Niger insurance Plc has reported operating profit of N593 million in the 2018 financial year while gross premium written was N4.4 billion. The company also recorded gross premium income of N5.2 billion in the period under review.
Dr. Stephen Dike, the Chairman of Niger insurance Plc said at the company’s 49th Annual General Meeting (AGM) in Lagos that Niger Insurance is working judiciously and diligently to meet the new capital requirement set for operators in the industry by the National Insurance Commission (NAICOM).
“We are exploring an optimal mix of funding options including rights issue, private placement, merger and or acquisition to achieve our recapitalization goal. The Board is in discussion with potential investors who will not only bring in capital but also technical expertise.”
Dike said the company is also planning a transformational drive to drive its goal of sustainable growth and profitability through key areas of focus such as:
- Strengthening and realigning business model
- Strengthening balance sheet through aggressive and strategic recapitalisation
- Reorganising and strengthening workforce for effective leadership
- Strengthening and institutionalizing a strict corporate governance framework
Mr. Edwin Igbiti, the Managing Director/CEO of Niger Insurance Plc said the company has already developed a five-year transformation plan (2020-2024) to achieve three main priorities: strengthen balance sheet, strengthen its people and strengthen its business model.
“I understand that this transformation journey will not always be easy and we will probably encounter a few bumps along the way. However, l am confident that our unity of purpose, strong leadership and support across key stakeholder groups will stand us in good stead”
