Following its 100 per cent acquisition by Norrenberger Financial Group, the foremost Insurance Company, the International Energy Insurance (IEI) PLC yesterday successfully concluded its five-year audit.
The firm also released a four-year report at the 43rd Annual General Meeting of the company held in Lagos, showing a record of N2.5bn premiums.
According to the annual report presented at the AGM in Lagos, the company recorded a yearly growth rate of gross premium of -51% in 2017, -52% in 2018, 14% in 2019, and 7% in 2020 translating to N966million, N463million, N525million, and N564 million respectively.
Chairman, Board of Directors of the firm, Mr. Buka Goni Aji explained that the turnaround was an indication of the Board’s successful stabilisation effort in the company and its eventual acceptability in the insurance market following the intervention by the regulator.
He said the takeover by the new investor had boosted confidence in the operation of the company, saying the results so far have been “Excellent, all liabilities are being paid, insurance claims are being paid.”
He added, “Although the current economic environment makes it significantly difficult to grow the revenue side of our operation, the task over the next business cycle would be to focus on deepening our market share while building on our existing strength.
“We would also focus on maintaining our costs within the limit that will return a profit for the company”.
Managing Director of the IEI, Ebun Ayeni stated that going forward, the firm is poised to be one of the top insurance companies in Nigeria.
Meanwhile, the new owner of the firm, the Norrenberger Financial Group, assured stakeholders and regulators at the AGM of their cooperation and commitment to strict compliance with laid down regulations while focusing on the growth plan of the company.
Norrenberger Financial Group further stated that they are already recapitalising International Energy Insurance Plc by knocking off many outstanding e.g Outstanding Salaries, Outstanding Pensions Liabilities, etc.
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