Great Nigeria Insurance posts N2.8bn premuim income

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Great Nigeria Insurance (GNI),has recorded N2.8 billion gross premium income in the financial year ended Dec. 31, 2012.

GNI’s board chairman, Olatokunbo Talabi, who disclosed this at the company’s 48th Annual General Meeting in Lagos said that the N2.8 billion income shows 16.5 per cent increase over the N2.4 billion recorded in 2011.

“In 2012, the company ensured full compliance with the International Financial Reporting Standards (IFRS) deadline. The underwriting profit in 2012 stood at N1.24 billion as against N846 million recorded in 2011.

“The total assets also experienced similar growth of 13.8 per cent at N8.43 billion as against the 2011 figure of N7.26 billion. Similarly, shareholders funds improved by 25 per cent from N4.39 billion as at Dec., 31, 2011 to N5.35 billion by Dec. 2012,” Talabi said.

The GNI chairman said that the company would maintain sound fiscal discipline to continue to enhance its profitability, adding that the company would also continue to monitor its capital adequacy level to sustain its competitiveness in the industry.

Talabi said that staff training and improved working environment would continue to be top in its management decisions.

GNI Managing Director, Cecilia Osipitan, said that the company would continue to fine-tune its claims settlement process to ensure prompt payment.

According to her, claims payment has continued to win customers for the company and improve its perception by various stakeholders.

She said that the company had relocated its branch offices in Kaduna, Kano, Ado-Ekiti and Osogbo and was rehabilitating existing ones.

Osipitan said that the company had acquired a new software and was training some of its staff on its usage.

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