the company, Mrs Funmi Oyetunji, who disclosed this to shareholders at the company’s annual general meeting in Lagos, said Prestige demonstrated resilience by growing the top line despite the challenging macroeconomic backdrop.

The chairman also revealed that the net premium earned during the period under review was N5.40bn, 18 per cent increase over the preceding period of 2021 of N4.59bn.

“Shareholders should be assured that top line growth as well as margin progression remains our priority, given their importance to value creation,” she said.

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The chairman reiterated confidence in the company’s ability to deliver superior returns to shareholders.

She said, “We have put in place, appropriate strategies to respond to the possible scenarios in 2023 and hope to continue to make progress in our quest to be one of the leading insurance companies in the country.

“Our staff remain resourceful, motivated, and resolute, as we strive to be competitive in remunerating them to continue to attract the required talent to best execute our strategic objectives.”

Also speaking, the Managing Director/Chief Executive Officer of the company, Mr Rajesh Kamble, stated that despite the challenging business environment, the company was committed to creating accelerated value for shareholders.

He said, “We remain committed to delivering superior returns to our shareholders while providing risk protections and wealth preservation services for our customers; giving the confidence to live in midst of uncertainties.

“Although the operating environment was very daunting within the year due to the country’s preparation for general election and other economic factors, the management and board of our company pursued vigorously its commitment to achieve its budget as well as protect the company’s capital with prudence through its focus on the organisation going concern.

“The company’s growth was driven by an expansion in capacity and revamping our products to meet the customer’s needs.”

According to him, most significant contribution was fire at 42 per cent of the total premium generated.

He said the growth in fire reflected the increased confidence in the capacity to underwrite large risks which stemmed from sustained growth in shareholders’ funds, a key focus of our strategy.

He said, “In addition to fire 42 per cent, oil & gas 16 per cent, motor 13 per cent and marine & aviation 12 per cent contributed most significantly to the growth in 2022.

“During the year under review, we had a profit before tax of N143m and our total assets grew to N22.21bn as against N21.58bn in 2021 financial year.”