Prestige Assurance records N3.8 million premium

Prestige Assurance Plc has posted a Gross Written Premium, which showed that the company achieved N3.809 million in 2017, against N2.614 million recorded in 2016.
 
The Managing Director, Balla Swammy, disclosed this at the company’s 2017 yearly general meeting in Lagos, recently.
 
The growth of the premium in the year under review was achieved as a result of the relocation of the Abuja, Ikeja and Kano branches to profitable centres.
 

According to him, the action, which resulted in increase in the premium generated by the branches, also boosted the profit after tax for the year under review grew from N222 million in 2016, to N532 million.
 

He said: “The profit after tax figure represented 140 per cent growth over that of 2016. 

Though no dividend was declared for the year under review, but to erase accumulated loss for year 2015 and 2016, the company has raised earnings per share to N9.90 kobo from N4. 13 Kobo.”
 

Swammy stressed that the company was on the right track to declare dividend in 2018, since the accumulated losses have been wiped out.
 

Speaking on re-branding measures to reposition the company, he said Prestige Assurance had long activitated its social media platforms, adding: “These include facebook, twitter and Instagram, among others, with growing followership.”