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CrystaLife records 145% growth
CRYSTALLIFE Assurance Pic in its audited financial report has recorded a N2.6 billion premium income against N2.12 billion in 2010, representing a 23% growth.
The investment income experienced a giant leap and closed at N318 million from N129.62 million recorded in 2010 signifying a growth of 145%.
Given the company's efficient management of its insurance funds in the running of its business, the Actuarial Valuation of the fund grew in excess of N788 million in the reporting year as against N418 million in 2010.
Speaking during the underwriting's 14th Annual General Meeting in Lagos, the managing Director, of the firm, Mrs Oluseyi Ifaturoti, said that the company recorded good success in the year under review declaring a dividend at the meeting after several years of making provision for diminution over the losses made in the capital market.
Ifaturoti, attributed the company's performance to the strength of the company's operating performance and the size of its balance sheet.
She added that the company embarked on a number of projects which has positively impacted the company's performance.
Some of these initiatives include compliance with International Financial Reporting Standards (IFRS), Anti Money Laundering/ Combating Finacing of Terrorism (AML/CFT) and the implementation of an Enterprise-wide Risk Management framework.
"Going forward in the current year, the Management trusts in strategic partnerships, branch and agency expansion as well as exploring business opportunities m the areas of retail, organised private sector, effective treasury management and investment opportunities.
In addition, the company will focus on extensive market research and valuable product offerings, upgrade of technological infrastructure to accommodate flexible premium collection in line with the new cashless policy, develop cost effective channels and build technical capacities to manage complex risks," the managing director said..
She added that CrystaLife Assurance would also invest in quality assurance and partner with Industry regulators to introduce binder agreements with Brokers and independent financial intermediaries to achieve cost efficiency in service delivery.
The company's financial report under the review revealed that the profit after tax closed at N202 million reversing the negative position of N97.47 million in 2010 representing a 308 per cent growth.
"The company's performance in the year under review indicates that the company is striving towards being the life specialist of choice in Africa with strong financial fundamentals and propensity for accelerated growth", the report added.
