Niger Insurance Plc gross premium grew from N10.44 billion in 2013 to N11.06 billion in 2014, representing a growth of 5.95 per cent, its approved annual statement of account has shown.
Similarly, the group’s profit after taxation grew from N627.43 million in 2013 to N690.97 in 2014.
However, there was a drop in profit after taxation for the company from N599.47 in 2013 to N538.78 million in 2014.
Alhaji Bala Zakariyau, chairman, Niger Insurance Plc, in his statement on the account, noted that the drop in profit after tax was “due to increased operational cost occasioned by inflationary pressures and currency exchange rate fluctuation. The chairman presented his statement at the 45th Annual General Meeting (AGM) held in Sokoto.
Zakariyau noted that 2015 would be more promising as the economy stabilises following the successful completion of the general elections held recently.
“The outlook for Nigeria in 2015, on a global scale, appears positive because of the successful transition to a democratic government.
“The focus of the new government is on topical national issues such as the deteriorating security situation, improved economic management, how to curb corruption, and the reduction of youth unemployment,” he noted, adding that this would help to spur economic activities that would impact positively on the insurance sector.
He also said that regulatory measures would be taken to deepen durance growth.
“We are expecting strict regulatory framework, with the aim to minimise or eliminate unhealthy rivalry which characterised the industry in the recent past.
“To minimise the impact of the emerging challenges faced by the national economy, your company will ensure adaptation to the unfolding scenario through the repositioning of all its operations.
“We are determined to give more attention to the retail segment of the industry, which is less volatile. We will also diversify investment portfolio, as well as review and revamp product offerings”, the chairman assured.