THE Niger Insurance plc has assured shareholders that they would have reason to smile again soon as the company’s board has plan to declare dividends during its 42nd annual general meeting of the company in Lagos, July 19, 2012.
This is contained in a release made available to Nigerian Compass stating that it is in line with keeping faith with the company’s tradition so as to always delight its shareholders by ensuring that they get good returns on their investment.
The statement also said that based on the company’s audited financial report for the year ended December 31, 2011, it gross premium income rose from N7.04 billion in 2010 to N7.8 billion in 2011. “While the composite insurance firm achieved an underwriting profit of N1.54 billion during the last operating year, its profit from deposit administration increased significantly from N120 million in 2010 to N1.53 billion in 2011”, it added.
The company’s profit after tax grew tremendously from a loss of N123 million in 2010 to N1.22 billion in 2011 and in the same period under review, the company’s shareholders fund increased fromN4.2 billion in 2010 to N5.3 billion in 2011, while its total assets stood at N21.2 billion at the end of December 2011.
Meanwhile, after surviving the difficulty in the business environment, Nigeria for the past 50 years, Niger Insurance plc therefore planned to organise a befitting golden jubilee celebration in August this year.
As the insurance firm has evolved over time to be one of the most sought after insurance providers in the country, the management is convinced that the golden jubilee anniversary is a giant milestone that needs to be celebrated considering the fact that many of the companies which commenced business in the country 50 years ago are no longer in operation.
Niger Insurance has not only remained afloat over the years, it has also carved a niche for itself in its area of business and it is waxing stronger day by day. Established in 1962, Niger Insurance currently has three subsidiaries including NIC Properties Limited; NIC Securities & Trust Limited; River Plaza & Shopping Mall Limited.
The premium income being generated by the underwriting giant has been on a steady increase since it commenced operations. Niger Insurance is today one of the major players in the nation’s capital market whose activities have contributed in no small way to shaping the activities of the market. As a socially responsible corporate citizen, the company has consistently been contributing towards the improvement of quality of life in the society, just as it is providing comprehensive risk management services free of charge to clients.
Additionally, the company’s operations are guided by necessary business ethics, even as it is engaging in continuous research and development to improve on service delivery. In view of the fact that the organisation already ranks among the top three in the nation’s insurance industry, strategies are being put in place to ensure that the company become the market leader within a short period of time.
As a company that is always playing by the rules, Niger Insurance has never been found wanting in the area of claims payment in keeping faith with its promise to pay all genuine claims promptly.