Standard Times (Freetown)
Unissa Bangura
22 June 2004
Aureol Insurance Company (AIC), which has been in operation for the last seventeen years, has recorded a net underwriting profit of Le205.718 million as compared to Le121.014 million for the corresponding year 2002, an increase of 70%.
This was last Friday, June 18, 2004 disclosed at the company's annual general meeting held at the British Council Hall, Tower Hill in Freetown.
The chairman of the board of directors, Dr. Patrick E.
Coker introduced his fellow directors including the Managing Director, Mr. Solomon Samba.
In the meeting, the financial statement for the year ended 31st December 2003 and the report of the directors and auditors were received and adopted.
There was also a declaration of dividend, which was recommended as Le1.60 per share, compared to Le1.30 in 2002, to all shareholders of the company as at 31st December 2003.
This represents an annual yield of 20% and a total amount of Le320 million to be paid out to shareholders as dividend.
The chairman in his statement made a review of the company's operations, of which he said gross written premium for the year was Le3.18 billion as compared to Le2.4 billion in 2002, representing an increase of 30.89%.
Dr. Coker said the claims incurred for the twelve months period was Le568 million as compared to Le434 million for the corresponding year to 31st December 2002, adding that it is a claim ration of 23.47% as compared to a claim ration of 23.82%.
The chairman further disclosed that the expense ration to 31st December 2003 stabilised at 65% for the corresponding period to 31st December 2002.
Profits before tax was Le491.63 million as compared to a profit of Le321.195 million, an increase of 53% over last year.
Dr. Coker also talked on areas like the development of staff and the future of the company.
Earlier, the chairman took the opportunity to introduce members of the board.
The auditors of the company, KPMG were retained.
The meeting ended with a motion that the remuneration of the company's directors be increased by 50%.
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