Prestige Assurance Plc has posted a Gross Written Premium (GWP) of N4.792 billion in its 2018 financial year.
This is coming just as the company sought the shareholders approval to increase the firm’s authorised share capital from N3 billion to N10 billion by creating 14 billion ordinary shares at 50 kobo which will rank pari-pasu with existing shares of the company, and he was granted the permission by the shareholders.
The former Acting Chairman of the company, Sir Muftau Oyegunle, made this known at the firm’s 49th Annual General Meeting (AGM) in Lagos.
He stated that the firm achieved an increase of 26 per cent performance with the N4.792 billion as N3.809 billion was recorded in 2017.
He said: “The gross premium income stood at N4.66 billion, pre-tax N645 million while the total assets moved from N11.8 billion to N13 billion. Claims paid stood at N1.23 billion and a dividend of 3 kobo per share for 2018 financial year, was paid to shareholders.
“The company’s board has taken certain steps to increase gross premium income, as well as retention capacity. The objective is to grow premium and profit margins including after tax through expanding and deepening the deployment of digital marketing; retail sales; strengthening portfolio of products and increasing physical presence across the nation by expanding network of micro-offices.
Having secured the nod of the shareholders, he implored them to pick up their rights issues to enable the firm meet the new capital requirement.
