Insurance and financial services group,Royal Exchange Plc has said it generated a gross premium of N8.43bn in the first half of 2016, representing a leap of 34 per cent over the figure of 2015 which stood at N6.28bn.
The firm’s gross premium income also saw a growth of 17 per cent over the 2015 figures, with the 2016 figure standing at N6.46bn, more than the N5.50bn it generated in 2015, its report has shown.
The net premium income was N4.34bn, showing a growth of five per cent over that of 2015. Its total net claims paid for the period was N1.95bn, an increase of 42 per cent from H1 2015, which was N1.37bn.
Group managing director of the company, Alhaji Auwalu Muktari,who commented on the result 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.”
He said income grew, despite the harsh operating environment witnessed in the economy. One of the key growth strategies for Royal Exchange Plc, he said, was the proposed listing of N3bn bonds on the floor of the Nigerian Stock Exchange (NSE).
He added that the secretariat will include strong private sector representation that would be led by experienced business professionals from the private sector.
