The Chairman, Prestige Assurance Plc, Hasan Usman, said the company was positioned to grow its market share with its products and services.
He said this during the firm’s 46th annual general meeting in Lagos.
“Our unmatched depth of knowledge of the Nigerian market and very strong international links gives us cause to believe that we are poised to tap into areas of opportunity in the Nigerian market with our market-winning products and services,” he said.
The chairman also said that in 2015, the company recorded gross premium of N2.43bn and underwriting expenses of N1.73bn.
According to him, the firm’s operating activities are 39.57 million in the year under review, while its profit before tax stands at N20.33m.
The chairman said that the company paid over N725m as net pay in a single claim involving Dana Air from inception of the claim to date.
He said that as part of strategy to achieve its intention to be one of the top three insurance companies in Nigeria, the firm’s strategic business unit, e-business unit and Ikeja branch office, were opened and had become fully operational.
Usman said that there were plans to still open more branches with the intention of acquiring more market share of the insurance industry.
“We have been able to integrate our software- global insurance business solution – to our operations lines and services while introducing a number of value-added products and services that will considerably enrich the Prestige Assurance customer experience,” he said.
While availability of high trained insurance professionals remained a critical challenge in the industry, he said Prestige Assurance had built a robust human capital to cope with increasing competition, and in doing so, consistently delivers good returns on investment.