BY CHINYERE OBIORA, LAGOS –
Standard Alliance Insurance Group (SAIG) says it doled out a princely sum of N2.1 billion as claims payment for clients in the 2016 financial year.
According to the company’s claims payment profile for the year under review, about N886.5 million was paid under its non-life insurance business while N1.2 billion was paid as claims in its Life insurance wing
Addressing the company’s 20th Annual General Meeting (AGM) in Lagos on Monday, the Chief Executive Officer (CEO), Bode Akinboye said, “A good part of the claims paid in 2015 were legacy claims outstanding as at December 2014. But we have made substantial pay down on those arrears and are now streamlining our claims processes for a shorter settlement span,”
He said the Group posted a Gross Premium Income (GPI) worth N5.43 billion during the period under review; about N1.23 billion as underwriting profits; and N819 million as Profit Before Tax (PBT).
Also speaking at the meeting, Chairman of the company, Mr Johnson Chukwu said the insurer’s balance sheet assets stood at N11.79 billion, with approximately N4.65 billion of being financed by shareholders’ equity funds.
According to him, the management staff and executives were committed to place the Group on a solid and sound footing, stressing that the combined market strengths of its life and general wings will be harnessed in the immediate mid-term for business growth and value generation for stakeholders.
He however said the Group was affected by the mandatory corporate governance change, under the National Insurance Commission (NAICOM) rules that require non-executive directors of insurance companies that have served the maximum nine years to vacate their seats as board members, noting that the directive led to the painful exit of Brigadier-General Dominic Oneya, immediate past chairman of Standard Alliance, who had occupied the position since December 2014.
Chukwu, who informed the stakeholders that his appointment as the new chairman took effect from March 2016, said the Group is at present comfortably positioned to face competition in insurance market.
The Chairman, who commended the firm’s numerous customers for embracing SA brand despite all odds, also praised insurance brokers and other business allies for their continuous patronage and collaboration over the years.