AMINA HUSSAINI, Abuja

African Alliance Insurance says it has recorded a 45 percent raise in its gross premium written, rising from N5.17 billion in 2018 to N7.5 billion for the year 2019.

The company in a statement stated that it also grew its underwriting income from N5.11bn to N6.94bn representing a 36 percent growth year-on-year while customer claims increased by 8 percent year-on-year from N8.78 billion to N9.48 billion.

“The financials show marked progress in our strategy to expand our retail presence and aggressively grow our market share despite suspending our largest line of business, annuity”

 The firm’s managing director Funmi Omo, said “Our commitment to customer satisfaction is also clearly exemplified by our claims payment in the year 2019.”

“For us, the customer is our lifeblood and we will always bend back to satisfy them every time they call on us,” she added.

Omo also put at rest the fears of all stakeholders pointing to the various innovations that have taken place within the company over the past year.

“We have put in place a virile Business Continuity Plan (BCP) as a way of telling our shareholders and investors that we are indeed here for the long term while our investment portfolio is now being looked after by a smart team of experts with demonstrated accomplishments in the financial services.

“Internally we have instituted a paperless policy that has seen our use of paper drop to a negligible minimum. We have put our sales team through various training and retraining; these are already yielding fruits as evidenced by the increased premium year on year. We are easily one of the most visible and engaging brands amongst our peers in the digital space. Indeed, we are not relenting in our drive to ensure we remain true t our commitment to being with the customer for life” she explained.

Recall that the 60-year-old firm at its 50th annual general meeting (AGM) held recently had identified a combination of tactics including share restructuring, private placements and capital injection among others.

 Going by recent developments, industry watchers remain optimistic about the prospects of a firm widely regarded as a leader in the life insurance space