Royal Exchange Plc has announced a gross premium of N12.5 billion from its business activities for year 2016, representing an increase of 16 percent over the figure of 2015, which stood at N10.8billion
It also announced it made a Net Premium Income of N8.2Billion, a minimal growth over that of Year 2015, which stood at N8.1Billion. Underwriting profit, it said, witnessed a 19 percent spike from N1.6billion in 2015 to N1.9billion in the financial year under review.
Group Managing Director, Royal Exchange Plc, Alhaji Auwalu Muktari, who made this known following the release of the financial results on the floor of the Nigerian Stock Exchange (NSE), recently.
A detailed analysis of the operating results showed that the Total Assets of the group witnessed a growth of 20 percent, from N26.5 billion in 2015 to N31.7billion as at December 31, 2016.
Net claims paid for the period under review amounted to N3.6billion, an increase of 20 percent from 2015, which was N3.0billon. Net Income before management expenses grew by 13 percent to N2.7billion, up from N2.4billion in 2015
The Group Managing Director of the company, Alhaji Auwalu Muktari, informed that despite the very harsh operating environment in the year under review, the group was able to grow its top-line figures by participating in large-ticket financial transactions, as well as playing in the retail insurance market, which shall be a key growth driver in the years ahead.
According to Muktari, “Royal Exchange Plc envisions a situation where the retail insurance market should be able to contribute between 50-60 percent of our revenues in the future, as the retail market is the future of insurance in Nigeria, considering the population of the country.”