SA Life grosses N4.63bn in 2013, pays N2.78bn claims

Meanwhile the firm has paid out N2.78bn as claims to genuine affected policyholders.
A breakdown of the account presented by the company’s Chairman, Olorogun O’tega Emerhor, during its 14th Annual General Meeting held in Lagos showed that the sum of N3.45 billion represented performance in gross life premium income (group and individual life businesses) while N1.18 billion came from investment-linked products.
He said the company’s gross life premium of N3.45 billion indicated a 17.3 percent growth over N2.94bn achieved in 2012.
During the year under review, the company paid total claims of N2.78bn (group life N1.62bn and deposit administration withdrawal N1.16bn) to affected policyholders and genuine claims’ beneficiaries in 2013, against N2.65bn it paid in 2012.
The chairman told the shareholders that the company recorded negative operating result of activities in 2013, compared with a profit position in 2012, clarifying that “this was as a result of time apportionment principle applied in recording gross premium income in the year 2013.”
The chairman, who reassured the owners of the company that the board was finalising strategies to ensure that the planned July time for the meeting was achieved, hinted that “the issue of insecurity challenge in the Northern region, was a permanent experience all through the year and our business offices in these areas were adversely affected.”