Royal Exchange General Insurance Company (REGIC) recorded a gross written premium of N10.58billion in its 2019 financial year.
Similarly, its total net claims paid to policyholders stood at N1.11billion while its underwriting profit was N1.14 billion for the period under review.
Total Assets for the year under review was N21.94 billion with its shareholders’ funds standing at N9.61 billion, profit before tax amounted to N974.6 million and a profit after tax of N654.7 million was reported for the 2019 financial year.
Speaking at the 12th annual general meeting of the insurer held virtually in Lagos, the chairman, Alhaji R. M. Gwarzo, stated that the accounts, which has been approved by the National Insurance Commission (NAICOM), show that the company is on the path of profitability and sustained growth, as all financial indices are positive for the company.
Similarly, the managing director/CEO, REGIC, Mr Benjamin Agili, said despite the very harsh operating environment, the company was able to grow its topline figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions.
He equally attributed the success to a renewed focus on the retail markets which would be a growth driver in the future and agriculture insurance, which is beginning to gain traction in the insurance market in the country.
According to him, “We are expanding our strategic focus to these three main areas: – Digital insurance, the retail insurance market and agriculture insurance – as farming is a key economic activity in Nigeria.”
Speaking further on the firm’s recapitalisation plans, in line with NAICOM’s directive for Phase 1 of the revised recapitalisation guidelines, Agili said, Royal Exchange General, with its approved 2019 financials, is poised to surpass the NAICOM directive and that plans are in top gear to ensure that REGIC is well capitalised.