Prestige records N340.39m profit in 2016

Prestige Assurance has posted a profit before tax of N340.39million in the 2016 operating year, up from N20.33million recorded in 2015, its Chairman, Hassan Usman, revealed during the firm’s 47th annual general meeting in Lagos.

He said: “During the year under review, the principal activities of the company continued to be insurance business, and there were no changes in the year under review as gross premium stood at N2.61billion, while reinsurance expenses stood at N0.44billion.

“Result from operating activities is N350.99million, while profit before tax is N340.39million and profit after tax is N221.99million.”

Usman said Prestige Insurance had positioned itself to succeed in a vibrant financial market, and more importantly, in the insurance sector by introducing new products and processes that guarantee good returns on investments, adding that providing value added services to customers is critical.

“Our unmatched depth of knowledge of the Nigerian market and very strong international links give us the confidence and belief to tap into areas of opportunity in the Nigerian market with our market-winning products and services,” he said.

Speaking on some innovations in the company, the Managing Director, Prestige Assurance, Dr. Balla Swamy, said despite the recession in the country, the firm recorded eight per cent growth in premium income.

He explained that the company used 2015 and 2016 to settle pending claims, which created a cord in the insurance market, as the company is now known for its prompt claims settlement.