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Royal Exchange records N12.5bn gross written premium



Royal Exchange Plc, said its gross written premium rose by 16 per cent to N12.5bn in 2016, from N10.8bn in 2015.

A statement obtained from the firm said the Group Managing Director of the company, Alh. Auwalu Muktari, disclosed that its net premium income rose to N8.2bn from N8.1bn, while underwriting profit rose by 19 per cent to N1.9bn in 2016 from N1.6bn in 2015.

The firm stated that its total assets rose by of 20 per cent, from N26.5bn in 2015 to N31.7bn 2016.

It said, “Net claims paid for the period under review amounted to N3.6bn, an increase of 20 per cent from 2015, which was N3.0bn. Net income before management expenses grew by 13 per cent to N2.7bn, up from N2.4bn in 2015.”

Muktari stated that despite the harsh operating environment in the year under review, the group was able to grow its top-line figures by participating in large-ticket financial transactions, as well as playing in the retail insurance market, which would be a key growth driver in the years ahead.

 “Royal Exchange envisions a situation where the retail insurance market should be able to contribute between 50 to 60 per cent of our revenues in the future, as the retail market is the future of insurance in Nigeria, considering the population of the country,” he said.



Source: http://punchng.com/royal-exchange-records-n12-5bn-gross-written-premium/


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