Royal Exchange rolls out plans to grow market, earnings up by 14%
Royal Exchange Group recorded a gross premium income of N10.79 billion for the 2015 financial year. Mr. Kenneth Odogwu, chairman of the company, at the Annual General Meeting (AGM) in Lagos, disclose that the figure rose by 14 per cent as the company recorded N9.43 billion in 2014, adding that the firm’s net premium income peaked at N8.08 billion, profit/loss for the period closed at (N1.29 billion) while total assets stood N26.53 billion.
The Chairman informed that the group is presently streamlining major components of its businesses, service delivery, processes and operations in order to deliver superior returns to shareholders and grow its market share.
According to him, the firm’s net claims peaked at N3.04 billion, as against N2.43 billion recorded in 2014, the underwriting expenses decreased by four per cent from N2.74 billion in 2014 to N2.64 billion last year.
He noted that the management expenses were N3.27 billion as against N3.09 billion in the previous year, adding that an increase in reserve of N1.2 billion was made by the group for the insurance and investment liabilities of the life subsidiary within the period under review.
“This we believe will reposition our great company as not only a major industry player but as a potential game changer. The future of our company and our plans for 2016 are well on course, notwithstanding, the current downturn in our domestic economy”, he said.
Odogwu predict the clamour for greater government’s participation as well as the enforcement of compulsory insurance regulations as provided by the Market Development and Restructuring Initiative (MDRI) are expected to be a top priority of the National Insurance Commission (NAICOM) in 2016.
“As always, Royal Exchange stays abreast with many of the initiatives mentioned above in our quest to grow market share and attain market leadership position.”
Mr. Auwalu Muktari, Group Managing Director/CEO of Royal Exchange Plc, said the group will continuously focus on achieving its strategic plan of steering the company towards market leadership.
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