Lagos — UnityKapital Assurance Plc is targeting a profit after tax of over N1 billion in 2013, which would represent about 100 percent increase from the N514million it recorded in 2011, managing director of the company, Mr. Kins Ekebuike has said.
The company is also projecting some N750 million profit after tax at the end of the 2012 financial year. Mr. Ekebuike said the company's "medium term growth strategy involves a drastic re-invigoration of our activities to propel ourselves into the top three echelon of the Nigerian Insurance industry within the next three years. Top three in terms of profitability, premium income, professionalism, and all positive corporate attributes. This is not wishful thinking or just a matter of engaging in unhealthy competition to grab other people's businesses. No. We have done our planning and seen areas where we have untapped opportunities in our books, and we are concentrating on them to grow our business."
Some of the untapped businesses the company is focusing on include; the all important oil and gas sector.
To tap into the oil and gas sector, he explained that the company created head office Annexes in Lagos and Kano to make it nearer to operational field.
He said, "We also recruited a specialist oil and gas/special risks underwriter with a mandate to grow out business in this area. We also engaged international reinsurance brokers to get us good and experienced special risks reinsurers to serve as unshakable security for our acceptances in the oil and gas area."
Ekebuike also indicated that its growth does not have to mean that the company starts fighting over existing businesses unnecessarily but "part of our growth strategy is to look beyond existing product offerings to offer our people more products tailored to their needs. This will enable us tap into the large pool of uninsured Nigerians. In this area, we have established a fully fledged department to drive our foray into what for the Nigeria insurance market are uncharted waters (blue ocean)."
In addition, he said, "we have done serious work on micro-insurance, takaful insurance and travel insurance and we are already actively marketing our travel insurance. Plans are concluded for takaful insurance and micro-insurance and we are only waiting for the regulatory authorities to give the guidelines before we launch out," he said.