By: highcelebritysquard
The Managing Director, African Alliance, Mrs Joyce Ojemudia, says the company has been increasing its coverage and it is planning to establish more presence in the North to increase insurance participation.
Ojemudia said this while delivering her speech at the Nigerian Council of Registered Insurance Brokers members evening in Lagos recently.
She said, “The key strategic goal in 2021 was to grow our premium income via deliberate market expansion into untapped regions with good prospects for life insurance.
“To that effect, we have launched the retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure.
“In 2022, we are moving northwards as we look to re-establish presence in Ilorin and Jos as well as other prospective locations.”
According to the managing director, it is paramount to every insurer to pay claims as this is fundamental to its existence as a business.
She said the principle was taken as a responsibility in the company and had inspired it to continually pay claims promptly, adding that this was demonstrated in the billions it had paid in claims year in year out.
The managing director said, “In 2021 business year, we paid claims exceeding N7.59bn to our customers, a substantial bulk of which were for annuity claims and the group life insurance.
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“This shows an increase of over N590m in claims payment in the prior year. As earlier stated, this is a clear confirmation of our unchanging commitment to paying genuine claims.”
On its recapitalisation plans, she said the company injected about N14.4bn through assets conversion as of December 2020, which improved its shareholders fund and asset base.
She said, “The company will be increasing its capital base through right issues targeted at significant shareholders in addition to getting new investors to buy into the company.
“Business combination which is our last resort in the event that the above plans are not adequate.”
