Prestige Assurance Grows GPW By 19.61%

 

Harboursandport.com: Lagos - Prestige Assurance Plc has grown its gross written premium by 19.61 per cent to N14.88 billion in the 2023 financial year end from N12.44 billion achieved in 2022.

The Chairman of the Company, Mrs. Funmi Oyetunji, disclosed this while presenting the 2023 financial report to shareholders, during the company’s 54th annual general meeting in Lagos.

AGM – From left: Executive Director, Mr. Vivek Kalla; Managing Director/Chief Executive officer, Mr. Rajesh Kamble; Chairman, Mrs. Funmi Oyetunji;  Company Secretary, Mrs. Chidinma Ibe- Louis and Dr. Nosike Agokel, Non Executive Director during the 54th Annual General Meeting of Prestige Assurance plc held in Lagos.

She said, “Despite the challenges and the macroeconomic turbulence in 2023, the company's performance has remained on an upward progression. Our result in 2023 is built on a solid foundation of commitment to sustainable growth and our risk assets metrics evidenced the continued focus on maintaining a diversified and sound risk portfolio.”

In line with its commitment to providing robust and sustainable returns to its shareholders, she said the board proposed a dividend of 2 kobo per ordinary share of 50 kobo each for the 2023 financial year.

Oyetunji said, “This proposal underscores our commitment to delivering sustainable value to our esteemed shareholders, even in these challenging times.”

Speaking further on the performance, the Managing Director, Mr. Rajesh Kamble, said, “Running on a premium budget of N16 billion, the Company achieved a gross written premium of N14.88bn, representing 93%, which is 19.61% above the gross written premium of N12.44 billion achieved in2022.”

He added that, “During the period under review, we had a profit before tax of N1.404bn as against N568m achieved in 2022. The growth in profit was due to hard work during the year.  However, our total assets grew to N27.85bn as against N22.04bn in 2022 financial year.”

As it looks forward to the new financial year, he said, Prestige Assurance will continue actively in managing its portfolio by sharpening its strategic focus on retail businesses through developing new products to suit the retail market.

Kamble added that the company will continue to create ever closer and deeper relationships with its customers at every stage of their business.

The Managing Director said it will, “Respond quickly to any new and emerging social, commercial, and economic trends that are shaping the future of our customers' financial lives.

“We will work hard to spend wisely and maintain our lean culture. We understand the importance of continually reinforcing a cost-conscious culture.”