NigeriaRe gets new director, grows profit by 67.65% in Q2

The appointment, which took immediate effect, is part of the strategy of the company to use its skilled personnel to better serve its clients.
Moreover, his appointment is to build on the current success of the company’s strategic plan, by implementing it to the latter. It is expected that Akinrolabu will bring in his experience to reposition the reinsurance firm, as one of the top reinsurance firms in Africa. His appointment is in tandem with the new strategic roadmap of the Corporation which focuses on customer-organization alignment. Earlier in the year; the Board of Directors unveiled a new strategic masterpiece to return Nigeria Re to its leadership position in Nigeria as well as to become a profitable global player in the global market.
The Managing Director of Nigeria Reinsurance Corporation, Lady Isioma Chukwuma, said the strategic plan embarked upon by her company delivered strong financials in the 2nd quarter of 2014.
This, she said,  reflected in the key financial indicators, as underwriting income of  Nigeria Re grew from N195 million to N327 million, recorded in  the second quarter of 2014, representing an increase of 67.65 percent within the same year.
The slight improvement in the Corporation’s financials could be attributed to cautions and prudent underwriting. The MD further stated that her firm’s net operating income rose by 22.75 percent from N186m to N231m.
At the end of the second quarter, the Corporation’s net management expenses however grew by 13 percent, an increase from N124, 329,398.41 to N140, 991,128.09. She attributed the increase to the extra cost incurred on the implementation of the new strategic plan of the reinsurance firm.
The MD pointed out that the total asset of Nigeria Re currently stands at N17.56bn. “No doubt, the Corporation is not only strong, but viable enough to meet its obligations as they fall due,” she said.