Niger Insurance Plc said that it paid N1.4 billion claims in nine months from April to December 2019. Managing Director of the company, Mr. Edwin Igbiti, disclosed this at a press conference in Lagos, adding that other outstanding claims will be paid soonest.
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He said: "The situation regarding unpaid claims and outstanding customer benefits can be attributed to the delay to the company's large asset portfolio which is skewed towards fixed assets.
However, the company's assets are more than sufficient to settle all its liabilities and we have made significant progress towards liquidating some fixed assets to unlock cash and pay down all outstanding obligations soon."
"Presently, Niger Insurance Plc has paid over N1.4 billion to its customers from April till date," he added.
According to him, Claims settlement remains the reason for the existence of any insurance company while reaffirming the company's renewed sense of responsibility and commitment to excellence.
He thanked all of the company's customers for their patience, trust and understanding during the challenging period in its long and otherwise stellar history.
Explaining the company's growth and transformation plan, Igbiti said, the plan is designed to reposition the firm for service excellence and competitiveness in a rapidly changing operating landscape.
According to him, the transformation blueprint, will span over the next five years (2020 to 2024), and will focus on operational and technological advancements in delivering bespoke insurance solutions to businesses, institutions and the growing populace of Nigeria.
He noted that the implementation of the transformation plan already began in the fourth quarter of 2019 following his appointment.
He said: "Three pillars of the transformation plan are: Strengthening its balance sheet (financial strength); strengthening its people (talent & innovation) and strengthening its business model (sustained growth & profitability).
"To ensure a successful execution of this plan, our company recently constituted a new board-of-directors, a new management team and an array of strategic partnerships."
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Also speaking, the company's new Chief Financial Officer (CFO), Ademola Salami, while providing a progress update said: "We are working with our financial advisers, the Board and Management of the company are already engaging with foreign and local investors that have shown interest in the company. High-level negotiations are on-going and we expect to secure substantive offers for investment in the coming weeks."