Royal Exchange posts N8.43bn Gross Premium
Royal Exchange Plc said, over the weekend, it generated a Gross Written Premium of N8.43 billion from its business activities in the first half of the 2016 financial year, representing an increase of 34 per cent over the figure of 2015, which stood at N6.28 billion.
A statement from the firm made available to Business247 News Online at the weekend added that its Gross Premium Income also witnessed a growth of 17 per cent with the 2016 figure standing at N6.46 billion compared with the N5.50 billion generated in the corresponding period of 2015.
Net Premium Income for the period amounted to N4.34 billion, a 5 per cent growth over that of half year 2015, which stood at N4.12 billion. Total Net Claims paid for the period under review amounted to N1.95 billion, an increase of 42 percent from half year 2015, which was N1.37 billion.
Commenting on the results, Alhaji Auwalu Muktari, Group Managing Director of the company said: “the half year results on the top-line items witnessed significant growth which shows that Royal Exchange as an insurance group, is focusing on its growth objectives set out at the beginning of the year, by participating in large-ticket financial transactions, as well as playing in the retail insurance market.”
Despite the very harsh operating environment being witnessed in the Nigerian economy, he stated that his company is greatly optimistic that by focusing its efforts on aggressive sales of its various products and service offerings, increasing its presence and participation in the retail sales space, reducing its operating costs profile and embarking on various expense optimization strategies, Royal Exchange would be able to surpass its financial targets set for itself at the beginning of the year.
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