Lagos — Industrial and General Insurance (IGI) Plc has assured its shareholders that the pan-African expansion and consolidation of its Nigerian market share would create a stable future, profitability and better returns to them.
Speaking at the annual general meeting of the company in Lagos, chairman of the company, General Yakubu Gowon (rtd), said the company has invested enormously in future growth through its several subsidiaries outside Nigeria and consolidation of its leadership position in the Nigerian insurance industry.
He pointed out that although initial costs of acquisitions and regulatory issues relating to the foreign subsidiaries had adversely affected the performance of the group, increasing stability and profitability of the foreign subsidiaries have reinforced the future prospects of the group.
According to him, in spite of the challenges in the economy and the insurance sector specifically, IGI has continued to invest in technical know-how and delivery capacity to maintain its position as the leading insurance company in Nigeria and Nigeria's foremost insurance ambassador in Africa.
"We look forward to a rewarding future as your company has put in place cutting-edge market expansion and product innovation initiatives to take optimum advantage of the various macro-economic policies designed to broaden insurance penetration," Gowon said.
Citing IGI's capital base of about N22 billion as against industry's requirement of N5 billion, he noted that IGI has been able to fairly weather the financial crises in Nigeria and the contraction in global economy.
The audited report and account for the year ended December 31, 2010 showed that total assets rose from N51.6 billion to N53.1 billion. Gross premium also increased from N11.7 billion to N12.84 billion. The company recorded underwriting profit of N3.9 billion during the year.