Royal Exchange Plc, has recorded a gross written premium of N10.82 billion in the first nine months of 2016 financial year, representing 22 per cent increase compared to N8.87 billion achieved in the corresponding period of 2015.
According to the firm, the insurance group also stated that its gross premium income witnessed an increase of 15 per cent over the corresponding period in 2015, with the 2016 amount standing at N9.38 billion, compared to N8.19 billion achieved the same period in 2015.
Also, net claims paid to Royal Exchange clients grew marginally by four per cent from N2.43 billion to N2.52 billion for the third quarter.
Net income for the period amounted to N2.67 billion, with a modest growth of 12 per cent over that of 2015, which stood at N2.36 billion.
Meanwhile, Profit Before Tax (PBT) grew to N274.60 million as at Q3, 2016 from N111.34 million achieved in the corresponding period in 2015, resulting in a growth rate of 14 per cent.
Speaking on the results, which was announced on the floor of the Nigerian Stock Exchange (NSE), the Group Managing Director, Royal Exchange Plc, Auwalu Muktari, said desspite the economic recession, it was able to grow its business portfolio by focusing on the ever-growing retail insurance market and participating in large-ticket corporate transactions.
According to him, the firm witnessed growth along most of its performance indicators because the company focused more on its core business of insurance and implemented a cost optimisation strategy across all the subsidiaries of the group, which resulted in profitability and growth across the group.
He added that the results recently released have shown that by focusing on the group’s growth objectives set out at the beginning of the year, Royal Exchange will be able to continually grow its business portfolio and provide substantial returns to its shareholders.
Speaking further, he opined that Royal Exchange will continue to focus its efforts on aggressive sales of its various product and service offerings as well as sustain its cost optimisation strategy with a view to meeting the Group’s 2016 forecast.
He noted that the board and management of the company are optimistic that the fourth quarter will also be a period of growth for the company, especially if the public sector – federal and state governments are able to finalise the insurance of their assets.
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