By Ngozi Onyeakusi — Prestige Assurance Plc has written a gross written premium to the tune N4.79bn for the financial ended 31st December, 2018

This show an increase of approximately 26 per cent when compared with 2017 figure.

Pre-tax profit decreased to N645m from N698m in 2018 due to unprecedented claims paid.

Addressing shareholders at the company’s 49th annual general meeting in Lagos, the acting Chairman, Muftau Oyegunle, noted that despite the challenging conditions in the insurance industry in 2018, he said, the firm was able to underwrite healthy business volumes. “Your company’s gross written premium rose from N3.8bn to N4.79bn, an increase of approximately 26 per cent year on year.”

Oyegunle added that it was no longer news that the insurance regulator had increased the minimum capital requirement of the insurance companies.

He said, “Meeting this recapitalisation imperative is critical for our business.

“To this end, your board is examining the various options available to ensure that we meet the new requirements and remain a significant participant in the sector.”

The Managing Director of the company, Dr Balla Swamy, said its pre-tax profit decreased to N645m from N698m in 2018 due to unprecedented claims paid.

“The underwriting result along with income from investments even in this tight insurance and investment market has exhibited positive growth,” he said.

Swamy said the company’s total asset had gone up to N13bn in 2018 from N11.8bn in 2017.

The managing director said that it was looking for more effective ways to diversify its portfolio mix that would eventually protect the quality of its business.