Top underwriter Royal Exchange Plc on Friday released its nine months or Q3 finacial statement ended September 2016.
A statement released by the insuer Group Head, Corporate Affairs, Wilson Okoh-Esene said that its Profit Before Tax (PBT) grew to N274.60 million as at Q3, 2016 from N111.34 Million achieved in the corresponding period in 2015,l, this indicating a growth rate of 14 percent.
Whike gross Written Premium (GWP) grew by 22 percent from N8.87 billion achieved at the same period of nine months ended September 2015 to N10.82 billion in the period under review, 2016.
The statement added that the insurance group Gross Premium Income went up to N9.38 billion in 2016 when compared to N8.19 billion achieved the same period in 2015, this indicating a 15 percent.increase.
Net claims paid to Royal Exchange clients was not left out as it appreciated marginally by four percent from N2.43 billion in 2015 to N2.52 billion for the nine.months ended september 2016 (Q3).
Net Income recorded a modest growth of 12 percent for the period amounted to N2.67 billion, over that of 2015, which stood at N2.36 billion.
Speaking on the third quarter(Q3) results which have been announced on the floor of the Nigerian Stock Exchange (NSE), Alhaji Auwalu Muktari, Group Managing Director, Royal Exchange Plc, stated that in spite of the economic recession, Royal Exchange was able to grow its business portfolio by focusing on the ever-growing retail insurance market as well as participating in large-ticket corporate transactions.
According to Muktari, Royal Exchange Plc witnessed growth along most of its performance indicators because the company focused more on its core business of insurance and implemented a cost optimization strategy across all the subsidiaries of the group, which resulted in profitability and growth across the Group.
He further added that the results recently released have shown that by focusing on the Group’s growth objectives set out at the beginning of the year, Royal Exchange will be able to continually grow its business portfolio and provide substantial returns to its shareholders”.
The Group Managing Director further opined that Royal Exchange shall continue to focus its efforts on aggressive sales of its various product and service offerings as well as sustain its cost optimization strategy with a view to meeting the Group’s 2016 forecast”.
Speaking further, he said that the Board and Management of the company are optimistic that the fourth quarter will also be a period of growth for the company, especially if the public sector (federal and state governments) are able to finalize the insurance of their assets.
Royal Exchange Plc started operations in 1921 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers. Following the recapitalization exercise in 2007, the company was reorganised into a group structure comprising Royal Exchange Plc as the holding company and five strategic subsidiaries, namely:
▪ Royal Exchange General Insurance Company Limited (Non-Life Insurance Services)
▪ Royal Exchange Prudential Life Plc (Life Assurance Services)
▪ Royal Exchange Finance and Asset Management Limited (Financial Advisory Services)
▪ Royal Exchange Healthcare Limited (HMO and Health Insurance)
▪ Royal Exchange Microfinance Bank Limited (Banking Services)
By Nkechi Naeche