L-R: Managing Director/ CEO,Mr. Polycarp Diidam; Chairman of the company, Mr. Thomas Etuh and Company Secretary, Halima Wushishi during the company’s 40th annual general meeting (AGM) held in today in Abuja.
BY NKECHI NAECHE—--Shareholders of Underwriting firm, UnityKapital Assurance Plc on Thursday gave the board of directors the nod to change the name of the company and rebrand all aspect of operations of the company.
The shareholders gave the approval during the company’s 40th annual general meeting (AGM) held in Abuja today, that the board should go ahead and rebrand same to suit current realities to align with the vision and mission of the entity towards enhancing its competitiveness and to take any other step necessary towards realization of the objectives including but not limited to obtaining the relevant regulatory approvals.
The shareholders also applauded the performance of the company in the year under review, Patrick Ajudua, chairman New Dimension shareholders, said he was optimistic that the result will be better moving forward, noting that with the strategy being put in place by the company they can perform better.
Cross section of shareholders at the event today.
On market infractions, he commended the company for not incurring any fine from both the National Insurance Commission and the Nigeria Stock Exchange, while pleading with the new board to maintain the monumental and also improve on profits and balance sheet in 2017.
Also, the National Coordinator, Domicile Shareholders of Nigeria, Shopeju Efunremi Adetutu applauded the company for the 2016 financial performance and the dividend recommended by the board, she however called on the board to increase its dividend going forward to double digit in 2017.
Responding to shareholders, the managing Director/ CEO,Mr. Polycarp Diidam, assured shareholders that the new leadership of the company would improve on what it met on ground, adding that the company is in a better position and in the hands of capable board.
On rebranding, he said that the rebranding will not only focus on the company name but in all aspect of the operations of the company including its subsidiaries.
He said that the rebranding initiative will impact positively to the company’s business operations and investment,
He further revealed plans by the board to get life insurance license in the next few years and develop life products that will grow its bottom line and in turn lead to better dividend on investment.
On market infractions, Mr Didam assured shareholders that it will maintain the standard and ensure that all regulatory policies such as submission of accounts; results etc are adhered to strictly and timely.
He said that corporate governance will be observed by the company and ensure all forms of market infractions that would result to fines are avoided by the management.
He added that the company is repositioned to training and retraining of its staff since they are the faces and mouth pieces of the company, while noting that human capital development plays a key role in increasing business operations of any company.
Speaking on its financial performance, the company’s new Chairman, Mr. Thomas Etuh said that despite the challenging Business environment, the insurer balanced sheet remained robust.
According to the him the company experienced a moderate growth of nine percent to stand at N12.46 billion at the end of 31 December 2016 when compared to N11.4billion recorded in the previous year of 2015.
Insurance liability for the year dropped from N856million in 2015 to N729million in same period of 2016; indicating 15 percent drop.
While shareholders fund rose by 10 percent to N10.3billion in 2016 when compared to N9.4 billion in 2015; this the chairman attributed to the revaluation of the company’s assets.
He added that in the year under review the company paid a total of N620 million as claims in 2016 as against N407million paid in 2015.