The National Insurance Commission (NAICOM) has given its approval to Royal Exchange Plc to underwrite agric-business. Royal Exchange sees this as a great opportunity for the company to establish better returns on its investments.
Mr. Kenny Ezenwani Odogwu, the chairman of Royal Exchange Plc, in a speech to the company’s shareholders during their 48th Annual General Meeting in Kano, was full of praises for the company’s achievement so far and is certain that with the approval from NAICOM, the company will be able to achieve much more.
He said “ Royal Exchange stays abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position.” he commended the efforts of the management saying they had done very well in growing the business and bringing stability to the company’s operation.
Mr. Kenny said that at the end of the financial year 2016, the company was able to record a 16% growth in gross written premium (from N10.79 billion in 2015 to N12.52 billion in 2016). The company’s assets also grew by 19.4% (from N26.5 billion in 2015 to N31.67 billion in 2016). According to Alhaji Auwalu Muktari, the Group Managing Director of the company, Royal Exchange will strive to pay dividend come 2018 given the anticipated growth opportunities from their recent approval from NAICOM.