International Energy Insurance (IEI) Plc has repositioned to play a dominant role in the Nigerian insurance sector following the100% equity investment in the firm by the Norrenberger Group as approved by the National Insurance Commission (NAICOM).
Mr. Supo Sogelola, the Managing Director/CEO of International Energy Insurance Plc said the underwriter developed its 5-year growth plan from Day One on the back of market innovation, value creation for stakeholders and policyholders, strategic business expansion, brand equity and quality people to drive its return to the industry in great style.
Sogelola said the company has already secured over N1.3 billion to clear all outstanding liabilities in terms of claims, taxation, pension, staff salaries and commission to brokers. He also promised that all outstanding foreign currency-denominated liabilities are being compiled and would also be settled in due course.
According to him, IEI Plc also has over N5 billion in cash in terms of recapitalisation pending shareholding allotment while the sum of N7.3 billion is the projected capitalisation of the insurer going forward.
And for the 2023 business year, the company is projecting premium income in excess of N5.3 billion given its market potential and other favourable indices, including its rebounding share price levels at the Nigerian Stock Exchange.
Emphasising on the strength of the IEI brand reclaiming its pride of place in the sector, the CEO listed its 8-point market advantage thus:
- One Ownership via Norrenberger Group
- One Focus
- One Direction
- Stronger & Better Organisation
- Strong Relationship with Brokers
- Robust Tech Core Application for Seamless Service Delivery
- Innovative Products & Services
- Strategic Expansion of Retail Outlets
“We shall re-energise our corporate services. We’re going to be the delight of brokers by the quality of our innovative products and services. We shall also retool our retail services because retail business has sustained the company over the years.”
Sogelola was emphatic that the 2022 annual account of IEI Plc will show and prove beyond all reasonable doubt that the company has made a great turnaround.
Looking into the future, the IEI CEO hinted that the underwriter is currently coming to the market with a new product which has never being in the industry before in the whole of Africa.
He added that the company will also focus on High Networth Individuals (HNIs) and Medium Networth Individuals (MNIs) in terms of personal products while its alternative channels will address the needs of SMEs, MSMEs and co-operatives to effectively address the issue and opportunity of insurance penetration in the country.
