Niger Insurance Plc, one of the leading insurance companies listed on the floor of the Nigerian Stock Exchange has said that with the expected injection of fresh funds into its operations, the company was poised to refocus and rebuild its investment portfolio.
The chairman of the company, Alhaji Bala Zakariya’u, who stated this recently at the company’s Annual General Meeting (AGM) held in Uyo, Akwa Ibom State, said the company would also revamp its product offering, expand distribution network and complete the installation of information and communications technology platform.
Zakariya’u said the company would continue to build more strategic and enduring business alliances and embark on more aggressive marketing.
He added that the company would also pursue its Niger Enterprise Transformation (NEST) agenda which commenced last year to the next level to enhance the speed and efficiency of its service delivery.
It would be recalled that the managing director of the company, Mr. Justus Uranta, while fielding questions from newsmen at the company’s pre-AGM press conference in Lagos, said that the company was set to float a N2.5 billion right issue to shore up its capital base.
Uranta noted that the fresh funds expected to be injected into the company’s operations would realign its investment portfolio, re launch products, expand branch network and information technology.
He noted that barely two years ago, the company embarked on the “Niger Enterprise Strategic Transformation’ agenda, whose focus was to enhance speed and efficient service delivery, the transformation has started yielding positive results.
“We have been able to review most our business operations and in turn there are clear indices of improved premium income and underwriting profit.
Though the financial report and account under review may not be too encouraging, we are confident of overcoming the situation, having put all these strategies in place,” Uranta said.
He noted that the organisation was ready to key into the various programmes of federal government and its agencies to maximise the company’s income and add more value to its shareholders and other stakeholders.
Uranta lauded the raiding of fake insurance agents and touts by the insurance regulatory authority, National Insurance Commission(NAICOM), recently in Abuja.
The managing director while commending the resolve of the commission to come to their aid,lamented the devastating effects of the activities of those involved on the motor insurance business of all registered underwriting companies, describing it as a market problem to the insurance industry.
The company recorded a gross premium N7 billion in 2010 as against N7.2 billion posted in 2009. while the company’s loss after tax stood at N123.6 million in contrast to N2.2 billion posted in the comparable period of 2009.
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