- Prestige Assurance Plc said its gross premium stood at N2.65bn at the end of 2014 financial period.
- The Managing Director/ Chief Executive Officer of the firm, Dr. Balla Swamy, said this during its annual general meeting.
- He also disclosed that the company recorded a net premium income of N1.33bn. According to him, Prestige Assurance recorded a profit before tax of N176.75m and a profit after tax of N14.18m in 2014.
- He said its total assets stood at N11.89bn while its shareholders funds amounted to N4.58bn in the period under review.
“The company continues to improve on its prompt claim payment policy with the sum of N1.93bn paid out in 2014,” he said. According to him, the solvency margin of the company at the end of 2014 was N4.69bn from N3bn the previous year, which bears a testimony to the strength of the company.
- The Managing Director also said that in the quest to reposition the company in the industry and increase its share capital, Prestige offered for subscription N1.5bn rights issue, which was 113.59 per cent subscribed. In a renewed vigor for providing excellent online-real-time services, he said that the company had introduced its operations to cloud.
- Source: Punch