One of Nigeria’s leading Insurance companies, AIICO has announced a partnership with ride sharing app, Taxify to offer insurance cover to its drivers. The Insurance cover suitably named “Taxify Cover” will be obtainable online and will be powered by AutoGenius an online platform that facilitates purchase of insurance online.
How it works?
Drivers of Taxify who wish to buy comprehensive insurance without having to visit a brick and mortar insurance company can simply login online and then buy insurance. The data (vehicle registration and license) of the vehicle is already stored in the database of Taxify and may have been shared with AutoGenius.
AIICO insurance will receive this information from AutoGenius and then provide the actual cover for the drivers and their vehicles.
How does this help everyone?
AIICO – AIICO gets to leverage on the strength of AutoGenius and Taxify to sell its motor insurance policies to a lot more drivers. This helps generates premium cover which should carry less risk considering that drivers of ride sharing apps typically get lower accident ratios.
Taxify – they get to offer their drivers features that its competition does not offer all within their phone. They probably also get a cut in the whole transaction. Right now, Taxify will take accept any feature that can help it displace Uber in Africa’s most populous market.
AutoGenius – It’s an opportunity to test their online services with one of the most popular e-commerce driven businesses in the country. Users of AutoGenius currently use it to compare insurance premiums among different insurers as well as use it to buy insurance from AIICO, Custodian & Allied, Leadway Insurance, NEM and Royal Exchange. This also takes the brand name of the company more mainstream.
Taxify Partners – They can easily buy insurance from the comfort of their phone. However, they are still restricted to AIICO (currently).
TaxifyCustomers – An Uber driver with comprehensive insurance cover (we hope they reveal this somewhere within the app) means your personal belongings are safe whenever you ride using Taxify. They also benefit, God forbid, in the event of an accident as the insurance will cover medical expenses. This will encourage them to use the App.
Taxify, was founded in 2013 by Markus Villig in Estonia. The company has operations in 25 countries and 18 regions. In Africa, it operates in Kenya, Egypt, South Africa and Nigeria. AIICO Insurance was founded in 1963 as an agency of the American Life Insurance Company (ALICO). AutoGenius are according to them, Insurance Experts, Techies, Brokers, Entrepreneurs, Digital Marketing Genies and most importantly Nigerians who love to use Technology to solve problems.
We are creative, innovative and boy, do we enjoy providing you unbeatable service!!!!
COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says
NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.
The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.
This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.
He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.
The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.
He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.
To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.
The company’s profitability in question?
An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.
Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.
“There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.
What you should know
- Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
- From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
- While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.
Highest paid Nigerian bank MD/CEOs of 2020
Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.
The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.
Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.
Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.
In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.
The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.
Nairametrics | Company Earnings
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- Nigerian Breweries publishes names of over 100,000 shareholders who are yet to claim their dividends.
- 2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.
- CSCS Plc posts profit after tax of N6.93 billion in FY 2020
- BUA Cement Plc announces Board Meeting
- Infinity Trust Mortgage Bank Plc records a 60% increase in profit after tax in Q1 2021.