Niger Insurance Plc said it paid N3.3 billion as claims in two years. The insurance company said it paid claims and benefits totalling N1.7 billion in 2019 against N1.6 billion paid in 2018.
At the AGM, the Managing Director/Chief Executive Officer, Niger Insurance, Edwin Igbiti stated: “In response to the company’s liquidity challenges, which delayed the settlement of outstanding claims, the company has been aggressive in its efforts to unlock capital through to restructuring of its investment portfolio while divesting from under-performing asset classes.
“Consequently, the company was able to pay claims and benefits totalling N1.7 billion in 2019 against N1.6 billion paid in 2018. In 2019, Niger Insurance made important changes to optimise its business and leadership to align with the company’s new strategic direction and drive its transformation objectives.
“These changes were necessary to boost growth, simplify our ways of working, and improve operational efficiency and resilience.
“We now have greater focus, commercial rigor and accountability throughout the organization. These fundamentals will help us build momentum for current and future earnings growth.
“Notwithstanding the economic headwinds and legacy issues facing the company, we are committed to the swift turnaround and transformation of this great company.”