L-R: Chief Operating Officer, NSIA Insurance, Thomas Yebouet; MD/CEO, Moruf APAMPA; Chairman Board of Directors, Dr. Adesegun Akin-Olugbade; ED Technical, Abideen MUSA at the media briefing Friday in Lagos
The year 2023 for NSIA insurance has been a period of unprecedented growth and a successful one despite the difficult operating environment, making claims payment of 7.8 billion naira in 2023, and over the past five years made claims payments in the excess of 27 billion nara.
The Chairman of the board of NSIA, Dr Adesegun Akin-Olugbade stated this at a press briefing in Lagos.
Adesegun noted that NSIA is a customer- centric organization, putting customers at the heart of their operations, a cardinal principle shaping and guiding the insurance company.
” This mutual trust has culminated in a gross written premium of 26% from 17.7 billion naira in 2022 to 22.2 billion naira in 2023. The insurance service also grows by 18% to 19.8 billion naira from 16.8 billion in 2022″
According to the Chairman, the growth was achieved across the business lines from the non-life and life business, achieving double digits growth of 19% and 17%, from 9.5 billion naira and 7.3 billion in 2022 to 11.3 billion naira and 8.6 billion naira in 2023.
” We were able to successfully navigate the macro -economic environment in 2023, deploying cost optimization initiatives by leveraging technical and management expertise to deliver Profit BeforeTax,(PBT) of 3.2 billion naira and Profit After Tax, (PAT) of 3.1 billion naira, indicating a growth rate of 344% and 400% respectively, Akin Olugbade said.
He equally noted that NSIA’s positive growth is also refected in other areas such as Return On Equity(ROE) which increased from 5% in 2022 to 19% in 2023 and Return On Assets, (ROA) which escalated from 3% to 9%, noting that the company’s proudest moments were the opportunities to fulfil its obligations to customers.
Dr Akin-Olugbade says NSIA is committed to deliver to its customers while it plans to escalate operations to meet the needs of the retail segment and provide excellent service, as well as ensure that there is an NSIA insurance product in every household.
“NSIA is poised to deploy its intensive excellent service delivery initiative to continuously improve its customer experience. Our main goal is to keep assisting individuals, organizations, association, communities in recovering from unforeseen events”, the chairman posited.
He concluded by saying it is incumbent on NSIA to guarantee customers’ comfortable future and help protect their assets.
In his submission, the Managing Director and the C.E.O, Moruf Apampa said NSIA will take insurance to the people’s doorstep, the market, the down-trodden and let them know how insurance works.
“We’ve developed capacity in such a way that claims payment is concluded within 48 hours of the claims incident.”
On technology, he said the company is leveraging on technology to drive its businesses, adding that the company is developing its own app to boost its business and has finetuned plans to escalate the number of agents from 300 to 3,000 in the next three years.