NSIA Insurance Limited, a leading composite insurance company in Nigeria, announced that it has disbursed a total of N8.81 billion in claims to its policyholders for the year 2022. The disclosure was made by Dr. Adesegun Akin-Olugbade, the chairperson of the company, during the recently held Annual General Meeting (AGM) in Lagos.
Despite the challenging business environment in the country, NSIA Insurance Limited achieved positive results and provided prompt claims payment to its customers, greatly satisfying its shareholders. The company recorded a Gross Premium Written (GPW) of N18.02 billion during the review period, reflecting a year-on-year growth of 33% from N12.68 billion to N16.82 billion in 2022. This remarkable increase in GPW can be attributed to the company’s robust investment strategy.
In addition, the company’s total assets showed a 13% rise from N25.51 billion to N28.69 billion as of December 31, 2022. This significant growth in assets further bolstered the company’s financial strength and stability. Notably, the Profit After Tax (PAT) experienced an impressive surge of 210%, reaching N873.47 million compared to N281.92 million in 2021. Consequently, the equity also grew by 7%, amounting to N14.59 billion in 2022, up from N13.64 billion.
Given its strong performance, NSIA Insurance Limited declared a dividend payout of 2.2 kobo for each ordinary share held, totaling N396 million for the year ended December 31, 2022. Over the past three years, the company has distributed a cumulative dividend of N657 million to its shareholders.
Dr. Akin-Olugbade expressed gratitude for the shareholders’ confidence in the company’s ability to sustain business growth. He assured stakeholders that the positive growth trajectory would continue into the 2023 financial year, even with expectations of a healthier economy. NSIA Insurance Limited aims to leverage the inherent potential of the economy and implement strategies to maximize growth opportunities.
Moruf Apampa, the MD/CEO of NSIA Insurance Limited, emphasized the company’s adaptability and responsiveness to changing market trends. Despite economic obstacles in 2022, the company achieved exceptional success across various key metrics and major business lines during the financial year. Notably, claims payment reached N8.81 billion in 2022, marking a 31% year-on-year growth compared to N6.72 billion paid in 2021. Apampa reiterated the company’s unwavering commitment to delivering financial stability for customers, surpassing their expectations, and ensuring the satisfaction of stakeholders.