Prestige Assurance Records Gross Written Premium By 32%

Insurance

Prestige Assurance Plc recorded 32 per cent growth in gross written premium in its 2021 financial accounts.

The acting Chairman of the company, Dr Muftau Oyegunle, disclosed this while presenting the annual report at its 52nd annual general meeting.

He said, “A gross premium written of N9.27bn was generated as against N7.01bn generated in the preceding year, an increase of 32 per cent.

“The net premium earned during the period under review was N4.59bn and 32 per cent increase over the preceding period of 2020, which recorded N3.47bn.”

He said the previous period’s profit after tax was N678 million, and the reporting period’s profit after tax was N688 million, an increase of 1.47 per cent.

He said the board recommended a dividend of 15k (one and a half kobo) per ordinary share in order to continue to provide meaningful returns to shareholders.

“Our shareholders would receive a total of N199 million in dividends for the fiscal year 2021, subject to appropriate withholding tax and approval at this AGM,” he said.

“We remain committed towards regular dividend payments to our shareholders in appreciation of their faith in the company.”

The Managing Director, Rajesh Kamble, said it generated an underwriting profit of N801.75m and when adjusted for the adverse effects of COVID-19 and the economic contraction, its operating profit exceeded the prior year’s record levels.

He said, “The highlights of our overall business performance reveal that the fire portfolio generated 29.3 per cent growth in the year 2021, thus contributing to 37 per cent of the GWP.

“However, marine and aviation became the most profitable business in the entire portfolio, generating N2.078bn in GPI and resulting in N554.0m underwriting profit and contributing 23 per cent to the GPI.

“Our persistent focus on productivity has led to further improvements in the underlying profitability, as we have increased our profit before tax for the third consecutive year.”

According to the Managing Director, Rajesh Kamble, the company made an underwriting profit of N801.75 million, and its operating profit topped the previous year’s record levels after accounting for the negative effects of COVID-19 and the economic slowdown.

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