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Ajayi wants greater insurance awareness

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Ajayi Advocates Awareness Policy to boost patronage of Insurance Products  

By Nsikan Ikpe

 

The Chairman, Sovereign Trust Insurance Plc, Mr. Oluseun Ajayi has challenged insurance practitioners to expedite action in promoting insurance products and policies for sustainable business growth.

 

Ajayi who expressed dismay over the low awareness of insurance products in Nigeria maintained that the moment Nigerians understand what they stand to benefit from insurance, they will be willing to purchase policies which will reduce Nigerians’ apathy towards insurance products in the country.

 

Affirming these views in Lagos at the 23rd Annual General Meeting (AGM) of the undertaking firm, he said that, the insurance sector, like every other sector of the economy struggled to overcome the challenges posed by the lingering effects of the economic recession experienced in the previous year, and that this has left a negative impact on most businesses as activities stagnated even as thetre was also reduced purchasing power of the populace particularly in relation to insurance products.

 

Presenting the financial report of the company to shareholders, he revealed that the company recorded a profit before tax of N202 million as against N44 million recorded in the 2016 financial year, and consequently translating to over 351 percent increase.

 

Profit after tax rose to N157 million indicating 569 percent increase compared with N23 million recorded in 2016 respectively. The company also recorded Cross Premium Written of N8.5 billion representing a 33 percent increase over the N6.3 billion recorded in the 2016 financial year. The net claims expense in 2017 was N1.3 billion, indicating a 9.5 percent increase compared with N1.44 billion recorded in 2016.

 

The reports also show that the company’s investment income moved from N286 million in 2016 to N406 million in 2017, while total assets equally rose from N9.5 billion to N10.8 billion representing a 13.7 percent increase.

 

 

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